een the seller and performers relating to the proposed prepaid contract or items to be supplied under it; (c) A certified copy of the articles of incorporation and the bylaws of any corporate applicant; (d) A copy of any other document relating to the proposed seller, trustee, trust, performer or prepaid contract, as required by the Commissioner; (e) A complete set of his fingerprints and written permission authorizing the Commissioner to forward those fingerprints to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report; (f) A fee representing the amount charged by the Federal Bureau of Investigation for processing the fingerprints of the applicant; and (g) The applicable fee established in NRS 680B.010, which is not refundable. (Added to NRS by 1971, 1395; A 1987, 464, 1261; 2003, 2868) NRS 689.185 Certificate of authority: Surety bond. 1. Before the issuance of a certificate of authority, the seller shall post with the Commissioner and thereafter maintain in force a bond in the principal sum of $50,000 issued by an authorized corporate surety in favor of the State of Nevada, or a deposit of cash or negotiable securities or a combination of cash and negotiable securities. If a deposit is made in lieu of a bond, the deposit must at all times have a market value of not less than the amount of the bond required by the Commissioner. 2. The bond or deposit must be held for the benefit of buyers of prepaid contracts, and other persons as their interests may appear, who may be damaged by misuse or diversion of money by the seller or his agents, or to satisfy any judgments against the seller for failure to perform a prepaid contract. The aggregate liability of the surety for all breaches of the conditions of the bond must not exceed the sum of the bond. The surety on the bond has the right to cancel the bond upon giving 30 days’ notice to the Commissioner and thereafter is relieved of liability for any breach of condition occurring after the effective date of the cancellation. 3. The Commissioner shall release the bond or deposit after the seller has ceased doing business as such and the Commissioner is satisfied of the nonexistence of any obligation or liability of the seller for which the bond or deposit was held. (Added to NRS by 1971, 1395; A 1987, 1262) NRS 689.195 Certificate of authority: Issuance; denial. 1. If the Commissioner finds that the application is complete and the applicant otherwise qualifies under the provisions of NRS 689.150 to 689.375, inclusive, he shall issue a seller’s certificate of authority to the applicant. 2. The Commissioner shall refuse to issue a seller’s certificate of authority to any applicant who does not comply with or otherwise meet the requirements of NRS 689.150 to 689.375, inclusive. Upon such refusal, the Commissioner shall give written notice thereof to the applicant, setting forth the reasons for his refusal. (Added to NRS by 1971, 1396; A 1987, 1263) NRS 689.205 Certificate of authority: Expiration; renewal; fee for renewal. 1. Each seller’s certificate of authority issued pursuant to NRS 689.150 to 689.375, inclusive, expires at midnight on April 30 of the third year following its date of issuance or renewal. 2. The Commissioner shall renew a certificate of authority upon receiving a written request for renewal from the seller, accompanied by the applicable fee for renewal, which is not refundable, if he finds that the seller is, at that time, in compliance with all applicable provisions of NRS 689.150 to 689.375, inclusive. 3. The Commissioner may accept a request for renewal received by him within 30 days after the expiration of the certificate if the request is accompanied by a fee for renewal of 150 percent of the fee otherwise required. (Added to NRS by 1971, 1396; A 1987, 464, 1263) NRS 689.215 Certificate of authority: Revocation; suspension. 1. After giving written notice of charges to the seller, not less than 30 days in advance of a hearing, the Commissioner may, after the hearing, revoke the seller’s certificate of authority if the seller: (a) Obtained his certificate of authority through misrepresentation or concealment of a material fact; (b) Is no longer qualified for such a certificate of authority; or (c) Knowingly violates any provision of NRS 689.150 to 689.375, inclusive, or any lawful order or regulation of the Commissioner. 2. If a seller is found to be in violation of paragraph (c) of subsection 1, the Commissioner may, in lieu of revocation, suspend his seller’s certificate of authority for a period not to exceed 90 days. (Added to NRS by 1971, 1396; A 1977, 99; 1987, 1263) NRS 689.225 Agent’s license required; exception; administrative fine. 1. It is unlawful for any person to solicit the sale of a prepaid contract in this state on behalf of a seller unless he holds a valid agent’s license issued by the Commissioner. 2. This section does not apply to a seller who holds a valid seller’s certificate of authority. 3. A person who solicits the sale of a prepaid contract in this state without a license is subject to an administrative fine of not more than $1,000 for each violation. (Added to NRS by 1971, 1396; A 1987, 1263; 2001, 2216) NRS 689.235 Agent’s license: Qualifications; application; fee. [Effective until the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.] 1. To qualify for an agent’s license, the applicant: (a) Must file a written application with the Commissioner on forms prescribed by the Commissioner; (b) Must have a good business and personal reputation; and (c) Must not have been convicted of, or entered a plea of guilty or nolo contendere to, forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud or any crime involving moral turpitude. 2. The application must: (a) Contain information concerning the applicant’s identity, address, social security number and personal background and business, professional or work history. (b) Contain such other pertinent information as the Commissioner may require. (c) Be accompanied by a complete set of the fingerprints of the applicant and written permission authorizing the Commissioner to forward those fingerprints to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report. (d) Be accompanied by a fee representing the amount charged by the Federal Bureau of Investigation for processing the fingerprints of the applicant. (e) Be accompanied by the statement required pursuant to NRS 689.258. (f) Be accompanied by the applicable fee established in NRS 680B.010, which is not refundable. 3. A conviction of, or plea of guilty or nolo contendere by, an applicant or licensee for any crime listed in paragraph (c) of subsection 1 is a sufficient ground for the Commissioner to deny a license to the applicant, or to suspend or revoke the agent’s license pursuant to NRS 689.265. (Added to NRS by 1971, 1397; A 1981, 1807; 1987, 1263; 1997, 2199, 3033; 1999, 520; 2003, 2868) NRS 689.235 Agent’s license: Qualifications; application; fee. [Effective on the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support procee

Vegas Law