NRS 624.264
Financial responsibility of applicant or licensee: Additional requirements for certain applicants and licensees engaged in residential construction.

1.

In addition to any other requirements set forth in this chapter, if an applicant will engage in residential construction and the applicant or the natural person qualifying on behalf of the applicant pursuant to NRS 624.260 has not held a contractor’s license issued pursuant to this chapter within the 2 years immediately preceding the date that the application is submitted to the Board, the Board shall require the applicant to establish financial responsibility by submitting to the Board:

(a)

A financial statement that is:

(1)

Prepared by an independent certified public accountant; or

(2)

Submitted on a form or in a format prescribed by the Board together with an affidavit which verifies the accuracy of the financial statement; and

(b)

Any other information required by the Board.

2.

Before the Board may issue a contractor’s license to the applicant, the Board must determine whether, based on the financial information concerning the applicant, it would be in the public interest to do any or all of the following:

(a)

Require the applicant to obtain the services of a construction control with respect to any money that the applicant requires a purchaser of a new residence to pay in advance to make upgrades to the new residence. If the Board imposes such a requirement, the applicant may not:

(1)

Be related to the construction control or to an employee or agent of the construction control; or

(2)

Hold, directly or indirectly, a financial interest in the business of the construction control.

(b)

Establish an aggregate monetary limit on the contractor’s license, which must be the maximum combined monetary limit on all contracts that the applicant may undertake or perform as a licensed contractor at any one time, regardless of the number of contracts, construction sites, subdivision sites or clients. If the Board establishes such a limit, the Board:

(1)

Shall determine the period that the limit is in effect; and

(2)

During that period, may increase or decrease the limit as the Board deems appropriate.

Source: Section 624.264 — Financial responsibility of applicant or licensee: Additional requirements for certain applicants and licensees engaged in residential construction., https://www.­leg.­state.­nv.­us/NRS/NRS-624.­html#NRS624Sec264.

624.240
Issuance of licenses 624.241
Program for issuance of license in expedited manner. 624.245
Temporary prohibition of certain violators from taking examination. 624.250
Application for issuance or renewal of license: Contents 624.253
Application for one or more classifications 624.254
Issuance or renewal of license under name likely to result in confusion or mistake prohibited. 624.256
Proof of industrial insurance 624.260
Applicant or licensee to demonstrate experience, knowledge and financial responsibility 624.262
Financial responsibility of applicant or licensee: Demonstration required. 624.263
Financial responsibility of applicant or licensee: Standards and criteria for determination. 624.264
Financial responsibility of applicant or licensee: Additional requirements for certain applicants and licensees engaged in residential construction. 624.265
Good character of applicant or licensed contractor and certain associates 624.266
Duty of applicant or licensee to disclose certain information to Board. 624.268
Payment of child support: Submission of certain information by applicant 624.270
Bond and deposit: Requirements 624.273
Bond and deposit: Person benefited 624.275
Bond and deposit: Notice of claim paid against contractor’s bond by surety 624.276
Bond and deposit: Additional requirements for contractors performing work concerning residential pools or spas. 624.280
Regulations concerning fees 624.281
Fee for license issued in expedited manner 624.282
Inactive status of license: Application 624.283
License: Expiration 624.284
License: Limitation of scope 624.285
Termination of association of natural person qualifying by examination on behalf of another natural person or firm: Notice 624.288
Display of name and license on motor vehicle. 624.2545
Denial of application for issuance or renewal of license: Notice
Last Updated

Jun. 24, 2021

§ 624.264’s source at nv​.us