NRS 624.275
Bond and deposit: Notice of claim paid against contractor’s bond by surety

  • cancellation of contractor’s bond by surety
  • notification to contractor of claim against or cancellation of bond
  • duties of Board and contractor
  • revocation or suspension of license.

1.

With respect to a surety bond that a licensed contractor maintains in accordance with NRS 624.270 or 624.276:

(a)

The surety shall give prompt notice to the Board of any claims paid against the bond of the licensed contractor.

(b)

The surety may cancel the bond upon giving 60 days’ notice to the Board and to the contractor by certified mail.

2.

Upon receipt by the Board of the notice described in paragraph (a) of subsection 1, the Board shall immediately notify the contractor who is the principal on the bond that the contractor’s license will be suspended or revoked unless the contractor furnishes an equivalent bond or establishes an equivalent cash deposit before a date set by the Board.

3.

Upon receipt by the Board of the notice described in paragraph (b) of subsection 1, the Board shall immediately notify the contractor who is the principal on the bond that the contractor’s license will be suspended or revoked unless the contractor furnishes an equivalent bond or establishes an equivalent cash deposit before the effective date of the cancellation.

4.

The notice mailed to the contractor by the Board pursuant to subsection 2 or 3 must be addressed to the contractor’s latest address of record in the office of the Board.

5.

If the contractor does not comply with the requirements of the notice from the Board, the contractor’s license must be suspended or revoked on the date:

(a)

Set by the Board, if the notice was provided to the contractor pursuant to subsection 2; or

(b)

The bond is cancelled, if the notice was provided to the contractor pursuant to subsection 3.

Source: Section 624.275 — Bond and deposit: Notice of claim paid against contractor’s bond by surety; cancellation of contractor’s bond by surety; notification to contractor of claim against or cancellation of bond; duties of Board and contractor; revocation or suspension of license., https://www.­leg.­state.­nv.­us/NRS/NRS-624.­html#NRS624Sec275.

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

§ 624.275’s source at nv​.us