Nevada § 611.070 - Bond: Amount; conditions; deposits in lieu of bond; increase of bond or deposit; Labor Commissioner's Account for Bonds

§ 611.070. Bond: Amount; conditions; deposits in lieu of bond; increase of bond or deposit; Labor Commissioner's Account for Bonds

1. Before a license is issued, the applicant shall deposit with the Labor Commissioner

a bond, approved by the Labor Commissioner, in the sum of $1,000 with two or more

sureties or an authorized surety company as surety. A notice of 30 days must be given to the Labor Commissioner before cancellation of

the bond. 2. The bond must be conditioned so that the suspension, revocation, surrender or expiration

of the license to operate the employment agency does not affect the coverage of the

bond as to a claim arising out of acts that occurred before the date of the suspension,

revocation, surrender or expiration of the license. 3. In lieu of a bond an applicant may deposit with the Labor Commissioner: (a) An amount of money or bonds of the United States or of the State of Nevada of

an actual market value not less than the amount fixed by the Labor Commissioner;

or (b) A savings certificate of a bank, credit union, savings and loan association or

savings bank situated in Nevada, which indicates an account containing an amount equal

to the amount of the bond which would otherwise be required by this section and that

this amount is unavailable for withdrawal except upon order of the Labor Commissioner.

Interest earned on this amount accrues to the account of the applicant. 4. The Labor Commissioner may at any time require the licensee to file a new or supplementary

bond, or a deposit in lieu thereof, in a form and amount of not more than $5,000 to

conform to the provisions of this section if the Labor Commissioner deems the initial

deposit or surety of the initial bond to be unsatisfactory or the amount of the deposit

or bond to have become insufficient to satisfy all claims, accrued or contingent,

against the licensee. 5. Any money received in lieu of a bond must be deposited with the State Treasurer

for credit to the Labor Commissioner's Account for Bonds, which is hereby created

in the State Agency Fund for Bonds. The deposit must not be released for a period of 90 days following the date of suspension,

revocation, surrender or expiration of the license.