676.130 - Submission of fees, bond and copy of contract with application; regulations; periodic determination of amount of bond. [Effective through June 30, 2010.] - Nevada Statutes

676.130  Submission of fees, bond and copy of contract with application; regulations; periodic determination of amount of bond. [Effective through June 30, 2010.]

      1.  At the time of making the application, the applicant shall:

      (a) Pay to the Commissioner a nonrefundable fee of not more than $500 for the application and survey. The applicant shall also pay such additional expenses incurred in the process of investigation as the Commissioner deems necessary. In addition, a fee of not less than $200 or more than $400, prorated on the basis of the licensing year as provided by the Commissioner, must be paid at the time of making the application. The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this paragraph. All money received by the Commissioner pursuant to this subsection must be placed in the Investigative Account created by NRS 232.545.

      (b) Furnish a satisfactory bond to the State of Nevada, executed by an admitted surety company approved by the Commissioner, in the amount of $10,000, or an appropriate substitute pursuant to NRS 676.135, conditioned upon the faithful accounting of all money collected upon accounts and entrusted to the licensee, or its employees or agents.

      (c) Provide a blank copy of the debt-adjustment contract which will be used by the licensee in its business.

      2.  Not later than 3 months after the issuance of the license and thereafter semiannually the Commissioner shall determine the appropriate amount of bond or appropriate substitute which must be maintained by the licensee in accordance with the licensee’s average monthly balance in the trust account maintained pursuant to NRS 676.220:

 

                                                                                                                  AMOUNT OF

AVERAGE MONTHLY BALANCE                                        BOND REQUIRED

Less than $50,000.......................................................................................... $10,000

$50,000 or more but less than $100,000...................................................... 25,000

$100,000 or more but less than $150,000................................................... 30,000

$150,000 or more but less than $200,000................................................... 40,000

$200,000 or more............................................................................................. 50,000

 

      (Added to NRS by 1973, 1491; A 1981, 1433; 1983, 1326, 1812; 1987, 1993; 1989, 936; 1991, 1815; 2005, 1885; R 2009, 2001, effective July 1, 2010)