NRS676A.400. Substitute for surety bond.

      1.  Instead of the surety bond required by NRS 676A.390, a provider may deliver to the Commissioner, in the amount required by subsection 2 of NRS 676A.390, and, except as otherwise provided in subparagraph (1) of paragraph (b), payable or available to this State and to individuals who reside in this State when they agree to receive debt-management services from the provider, as their interests may appear, if the provider or its agent does not comply with this chapter:

      (a) A certificate of insurance issued by an insurance company authorized to do business in this State and rated at least A or equivalent by a nationally recognized rating organization, approved by the Commissioner and with no deductible, or, if the provider supplies a bond in the amount of $5,000, a deductible not exceeding $5,000; or

      (b) With the approval of the Commissioner:

             (1) An irrevocable letter of credit, issued or confirmed by a bank approved by the Commissioner, payable upon presentation of a certificate by the Commissioner stating that the provider or its agent has not complied with this chapter; or

             (2) Bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of this State or a political subdivision of this State, to be deposited and maintained with a bank approved by the Commissioner for this purpose.

      2.  If a provider furnishes a substitute pursuant to subsection 1, the provisions of subsections 1, 3, 4 and 5 of NRS 676A.390 apply to the substitute.

      (Added to NRS by 2009, 1979)