NAC704.983. Service charge: Deposit and use of money received; disposition of interest.

     1. If the landlord of a mobile home park assesses and collects from his or her tenants a service charge for gas or electric service pursuant to subsection 5 of NRS 704.940, the landlord shall deposit the money for each type of utility service in a separate interest-bearing account in a financial institution which is insured by the Federal Government or in any other type of separate account approved by the Commission upon a petition requesting such approval which is filed by the landlord pursuant to NAC 703.540. The landlord shall:

     (a) Retain for at least 3 years each statement issued to the landlord by the institution for each such account; and

     (b) Keep the money for the service charges in the separate account and expend it only for the purposes set forth in NRS 704.940.

     2. Any interest earned on the money kept in the separate account must be retained in that account and may be expended:

     (a) In the manner statutorily authorized for expenditure of the principal; and

     (b) Only for expenses relating to the utility service for which the money was collected.

     (Added to NAC by Pub. Service Comm’n, eff. 1-11-91; A by Pub. Utilities Comm’n by R156-01, 1-28-2002; R076-12, 11-1-2012)