598.752 - Organization to register and deposit security before advertising services or conducting business in this State; separate security not required from salesperson, agent or representative of or - Nevada Statutes

598.752  Organization to register and deposit security before advertising services or conducting business in this State; separate security not required from salesperson, agent or representative of organization; regulations.

      1.  Before advertising its services or conducting business in this State, an organization must register pursuant to NRS 598.721 and deposit security in the amount of $100,000 with the Division pursuant to NRS 598.726. The security must be conditioned on compliance by the organization with the provisions of NRS 598.746 to 598.772, inclusive, and the terms of its contracts with buyers.

      2.  If an organization has deposited the required security, a salesperson, agent or representative of the organization who sells its services is not required to deposit his or her own separate security. For the purposes of this subsection, a person is a salesperson, agent or representative of an organization if:

      (a) He or she does business under the same name as the organization; or

      (b) The organization and the issuer of the security certify in writing that the security covers the salesperson, agent or representative.

      3.  The Division shall adopt such regulations as it deems necessary to carry out the provisions of this section.

      (Added to NRS by 1993, 2272; A 1997, 3196)—(Substituted in revision for NRS 598.2825)