Nevada § 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

§ 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.