Nevada § 604D.250 - Bond: Amount; form; notice to Commissioner; replenishment; disability of surety

in the amount of $35,000. 2. The bond must be in a form satisfactory to the Commissioner, issued by a bonding

company authorized to do business in this State and must secure the faithful performance

of the obligations of the licensee respecting the provision of earned wage access

services. 3. A licensee shall, within 10 days after the commencement of any action or notice

of entry of any judgment against the licensee by any creditor or claimant arising

out of the business of a provider of earned wage access services in this State, give

notice thereof to the Commissioner by registered or certified mail with details sufficient

to identify the action or judgment. The surety shall, within 10 days after it pays any claim or judgment to a creditor

or claimant, give notice thereof to the Commissioner by certified mail with details

sufficient to identify the creditor or claimant and the claim or judgment so paid. 4. Whenever the principal sum of the bond is reduced by recoveries or payments thereon,

the licensee shall furnish: (a) A new or additional bond so that the total or aggregate principal sum of the bonds

equals the sum required pursuant to subsection 1; or (b) An endorsement, duly executed by the surety, reinstating the bond to the required

principal sum. 5. The liability of the surety on a bond to a creditor or claimant is not affected

by any misrepresentation, breach of warranty, failure to pay a premium or other act

or omission of the licensee, or by any insolvency or bankruptcy of the licensee. 6. The liability of the surety continues as to all transactions entered into in good

faith by the creditors and claimants with the agents of the licensee within 30 days

after: (a) The death of the licensee or the dissolution or liquidation of the business of

the licensee; or (b) The termination of the bond, whichever occurs first.