624.950 - Limitations on contractor’s involvement with entities engaged in certain lending and financial services. - Nevada Statutes

624.950  Limitations on contractor’s involvement with entities engaged in certain lending and financial services.

      1.  Except as otherwise provided in this section and NRS 624.955, a contractor who performs work concerning a residential pool or spa shall not act as, or carry out the duties of, an officer, director, employee or owner of a bonding company, finance company, or any other corporation or business entity who cosigns, underwrites, obtains a deed of trust for, issues, sells, purchases or acquires a loan to finance work concerning a residential pool or spa.

      2.  The provisions of this section do not prohibit a contractor from owning, holding or possessing, either directly or indirectly through a mutual fund or any other financial arrangement or investment plan, any stocks or other securities issued by a company, corporation or business entity described in subsection 1 if:

      (a) The stocks or other securities are offered openly to the public through a securities exchange; and

      (b) The contractor does not own, hold or possess a controlling interest in the company, corporation or business entity.

      (Added to NRS by 2001, 2976; A 2003, 1234; 2005, 2381)—(Substituted in revision for NRS 597.7192)