489.4981 - Automatic suspension of license upon court order requiring payment; conditions for reinstatement of license. - Nevada Statutes

489.4981  Automatic suspension of license upon court order requiring payment; conditions for reinstatement of license.  If the Administrator pays any amount in settlement of a claim or towards satisfaction of a judgment against a licensee from the Account, the license is automatically suspended upon the effective date of an order by the court authorizing payment from the Account. A licensee may not be granted reinstatement until the licensee has repaid in full, plus interest at the rate of 12 percent per annum, the amount paid from the Account on his or her behalf. Interest is to be computed from the date payment from the Account is made.

      (Added to NRS by 1981, 1851; A 1983, 790)