NRS598.395. Release of security if seller ceases to operate or registration expires. [Effective July 1, 2015.]

      1.  If no claims have been filed against the security deposited with the Division pursuant to NRS 598.375 within 6 months after the seller of travel ceases to operate or his or her registration expires, whichever occurs later, the Commissioner shall release the security to the seller of travel and shall not audit any claims filed against the security thereafter by consumers.

      2.  If one or more claims have been filed against the security within 6 months after the seller of travel ceases to operate or his or her registration expires, whichever occurs later, the proceeds must not be released to the seller of travel or distributed to any consumer earlier than 1 year after the seller of travel ceases to operate or his or her registration expires, whichever occurs later.

      3.  For the purposes of this section, the Commissioner shall determine the date on which a seller of travel ceases to operate.

      (Added to NRS by 2001, 2149; A 2003, 1826, 2889; R temp. 2009, 2732; R temp. 2011, 2652; R temp. 2013, 1054, expires by limitation on June 30, 2015)