NRS 573.104
Custodial accounts for consignors’ proceeds

  • annual audits.

1.

Each licensee shall deposit the gross proceeds received by him or her from the sale of livestock handled on a commission or agency basis in a separate account established and maintained by the licensee in the bank or credit union at which the licensee’s line of credit, as required by paragraph (g) of subsection 2 of NRS 573.020, is established. The separate account must be designated a “custodial account for consignors’ proceeds.”

2.

The custodial account for consignors’ proceeds may be drawn on only:

(a)

For the payment of net proceeds to the consignor, or any other person or persons of whom the licensee has knowledge who is entitled to those proceeds;

(b)

To obtain the sums due the licensee as compensation for his or her services; and

(c)

For such sums as are necessary to pay all legal charges against the consignment of livestock which the licensee in his or her capacity as agent is required to pay for and on behalf of the consignor.

3.

The licensee shall:

(a)

In each case keep such accounts and records that will at all times disclose the names of the consignors and the amount due to each from the money in the custodial account for consignors’ proceeds.

(b)

Maintain the custodial account for consignors’ proceeds in a manner that will expedite examination by the Director and indicate compliance with the requirements of this section.

(c)

On or before January 15 of each year, submit to the Director an annual audit of the licensee’s custodial account for consignors’ proceeds for the immediately preceding year, which must be performed by a certified public accountant. The certified public accountant:

(1)

Must hold a permit issued pursuant to NRS 628.380; and

(2)

May be provided by the Packers and Stockyards Division of the United States Department of Agriculture if he or she meets the requirements of subparagraph (1).

Source: Section 573.104 — Custodial accounts for consignors’ proceeds; annual audits., https://www.­leg.­state.­nv.­us/NRS/NRS-573.­html#NRS573Sec104.

573.010
Definitions.
573.015
Declaration of policy.
573.020
Holding of public livestock auction without license prohibited
573.025
Limited license to conduct annual sale of livestock.
573.030
Bond required for issuance of license or limited license
573.033
Details and amount of bond
573.035
Bond of market agency.
573.037
Deposit in lieu of bond: Amount
573.040
Fee for license or limited license.
573.050
Issuance of license.
573.060
Separate license required for each establishment or premises.
573.070
Form of license.
573.080
Renewal of license.
573.090
Display of license.
573.100
Denial, suspension or revocation of license
573.103
Audits of accounts
573.104
Custodial accounts for consignors’ proceeds
573.105
Line of credit: Duty to notify Department of change in amount or replacement
573.106
Payment of net proceeds of sales to consignors.
573.107
Actions by consignor creditor or Director on bond.
573.108
Duties of Director when licensee fails to pay consignor creditor
573.109
District court’s power to compel attendance of witnesses and production of books and papers
573.110
Records to be maintained by licensee: Contents
573.120
Records to be maintained by person buying or receiving livestock for slaughter on consignment or for commission or fee: Contents
573.125
Issuance of receipts to purchasers.
573.130
Regulation of sales of livestock under quarantine or infected or exposed to contagious, infectious or parasitic livestock disease
573.140
Cleaning and maintenance of premises
573.150
Inspection and testing of scales.
573.160
Inspection of premises and records by Department.
573.165
Approved space and facilities to be provided for brand inspection.
573.170
Change of sale days: Procedure
573.175
Security agreements not impaired.
573.180
Exemption from provisions of chapter for nonprofit organizations and associations.
573.183
Cease and desist orders.
573.185
Injunctions
573.190
Penalties
Last Updated

Jun. 24, 2021

§ 573.104’s source at nv​.us