Nevada § 90.380 - Licensing: General provisions

§ 90.380. Licensing: General provisions

1. Unless a proceeding under NRS 90.420 has been instituted, the license of any broker-dealer, sales representative, investment

adviser or representative of an investment adviser becomes effective 30 days after

an application for licensing has been filed and is complete, including any amendment,

if all requirements imposed pursuant to NRS 90.370 and 90.375 have been satisfied. An application or amendment is complete when the applicant has furnished information

responsive to each applicable item of the application. The Administrator may authorize an earlier effective date of licensing. 2. The license of a broker-dealer, sales representative, investment adviser, representative

of an investment adviser or transfer agent is effective until terminated by revocation,

suspension, expiration or withdrawal. 3. The license of a sales representative is only effective with respect to transactions

effected on behalf of the broker-dealer or issuer for whom the sales representative

is licensed. 4. A person shall not at any one time act as a sales representative for more than

one broker-dealer or for more than one issuer, unless the Administrator by regulation

or order authorizes multiple licenses. 5. If a person licensed as a sales representative terminates association with a broker-dealer

or issuer or ceases to be a sales representative, the sales representative and the

broker-dealer or issuer on whose behalf the sales representative was acting shall

promptly file with the Administrator a Uniform Termination Notice for Securities Industry

Registration (Form U-5). 6. The Administrator by regulation may authorize one or more special classifications

of licenses as a broker-dealer, sales representative, investment adviser, representative

of an investment adviser or transfer agent to be issued to applicants subject to limitations

and conditions on the nature of the activities that may be conducted by persons so

licensed. 7. The license of a broker-dealer, sales representative, investment adviser, representative

of an investment adviser or transfer agent expires if: (a) The statement required pursuant to NRS 90.375 is not submitted when it is due; or (b) Any annual fee required by NRS 90.360 is not paid when it is due. 8. A license that has expired may be reinstated retroactively if the licensed person: (a) Submits the statement required pursuant to NRS 90.375 ; and (b) Pays any fee required by NRS 90.360 , plus a fee for reinstatement in the amount of $50, within 30 days after the date of expiration. If the license is not reinstated within that time, it shall be deemed to have lapsed

as of the date of expiration, and the licensed person must thereafter submit a new

application for licensing if the licensed person desires to be relicensed.