NRS 645A.041
Duty of escrow agency to deposit surety bond with Commissioner
- escrow agents must be named as principals on bond
- form and amount of bond
- exceptions.
1.
Except as otherwise provided in NRS 645A.042, as a condition to doing business in this State, each escrow agency shall deposit with the Commissioner and keep in full force and effect a corporate surety bond payable to the State of Nevada, in the amount set forth in subsection 4, which is executed by a corporate surety satisfactory to the Commissioner and which names as principals the escrow agency and all escrow agents employed by and associated with the escrow agency.2.
At the time of filing an application for a license as an escrow agent, the applicant shall file with the Commissioner proof that the applicant is named as a principal on the corporate surety bond deposited with the Commissioner by the escrow agency with whom he or she is associated and employed.3.
The bond must be in substantially the following form:4.
Each escrow agency shall deposit a corporate surety bond that complies with the provisions of this section or a substitute form of security that complies with the provisions of NRS 645A.042 in the following amount based upon the average monthly balance of the trust account or escrow account maintained by the escrow agency pursuant to NRS 645A.160:5.
A bond used to satisfy the requirements of NRS 627.180 or a substitute for that bond which satisfies the requirements of NRS 627.183 may be used to satisfy the requirements of this section if:(a)
The amount required by NRS 627.180 for a bond is not less than the amount required by this section for a bond; or(b)
The amount required by NRS 627.180 for a bond is less than the amount required by this section for a bond, and the escrow agency deposits an additional bond in an amount not less than the difference between the amount required by NRS 627.180 and the amount required by this section.
Source:
Section 645A.041 — Duty of escrow agency to deposit surety bond with Commissioner; escrow agents must be named as principals on bond; form and amount of bond; exceptions., https://www.leg.state.nv.us/NRS/NRS-645A.html#NRS645ASec041
.