624.470 - Establishment of account; reference to account as “Recovery Fund”; collection of biennial assessment; reduction in amount of assessment under certain circumstances; use of money in account. - Nevada Statutes

624.470  Establishment of account; reference to account as “Recovery Fund”; collection of biennial assessment; reduction in amount of assessment under certain circumstances; use of money in account.

      1.  Except as otherwise provided in subsection 3, in addition to the fee for a license required pursuant to NRS 624.280, a residential contractor shall pay to the Board an assessment not to exceed the following amount, if the monetary limit on the residential contractor’s license is:

 

Not more than $1,000,000........................................................ $200 per biennium

More than $1,000,000 but limited.............................................. 500 per biennium

Unlimited...................................................................................... 1,000 per biennium

 

      2.  The Board shall administer and account separately for the money received from the assessments collected pursuant to subsection 1. The Board may refer to the money in the account as the “Recovery Fund.”

      3.  The Board shall reduce the amount of the assessments collected pursuant to subsection 1 when the balance in the account reaches 150 percent of the largest balance in the account during the previous fiscal year.

      4.  Except as otherwise provided in NRS 624.540, the money in the account must be used to pay claims made by injured persons, as provided in NRS 624.400 to 624.560, inclusive.

      (Added to NRS by 1999, 1967; A 2003, 1902; 2007, 863; 2009, 766)