Nevada § 628B.560 - Requirements for guardianship accounts for protected persons; recordkeeping requirements; examination of records and accounts by Commissioner; authority of Commissioner to require submission of audited financial statement and to issue subpoenas; fee for examination

§ 628B.560. Requirements for guardianship accounts for protected persons; recordkeeping requirements; examination of records and accounts by Commissioner; authority of Commissioner to require submission of audited financial statement and to issue subpoenas; fee for examination

1. Except as otherwise provided in NRS 159.076 and 159A.076 a private professional guardian company shall maintain a separate guardianship account

for each protected person into which all money received for the benefit of the protected

person must be deposited, unless otherwise ordered by the court for a substantiated

reason. Each guardianship account must be maintained in an insured bank or credit union

located in this State, be held in a name which is sufficient to distinguish it from

the personal or general checking account of the private professional guardian company

and be designated as a guardianship account. Each guardianship account must at all times account for all money received for the

benefit of the protected person and account for all money dispersed for the benefit

of the protected person, and no disbursement may be made from the account except as

authorized under chapter 159 or 159A of NRS or as authorized by court order. 2. Each private professional guardian company shall keep a record of all money deposited

in each guardianship account maintained for a protected person, which must clearly

indicate the date and from whom the money was received, the date the money was deposited,

the dates of withdrawals of money and other pertinent information concerning the transactions. Records kept pursuant to this subsection must be maintained for at least 6 years

after the completion of the last transaction concerning the account. The records must be maintained at the premises in this State at which the private

professional guardian company is authorized to conduct business. 3. The Commissioner or his or her designee may conduct an examination of the guardianship

accounts and records relating to protected persons of each private professional guardian

company licensed pursuant to this chapter at any time to ensure compliance with the

provisions of this chapter. 4. During the first year a private professional guardian company is licensed in this

State, the Commissioner or his or her designee may conduct any examinations deemed

necessary to ensure compliance with the provisions of this chapter. 5. If there is evidence that a private professional guardian company has violated

a provision of this chapter, the Commissioner or his or her designee may conduct additional

examinations to determine whether a violation has occurred. 6. Each private professional guardian company shall authorize the Commissioner or

his or her designee to examine all books, records, papers and effects of the private

professional guardian company. 7. If the Commissioner determines that the records of a private professional guardian

company are not maintained in accordance with subsections 1 and 2, the Commissioner

may require the private professional guardian company to submit, within 60 days, an

audited financial statement prepared from the records of the private professional

guardian company by a certified public accountant who holds a certificate to engage

in the practice of public accounting in this State. The Commissioner may grant a reasonable extension of time for the submission of

the financial statement if an extension is requested before the statement is due. 8. Upon the request of the Division, a private professional guardian company must

provide to the Division copies of any documents reviewed during an examination conducted

by the Commissioner or his or her designee pursuant to subsection 4, 5 or 6. If the copies are not provided, the Commissioner may subpoena the documents. 9. For each examination of the books, papers, records and effects of a private professional

guardian company that is required or authorized pursuant to this chapter, the Commissioner

shall charge and collect from the private professional guardian company a fee for

conducting the examination and preparing a report of the examination based upon the

rate established and, if applicable, adjusted pursuant to NRS 658.101 . Failure to pay the fee within 30 days after receipt of the bill is grounds for revoking

the license of the private professional guardian company. 10. All money collected under this section must be deposited in the State Treasury

pursuant to the provisions of NRS 658.091 .