671.150 - Deposit of receipts; commingling prohibited; deposit if license suspended or terminated; assets must cover liabilities. - Nevada Statutes

671.150  Deposit of receipts; commingling prohibited; deposit if license suspended or terminated; assets must cover liabilities.

      1.  All money or credits received by an agent of a licensee from the sale and issuance of checks or for the purpose of transmission must be remitted to the licensee or deposited with a bank or credit union authorized to do business in this state for credit to an account of the licensee not later than the third business day following its receipt.

      2.  Money received from the sale or issuance of checks or for the purpose of transmission must not be commingled with the other assets of the licensee or his or her agents.

      3.  If a license is suspended or terminated, the licensee shall immediately deposit in an account in the name of the Commissioner, an amount which is sufficient to make the total money in the account equal to all outstanding checks in the State of Nevada sold or issued and money or credits received but not transmitted.

      4.  Each licensee shall at all times maintain liquid assets, government or municipal securities or other marketable securities having a value, computed in accordance with generally accepted accounting principles, equal to or more than the aggregate liability of the licensee with respect to checks sold and issued and money or credits received for transmission.

      (Added to NRS by 1977, 1087; A 1983, 1768; 1987, 1953; 1999, 1545)