482.3337 - Brokers: Insured trust account required. - Nevada Statutes

482.3337  Brokers: Insured trust account required.

      1.  Each broker shall open and maintain a separate trust account in a bank, credit union or savings and loan association in this State that is federally insured or insured by a private insurer approved pursuant to NRS 678.755. The broker shall deposit into the trust account any money received from a prospective buyer as a deposit on a vehicle. A broker shall not:

      (a) Commingle the money in the trust account with any money that is not a deposit on a vehicle.

      (b) Use any money in the trust account to pay his or her operational expenses.

      2.  A broker shall not require the buyer of a vehicle to pay a deposit on a vehicle in an amount that exceeds 10 percent of the purchase price of the vehicle.

      (Added to NRS by 1995, 2363; A 1999, 1501)