598.865 - Administration of trust accounts; audits. [Effective July 1, 2011.] - Nevada Statutes

598.865  Administration of trust accounts; audits. [Effective July 1, 2011.]

      1.  Except as otherwise provided in subsection 3 of NRS 598.855, the trust accounts required by NRS 598.855 and 598.860 must be administered by an independent trustee approved by the Commissioner. All fees charged by the trustee to administer a trust account must be paid by the organization.

      2.  The trustee shall withdraw money from the trust account for payments on goods or services only upon written proof from the source of the goods or services that the items have been shipped or delivered to the buyer. The Commissioner may audit the trustee as necessary to ensure compliance with NRS 598.840 to 598.930, inclusive.

      (Added to NRS by 1985, 962; A 2005, 1375; R temp. 2009, 2732, expires by limitation on June 30, 2011)