598.860 - Trust account required for payments on goods and services. [Effective July 1, 2011.] - Nevada Statutes

598.860  Trust account required for payments on goods and services. [Effective July 1, 2011.]

      1.  Before the organization accepts money from any buyer for an order of goods or services, it shall establish a trust account for the deposit of payments on goods or services. The organization shall deposit all money received from each buyer for goods or services, including charges for freight, delivery, installation or taxes or other charges, unless the total cost is $50 or less in the trust account. The trust account must be for the benefit of buyers who order goods or services from the organization.

      2.  The trustee may withdraw money from the trust account for payments on goods or services to pay the source of the goods or services ordered by the buyer, or to make a refund to the buyer. After such withdrawal, the trustee may withdraw that percentage of the remainder of the deposit from the buyer which represents the organization’s profit.

      (Added to NRS by 1985, 962; R temp. 2009, 2732, expires by limitation on June 30, 2011)