645.847 - Automatic suspension of license upon payment from Fund; conditions for reinstatement of license. - Nevada Statutes

645.847  Automatic suspension of license upon payment from Fund; conditions for reinstatement of license.  If the Administrator pays from the Fund any amount in settlement of a claim or towards satisfaction of a judgment against a licensee, the licensee’s license issued pursuant to this chapter and chapter 119 of NRS must be automatically suspended upon the effective date of an order by the court authorizing payment from the Fund. The license of the broker, broker-salesperson or salesperson may not be reinstated and no other license may be granted to him or her pursuant to this chapter until he or she has repaid in full, plus interest at a rate equal to the prime rate at the largest bank in Nevada, as ascertained by the Commissioner of Financial Institutions, on January 1 or July 1, as the case may be, immediately preceding the date of judgment, plus 2 percent, the amount paid from the Fund on his or her account. Interest is computed from the date payment from the Fund was made by the Administrator and the rate must be adjusted accordingly on each January 1 and July 1 thereafter until the judgment is satisfied.

      (Added to NRS by 1967, 1045; A 1973, 1765; 1979, 1556; 1981, 1616; 1985, 1277; 1987, 942)