NRS598.361. Seller to maintain trust account; exception. [Effective July 1, 2015.]

      1.  Except as otherwise provided in subsection 2:

      (a) A seller of travel shall maintain a trust account in a bank, credit union or savings and loan association in this state for the purpose of depositing all money that a consumer pays to the seller of travel for the purchase of travel services or a vacation certificate.

      (b) If a consumer pays money to a seller of travel for the purchase of travel services or a vacation certificate, the seller of travel shall deposit all such money in the trust account maintained by the seller of travel not later than 2 business days after the date on which the consumer pays the money to the seller of travel.

      (c) The seller of travel shall pay out of the trust account the money paid to the seller of travel by the consumer as needed to complete the purchase of the travel services or vacation certificate purchased by the consumer.

      2.  The provisions of this section do not apply to a seller of travel who deposits security with the Division pursuant to NRS 598.375.

      (Added to NRS by 2003, 1820; A 2003, 2883; R temp. 2009, 2732; R temp. 2011, 2652; R temp. 2013, 1054, expires by limitation on June 30, 2015)