NRS 490.280
Deposit in lieu of bond: Specifications

  • conditions for release
  • automatic suspension of license if deposit is 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 490.270 and indicate 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.

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.

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 490.270;

(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.

4.

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.

5.

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 490.280 — Deposit in lieu of bond: Specifications; conditions for release; automatic suspension of license if deposit is reduced or outstanding judgment; reinstatement of license; refund; deposit in Motor Vehicle Fund., https://www.­leg.­state.­nv.­us/NRS/NRS-490.­html#NRS490Sec280.

490.195
Department to develop and implement process for determining whether person’s criminal history will disqualify person from obtaining license or temporary permit 490.200
Licenses and permits required 490.210
Application for license 490.220
Off-highway vehicle dealer in new off-highway vehicles not to be issued license unless such dealer first furnishes to Department instrument indicating dealer is authorized franchised off-highway vehicle dealer 490.230
Activities constituting prima facie evidence that person is acting as off-highway vehicle dealer. 490.240
License required for each branch of off-highway vehicle dealer and long-term lessor 490.250
Licensees to post licenses in conspicuous place visible to public. 490.260
Director to consider certain matters before renewing license 490.270
Bonding requirements 490.280
Deposit in lieu of bond: Specifications 490.290
Principal place of business and branches to be covered by bond or deposit 490.300
Denial or revocation of license: Evidence of unfitness of applicant or licensee. 490.310
Grounds for denial, suspension or revocation of license 490.320
Ability of applicant or licensee to petition for hearing after notice of denial, suspension or revocation 490.330
Statement regarding payment of child support by applicant for license 490.340
Suspension of license for failure to pay child support or comply with certain subpoenas or warrants 490.350
Established place of business required 490.360
Off-highway vehicle dealer: Location and name of business 490.370
Duty to affix legible sign containing name of business 490.380
Dealer to allow certain purchasers and prospective purchasers to view certain documents in Spanish language. 490.390
Books and records: Location 490.400
Vehicle taken in trade by off-highway vehicle dealer: Satisfaction of outstanding security interest. 490.410
“Bait and switch,” misleading or inaccurate advertising prohibited 490.420
License or temporary permit required to act as off-highway vehicle salesperson 490.430
Notarization not required for documents filed by off-highway vehicle dealer
Last Updated

Feb. 5, 2021

§ 490.280’s source at nv​.us