NRS 482.346
Deposit in lieu of bond: Specifications

  • conditions for release
  • liability
  • immediate suspension of license if amount reduced or outstanding judgment
  • reinstatement of license
  • refund
  • deposit in Motor Vehicle Fund.

1.

In lieu of a bond, an applicant may deposit with the Department, under terms prescribed by the Department:

(a)

A like amount of lawful money of the United States; or

(b)

A savings certificate of a bank, credit union, savings and loan association or savings bank situated in Nevada, which must indicate an account of an amount equal to the amount of the bond which would otherwise be required by NRS 482.345 and that this amount is unavailable for withdrawal except upon order of the Department. Interest earned on the amount accrues to the account of the applicant.

2.

Except as otherwise provided in subsection 3, a deposit made pursuant to subsection 1 may be disbursed by the Director, for good cause shown and after notice and opportunity for hearing, in an amount determined by the Director to compensate a person injured by an action of the licensee, or released upon receipt of:

(a)

A court order requiring the Director to release all or a specified portion of the deposit; or

(b)

A statement signed by the person or persons under whose name the deposit is made and acknowledged before any person authorized to take acknowledgments in this State, requesting the Director to release the deposit, or a specified portion thereof, and stating the purpose for which the release is requested.

3.

A deposit made pursuant to subsection 1 in lieu of a bond required by NRS 482.345 may only be disbursed to compensate a consumer. As used in this subsection, “consumer” has the meaning ascribed to it in NRS 482.345.

4.

When a deposit is made pursuant to subsection 1, liability under the deposit is in the amount prescribed by the Department. If the amount of the deposit is reduced or there is an outstanding court judgment for which the licensee is liable under the deposit, the license is automatically suspended. The license must be reinstated if the licensee:

(a)

Files an additional bond pursuant to subsection 1 of NRS 482.345;

(b)

Restores the deposit with the Department to the original amount required under this section; or

(c)

Satisfies the outstanding judgment for which the licensee is liable under the deposit.

5.

A deposit made pursuant to subsection 1 may be refunded:

(a)

By order of the Director, 3 years after the date the licensee ceases to be licensed by the Department, if the Director is satisfied that there are no outstanding claims against the deposit; or

(b)

By order of court, at any time within 3 years after the date the licensee ceases to be licensed by the Department, upon evidence satisfactory to the court that there are no outstanding claims against the deposit.

6.

Any money received by the Department pursuant to subsection 1 must be deposited with the State Treasurer for credit to the Motor Vehicle Fund.

Source: Section 482.346 — Deposit in lieu of bond: Specifications; conditions for release; liability; immediate suspension of license if amount reduced or outstanding judgment; reinstatement of license; refund; deposit in Motor Vehicle Fund., https://www.­leg.­state.­nv.­us/NRS/NRS-482.­html#NRS482Sec346.

482.318
Legislative declaration. 482.319
Statement regarding payment of child support by applicant for license 482.320
Manufacturers, distributors, dealers and rebuilders: Special plates required for movement of new and used vehicles 482.322
Vehicle dealers, manufacturers, distributors and rebuilders: Licenses required 482.323
Established place of business required for dealers, short-term lessors and brokers 482.325
Manufacturers, distributors, dealers and rebuilders: Application for license 482.326
Dealers: Location and name of business 482.327
Dealers: License for each branch 482.328
Vehicle taken in trade: Satisfaction of outstanding security interest. 482.330
Manufacturers, distributors, dealers and rebuilders: Certificates of registration and special plates for vehicles provided by Department upon licensing 482.332
Dealers, manufacturers, lessors, rebuilders and brokers: Duty to affix legible sign containing name of business 482.333
Brokers: Licensing 482.334
Brokers: Written brokerage agreement with prospective buyer required 482.335
Manufacturers, distributors, dealers and rebuilders: Display of license plate or plates. 482.345
Manufacturers, distributors, dealers and rebuilders: Application 482.346
Deposit in lieu of bond: Specifications 482.347
Dealers: Principal and branch places of business to be covered by vehicle dealer’s bond 482.350
Dealers: New vehicle dealer’s license not to be issued unless dealer first furnishes to Department instrument indicating dealer is franchised dealer of manufacturer 482.351
“Bait and switch,” misleading or inaccurate advertising by dealer or rebuilder prohibited 482.352
Manufacturers, distributors, dealers and rebuilders: Grounds for denial, suspension or revocation of license 482.353
Ability of applicant or licensee to petition for hearing after notice of denial, suspension or revocation 482.354
Trial de novo. 482.362
Salespersons: Licensing 482.363
Lessors and certain employees: Licensing 482.3195
Suspension of license for failure to pay child support or comply with certain subpoenas or warrants 482.3225
Conditions under which charitable organization not required to obtain certain licensure. 482.3253
Factors Director must consider before renewing license of manufacturer, distributor, rebuilder or dealer 482.3255
Denial or revocation of license: Evidence of unfitness of applicant or licensee. 482.3256
Licensees to post licenses in conspicuous place visible to public. 482.3257
Dealers: Activities constituting prima facie evidence that person is acting as dealer. 482.3263
Books and records of dealers and brokers: Location 482.3275
Dealers: Signatures not required to be acknowledged on documents required to be filed with Department or other state agencies 482.3277
Dealers: Certain purchasers and prospective purchasers to be allowed to view certain documents in Spanish language. 482.3331
Director to consider certain matters before renewing license of broker 482.3333
Brokers: Duty to procure and file bond with Department 482.3335
Brokers: Prohibition against advertising as vehicle dealer without appropriate license 482.3337
Brokers: Insured trust account required. 482.3345
Dealers: Prohibited and authorized acts if prospective buyer enters into exclusive written brokerage agreement with broker. 482.3515
Vehicle dealer required to disclose information concerning emission of carbon dioxide of certain new vehicles 482.363105
Long-term lessors also holding licenses as vehicle dealers: Authorized acts.
Last Updated

Jun. 24, 2021

§ 482.346’s source at nv​.us