NAC697.530. Real property.

     1. If a licensee receives any document which conveys title to real property as collateral in a bail transaction, whether on his or her own behalf or on behalf of a surety company, the document must state on its face that it is executed as part of a security transaction.

     2. If the document is recorded, a reconveyance of the property executed in such a manner that it may be recorded must be delivered by the licensee or surety to the person executing the original conveyance, or to his or her heirs, legal representative or successor in interest, promptly upon satisfaction of the obligation secured.

     3. The licensee or surety company shall determine promptly whether the obligation has been discharged upon request for return of the collateral by the person entitled to it.

     [Comm’r of Insurance, M-8 § XXIII, eff. 11-22-78]