NRS 487.060
Bond: Requirement
- amount
- application for compensation
- deposits in lieu of bond
- disbursement to person injured by action of licensee
- automatic suspension of license if deposit is reduced or outstanding judgment
- reinstatement of license
- refund.
1.
No license may be issued to an automobile wrecker until the automobile wrecker has procured and filed with the Department a good and sufficient bond in the amount of $50,000, with a corporate surety thereon licensed to do business in the State of Nevada, approved as to form by the Attorney General, and conditioned that the applicant conducts business as a wrecker without fraud or fraudulent representation, and without violation of the provisions of NRS 487.047 to 487.200, inclusive, or 487.710 to 487.890, inclusive. The Department may, by agreement with any automobile wrecker who has been licensed for 5 years or more by the Department or a department of motor vehicles in another state, reduce the amount of the bond of the wrecker, if the business of that wrecker has been conducted satisfactorily for the preceding 5 years, but no bond may be in an amount less than $5,000. The Department shall make the necessary investigation to determine whether a wrecker licensed in another state has conducted its business satisfactorily.2.
The bond may be continuous in form and the total aggregate liability on the bond must be limited to the payment of the total amount of the bond.3.
The bond must provide that any person injured by the action of the automobile wrecker in violation of any of the provisions of NRS 487.047 to 487.200, inclusive, or 487.710 to 487.890, inclusive, may apply to the Director for compensation from the bond. The Director, for good cause shown and after notice and opportunity for hearing, may determine the amount of compensation and the person to whom it is to be paid. The surety shall then make the payment.4.
In lieu of a bond an automobile wrecker may deposit with the Department, under the 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 this section and that this amount is unavailable for withdrawal except upon order of the Department. Interest earned on the certificate accrues to the account of the applicant.5.
A deposit made pursuant to subsection 4 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 in 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.6.
When a deposit is made pursuant to subsection 4, 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 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;(b)
Restores the deposit with the Department to the original amount required under this section; or(c)
Satisfies the outstanding judgment for which he or she is liable under the deposit.7.
A deposit made pursuant to subsection 4 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.8.
Any money received by the Department pursuant to subsection 4 must be deposited with the State Treasurer for credit to the Motor Vehicle Fund.
Source:
Section 487.060 — Bond: Requirement; amount; application for compensation; deposits in lieu of bond; disbursement to person injured by action of licensee; automatic suspension of license if deposit is reduced or outstanding judgment; reinstatement of license; refund., https://www.leg.state.nv.us/NRS/NRS-487.html#NRS487Sec060.