692A.1043 - Cancellation of bond: Notices required; revocation of license unless equivalent bond or substitute form of security furnished. - Nevada Statutes

692A.1043  Cancellation of bond: Notices required; revocation of license unless equivalent bond or substitute form of security furnished.

      1.  The surety may cancel a bond upon giving 60 days’ notice to the Commissioner by certified mail. Upon receipt by the Commissioner of such a notice, the Commissioner immediately shall notify the title agent or title insurer who is the principal on the bond of the effective date of cancellation of the bond, and that the license or certificate of authority of the title agent or title insurer will be revoked unless the title agent or title insurer furnishes an equivalent bond or a substitute form of security authorized by NRS 692A.1042 before the effective date of the cancellation. The notice must be sent to the title agent or title insurer by certified mail to his or her last address of record filed in the office of the Division.

      2.  If the title agent or title insurer does not comply with the requirements set out in the notice from the Commissioner, the license or certificate of authority of the title agent or title insurer must be revoked on the date the bond is cancelled.

      (Added to NRS by 1999, 3813)