NRS683A.0857. Bond: Requirement; amount; conditions; cancellation.

      1.  Each administrator shall file with the Commissioner a bond with an authorized surety in favor of the State of Nevada, continuous in form and in an amount determined by the Commissioner of not less than $100,000.

      2.  The Commissioner shall establish schedules for the amount of the bond required, based on the amount of money received and distributed by an administrator.

      3.  The bond must inure to the benefit of any person damaged by any fraudulent act or conduct of the administrator and must be conditioned upon faithful accounting and application of all money coming into the administrator’s possession in connection with his or her activities as an administrator.

      4.  The bond remains in force until released by the Commissioner or cancelled by the surety. Without prejudice to any liability previously incurred, the surety may cancel the bond upon 90 days’ advance notice to the administrator and the Commissioner. An administrator’s certificate is automatically suspended if the administrator does not file with the Commissioner a replacement bond before the date of cancellation of the previous bond. A replacement bond must meet all requirements of this section for the initial bond.

      (Added to NRS by 1977, 732; A 1985, 480; 1999, 2794)