NRS 205.960
Qualified intermediaries of clients with certain property: Unlawful acts

  • criminal penalty
  • civil penalty.

1.

It is unlawful for a person to enter into an agreement to act as a qualified intermediary, as defined in 26 C.F.R. § 1.1031(k)-1(g)(4), for a client whose relinquished property is located in this State unless:

(a)

The proceeds from the disposition of the relinquished property are deposited into a qualified escrow account or qualified trust as defined in 26 C.F.R. § 1.1031(k)-1(g)(3).

(b)

The money is held in such a manner that it may not be withdrawn from the qualified escrow account or qualified trust without the written approval of the intermediary and the client.

2.

A person who violates the provisions of this section is guilty of a category D felony and shall be punished as provided in NRS 193.130.

3.

In addition to any other penalty imposed, the court shall order a person who violates subsection 1 to pay a civil penalty of not less than $10,000. The money so collected:

(a)

Must not be deducted from any penal fine imposed by the court;

(b)

Must be stated separately on the court’s docket; and

(c)

Must be remitted forthwith to the Commissioner of Financial Institutions.

Source: Section 205.960 — Qualified intermediaries of clients with certain property: Unlawful acts; criminal penalty; civil penalty., https://www.­leg.­state.­nv.­us/NRS/NRS-205.­html#NRS205Sec960.

Last Updated

Jun. 24, 2021

§ 205.960’s source at nv​.us