Nevada § 611.430 - Contents of application; fee; Labor Commissioner to be notified of certain changes in information about applicant; power of Labor Commissioner to refuse to issue or revoke license; financial statements

§ 611.430. Contents of application; fee; Labor Commissioner to be notified of certain changes in information about applicant; power of Labor Commissioner to refuse to issue or revoke license; financial statements

1. Each application must include: (a) The applicant's name and title of his or her position with the professional employer

organization. (b) The applicant's age, place of birth and social security number. (c) The applicant's address. (d) The business address of the professional employer organization. (e) The business address of the registered agent of the professional employer organization,

if the applicant is not the registered agent. (f) If the applicant is a: (1) Partnership, the name of the partnership and the name, address, age, social security

number and title of each partner. (2) Corporation, the name of the corporation and the name, address, age, social security

number and title of each officer of the corporation. (g) Proof of: (1) Compliance with the provisions of chapter 76 of NRS. (2) The payment of any premiums for industrial insurance required by chapters 616A

to 617, inclusive, of NRS and compliance with NRS 616B.692 . (3) The payment of contributions or payments in lieu of contributions required by chapter 612 of NRS . (4) Insurance coverage for any benefit plan from an insurer authorized pursuant to

title 57 of NRS that is offered by the professional employer organization to its employees. (h) A financial statement of the applicant setting forth the financial condition of

the professional employer organization. Except as otherwise provided in subsection 5, the financial statement must include,

without limitation: (1) For an application for issuance of a license, the most recent audited financial

statement that includes the applicant, which must have been completed not more than

13 months before the date of application; or (2) For an application for renewal of a license, an audited financial statement that

includes the applicant and which must have been completed not more than 180 days after

the end of the applicant's fiscal year. (i) An issuance or renewal fee of $500. (j) Any other information the Labor Commissioner requires. 2. Each application must be notarized and signed under penalty of perjury: (a) If the applicant is a sole proprietorship, by the sole proprietor. (b) If the applicant is a partnership, by each partner. (c) If the applicant is a corporation, by each officer of the corporation. 3. An applicant shall submit to the Labor Commissioner any change in the information

required by this section within 30 days after the change occurs. The Labor Commissioner may refuse to issue a license to or revoke the license of

a professional employer organization which fails to comply with the provisions of NRS 611.400 to 611.490 , inclusive. If the Labor Commissioner refuses to issue or revokes a license pursuant to this

subsection, the professional employer organization has the right to appeal the decision

of the Labor Commissioner. 4. If an insurer cancels a professional employer organization's policy, the insurer

shall immediately notify the Labor Commissioner in writing. The notice must comply with the provisions of NRS 687B.310 to 687B.355 , inclusive, and must be served personally on or sent by first-class mail or electronic

transmission to the Labor Commissioner. 5. A financial statement submitted with an application pursuant to this section must

be prepared in accordance with generally accepted accounting principles, must be audited

by an independent certified public accountant certified or licensed to practice in

the jurisdiction in which the accountant is located and must be without qualification

as to the status of the professional employer organization as a going concern. Except as otherwise provided in subsection 6, a professional employer organization

that has not had sufficient operating history to have an audited financial statement

based upon at least 12 months of operating history must present financial statements

reviewed by a certified public accountant covering its entire operating history. The financial statements must be prepared not more than 13 months before the submission

of an application and must: (a) Demonstrate, in the statement, positive working capital, as defined by generally

accepted accounting principles, for the period covered by the financial statements;

or (b) Be accompanied by a bond, irrevocable letter of credit or securities with a minimum

market value equaling the maximum deficiency in working capital for the period covered

by the financial statements plus $100,000. The bond, irrevocable letter of credit or securities must be held by a depository

institution designated by the Labor Commissioner to secure payment by the applicant

of all taxes, wages, benefits or other entitlements payable by the applicant. 6. An applicant required to submit a financial statement pursuant to this section

may submit a consolidated or combined audited financial statement that includes, but

is not exclusive to, the applicant.