598.515 - Release of security if tour broker or tour operator ceases to operate. [Effective July 1, 2011.] - Nevada Statutes

598.515  Release of security if tour broker or tour operator ceases to operate. [Effective July 1, 2011.]

      1.  If no claims have been filed against the security deposited with the Division pursuant to NRS 598.495 within 6 months after the tour broker or tour operator ceases to operate, the Commissioner shall release the security to the tour broker or tour operator and shall not audit any claims filed against the security thereafter by consumers.

      2.  If one or more claims have been filed against the security within 6 months after the tour broker or tour operator ceases to operate, the proceeds must not be released to the tour broker or tour operator or distributed to any consumer earlier than 1 year after the tour broker or tour operator ceases to operate.

      3.  For the purposes of this section, the Commissioner shall determine the date on which a tour broker or tour operator ceases to operate.

      (Added to NRS by 2001, 982; R temp. 2009, 2732, expires by limitation on June 30, 2011)

      NRS 598.525  Regulations. [Effective July 1, 2011.]  The Commissioner may adopt such regulations as the Commissioner determines are necessary to carry out the intent of NRS 598.405 to 598.525, inclusive.

      (Added to NRS by 2001, 982; A 2003, 1826; R temp. 2009, 2732, expires by limitation on June 30, 2011)