Nev. Admin. Code § 645G.090 - Bond or deposit: Minimum amount; increase of minimum amount; objection by applicant; procedural requirements

Current through March 28, 2022

1. Except as otherwise provided in subsection 2, the minimum amount of a bond or other deposit required by NRS 645.608 must be $50,000.
2. The Division may, as appropriate, increase the minimum amount of the bond or other deposit to not more than:
(a) The amount of any outstanding judgments or tax assessments against the applicant;
(b) Fifty percent of the amount in controversy reported to the Division in accordance with paragraph (b) of subsection 2 of NAC 645G.050; or
(c) The amount specified in paragraph (c) of subsection 2 of NAC 645G.050 if the information supplied pursuant to paragraph (d), (e), or (f) of subsection 2 of NAC 645G.050 is in the affirmative.
3. If an applicant objects to an increase in the minimum amount of the bond or other deposit required by the Division pursuant to subsection 2, the applicant may appeal the decision by requesting a hearing before the Commission. The request must be in writing and received by the Division within 30 days after the date on which the Division informed the applicant of the increase.
4. If an applicant appeals a decision of the Division pursuant to subsection 3, the hearing will be held in the manner set forth in NRS 645.440. At the hearing, the applicant has the burden of proving that the increase in the minimum amount of the bond or other deposit required by the Division is unreasonable.

Notes

Nev. Admin. Code § 645G.090
Added to NAC by Real Estate Div., eff. 3-30-94; A by R126-04, 10-31-2005-Substituted in revision for NAC 645.788

NRS 645.6065, 645.608

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