Nevada § 624.470 - Establishment of account; reference to account as “Recovery Fund”; collection of biennial assessment; reduction in amount of assessment under certain circumstances; use of money in account
Full text of Nevada Nevada Revised Statutes § 624.470 — Establishment of account; reference to account as “Recovery Fund”; collection of biennial assessment; reduction in amount of assessment under certain circumstances; use of money in account, with citation guidance and answers to common questions.
§ 624.470. Establishment of account; reference to account as “Recovery Fund”; collection of biennial assessment; reduction in amount of assessment under certain circumstances; use of money in account
1. Except as otherwise provided in subsection 3, in addition to the fee for a license
required pursuant to NRS 624.280 , a residential contractor shall pay to the Board an assessment not to exceed the
following amount, if the monetary limit on the residential contractor's license is: Not more than $1,000,000 $200 per biennium More than $1,000,000 but limited 500 per biennium Unlimited 1,000 per biennium 2. The Board shall administer and account separately for the money received from the
assessments collected pursuant to subsection 1. The Board may refer to the money in the account as the “Recovery Fund.” 3. The Board shall reduce the amount of the assessments collected pursuant to subsection
1 when the balance in the account reaches 150 percent of the largest balance in the
account during the previous fiscal year. 4. Except as otherwise provided in NRS 624.540 , the money in the account must be used to pay claims made by injured persons, as
provided in NRS 624.400 to 624.560 , inclusive.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 624.470
What does Nevada Revised Statutes § 624.470 cover?
Section 624.470 ("Establishment of account; reference to account as “Recovery Fund”; collection of biennial assessment; reduction in amount of assessment under certain circumstances; use of money in account") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 624.470?
A common citation format is "Nevada Revised Statutes § 624.470" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 624.470 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.