NRS598.372. Administration of Fund: Report to Legislature; employment of persons; interest on money; limitations on balance; regulations. [Effective July 1, 2015.]

      1.  The Division shall:

      (a) On or before February 1 of each year, prepare and submit to the Director of the Legislative Counsel Bureau for transmittal to the appropriate legislative committee if the Legislature is in session, or to the Interim Finance Committee if the Legislature is not in session, a statement of the condition of the account that is prepared in accordance with generally accepted accounting principles.

      (b) Employ accountants as necessary for the performance of the duties set forth in this section and pay any related expenses from the money in the account. Except as otherwise provided in subsection 3, the expenditures made by the Division pursuant to this paragraph must not exceed $10,000 in any fiscal year.

      (c) Employ or contract with persons and procure necessary equipment, supplies and services to be paid from or purchased with the money in the account as may be necessary to monitor or process claims filed by consumers that may result in a recovery from the account.

      2.  Any interest earned on the money in the account must be credited to the account. The Division may expend the interest earned on the money in the account to increase public awareness of the account. Except as otherwise provided in subsection 3, the expenditures made by the Division for this purpose must not exceed $50,000 in any fiscal year.

      3.  The total expenditures made by the Division pursuant to this section must not exceed 10 percent of the account in any fiscal year.

      4.  Once an initial balance of $200,000 exists in the account, the Division shall maintain a minimum balance of $200,000 in the account.

      5.  The Division shall adopt such regulations as are necessary to carry out the provisions of NRS 598.305 to 598.395, inclusive, including, without limitation, regulations governing:

      (a) The disbursement of money from the account; and

      (b) The manner in which a complaint is filed with the Division or its designee pursuant to the provisions of NRS 598.373.

      (Added to NRS by 2003, 1823; A 2003, 2886; R temp. 2009, 2732; R temp. 2011, 2652; R temp. 2013, 1054, expires by limitation on June 30, 2015)