e seller of travel is the obligor, issued by a bank whose deposits are federally insured; or (c) A certificate of deposit in a financial institution which is doing business in this state and which is federally insured or insured by a private insurer approved pursuant to NRS 678.755. The certificate of deposit may be withdrawn only on the order of the Commissioner, except that the interest may accrue to the seller of travel. 2. The term of the bond, letter of credit or certificate of deposit, or any renewal thereof, must be not less than 1 year. 3. The amount of the bond, letter of credit or certificate of deposit, or any renewal thereof, must be $50,000. 4. If the seller of travel deposits a bond, the seller of travel shall keep accurate records of the bond and the payments made on the premium. The records must be open to inspection by the Division during business hours. The seller of travel shall notify the Division not later than 30 days before the date of expiration of the bond and provide written proof of the renewal of the bond to the Division. 5. The Commissioner may reject any bond, letter of credit or certificate of deposit that fails to comply with the requirements of this chapter. 6. A seller of travel may change the form of security that he has deposited with the Division. If the seller of travel changes the form of the security, the Commissioner may retain for not more than 1 year any portion of the security previously deposited by the seller of travel as security for claims arising during the time the previous security was in effect. 7. If the amount of the deposited security falls below the amount required by this chapter for that security, the seller of travel shall be deemed not to be registered as required by NRS 598.365 for the purposes of this chapter. 8. The provisions of this section do not apply to a seller of travel who: (a) Is accredited by and appointed as an agent of the Airlines Reporting Corporation; or (b) Maintains a trust account in accordance with the provisions of NRS 598.361. (Added to NRS by 2001, 2147; A 2003, 1826, 2876, 2889) NRS 598.385 Rights and remedies of injured consumers; resolution by Division of claims against security; regulations. 1. The security required to be deposited by a seller of travel pursuant to NRS 598.375 must be held in trust for consumers injured as a result of: (a) Any act of fraud or misrepresentation by the seller of travel acting in his capacity as a seller of travel; (b) The bankruptcy of the seller of travel; or (c) The breach of any contract entered into by the seller of travel in his capacity as a seller of travel. 2. A consumer so injured may bring and maintain an action in any court of competent jurisdiction to recover against the security. 3. The Division may bring an action for interpleader against all claimants upon the security. If the Division brings such an action, the Division shall publish notice of the action at least once each week for 2 weeks in a newspaper of general circulation in the county in which the seller of travel has its principal place of business. The Division may deduct its costs of the action, including the costs of the publication of the notice, from the amount of the security. All claims against the security have equal priority. If the security is insufficient to pay all the claims in full, the claims must be paid pro rata. If the seller of travel has posted a bond with the Division, the surety is then relieved of all liability under the bond. 4. The Division may, in lieu of bringing an action for interpleader pursuant to subsection 3, conduct a hearing to determine the distribution of the security to claimants. The Division shall adopt regulations to provide for adequate notice and the conduct of the hearing. If the seller of travel has posted a bond with the Division, distribution pursuant to this subsection relieves the surety of all liability under the bond. 5. If the security is sufficient to pay all claims against the security in full, the Division may deduct from the amount of the security, the cost of any investigation or hearing it conducted to determine the distribution of the security. (Added to NRS by 2001, 2148; A 2003, 1826, 2889) NRS 598.395 Release of security if seller ceases to operate or registration expires. 1. If no claims have been filed against the security deposited with the Division pursuant to NRS 598.375 within 6 months after the seller of travel ceases to operate or his registration expires, whichever occurs later, the Commissioner shall release the security to the seller of travel and shall not audit any claims filed against the security thereafter by consumers. 2. If one or more claims have been filed against the security within 6 months after the seller of travel ceases to operate or his registration expires, whichever occurs later, the proceeds must not be released to the seller of travel or distributed to any consumer earlier than 1 year after the seller of travel ceases to operate or his registration expires, whichever occurs later. 3. For the purposes of this section, the Commissioner shall determine the date on which a seller of travel ceases to operate. (Added to NRS by 2001, 2149; A 2003, 1826, 2889) SIGHTSEEING TOURS NRS 598.405 Definitions. As used in NRS 598.405 to 598.525, inclusive, unless the context otherwise requires, the words and terms defined in NRS 598.416 to 598.465, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2001, 979; A 2003, 1826) NRS 598.416 “Advertise” and “advertisement” defined. “Advertise” and “advertisement” mean the attempt by publication, dissemination, solicitation or circulation to induce, directly or indirectly, any person to take a sightseeing tour. (Added to NRS by 2001, 980) NRS 598.425 “Commissioner” defined. “Commissioner” means the Commissioner of the Division. (Added to NRS by 2001, 980) NRS 598.435 “Division” defined. “Division” means the Consumer Affairs Division of the Department of Business and Industry. (Added to NRS by 2001, 980) NRS 598.445 “Sightseeing tour” defined. “Sightseeing tour” means an excursion that: 1. Has a duration of 24 hours or less; 2. Travels to one or more points of interest; and 3. Is conducted using one or more means of motorized conveyance, including, without limitation, an airplane, bus, helicopter, tour boat or touring raft. (Added to NRS by 2001, 980) NRS 598.455 “Tour broker” defined. “Tour broker” means a person who, in this state, advertises a sightseeing tour for a tour operator and collects money from customers for a sightseeing tour. (Added to NRS by 2001, 980) NRS 598.465 “Tour operator” defined. “Tour operator” means a person who, in this state, engages in the business of providing a sightseeing tour to customers. (Added to NRS by 2001, 980) NRS 598.471 Tour broker and tour operator to register, pay fee and, if applicable, deposit security before advertising services or conducting business in this State; certificate of registration; renewal of certificate. 1. Before advertising its services or conducting business in this State, a tour broker or tour operator must register with the Division by: (a) Submitting to the Division an application for registration on a form prescribed by the Division; (b) Paying to the Division a fee of $25; and (c) If the tour broker or tour operator is subject to the provisions of NRS 598.495, depositing the security required by NRS 598.495 with the Division. 2. The Division shall issue a certificate of registration to the tour broker or tour operator upon receipt of: (a) The security in the proper form as required by NRS 598.495, if the tour broker or tour operator is subject to the

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