NRS624.283. License: Expiration; renewal; financial statement; reinstatement; cancellation.

      1.  Each license issued under the provisions of this chapter expires 2 years after the date on which it is issued, except that the Board may by regulation prescribe shorter or longer periods and prorated fees to establish a system of staggered biennial renewals. Any license which is not renewed on or before the date for renewal is automatically suspended.

      2.  A license may be renewed by submitting to the Board:

      (a) An application for renewal;

      (b) The fee for renewal fixed by the Board;

      (c) Any assessment required pursuant to NRS 624.470 if the holder of the license is a residential contractor as defined in NRS 624.450; and

      (d) All information required to complete the renewal.

      3.  The Board may require a licensee to demonstrate financial responsibility at any time through the submission of:

      (a) A financial statement that is:

             (1) Prepared by an independent certified public accountant; or

             (2) Submitted on a form or in a format prescribed by the Board together with an affidavit which verifies the accuracy of the financial statement; and

      (b) If the licensee performs residential construction, such additional documentation as the Board deems appropriate.

      4.  If a license is automatically suspended pursuant to subsection 1, the licensee may have the license reinstated upon filing an application for renewal within 6 months after the date of suspension and paying, in addition to the fee for renewal, a fee for reinstatement fixed by the Board, if the licensee is otherwise in good standing and there are no complaints pending against the licensee. If the licensee is otherwise not in good standing or there is a complaint pending, the Board shall require the licensee to provide a current financial statement prepared by an independent certified public accountant or establish other conditions for reinstatement. An application for renewal must be accompanied by all information required to complete the renewal. A license which is not reinstated within 6 months after it is automatically suspended may be cancelled by the Board, and a new license may be issued only upon application for an original contractor’s license.

      (Added to NRS by 1969, 943; A 1977, 87; 1987, 1140; 1997, 2113, 2689; 1999, 520, 1970, 2961, 2967; 2001, 141; 2005, 1204, 1205, 2707, 2807; 2007, 860)