30 Agent’s license: Expiration; renewal; fee for renewal; validity. [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 proceedings.] 1. Each agent’s license issued pursuant to NRS 689.450 to 689.595, inclusive, continues in effect for 3 years unless it is suspended, revoked or otherwise terminated. 2. An agent’s license may be renewed, unless it has been suspended or revoked, at the request of the holder of a valid seller’s permit upon filing a written request for renewal accompanied by the applicable fee for renewal, which is not refundable. 3. The Commissioner may accept a request for renewal which is received by him within 30 days after the expiration of the license if the request is accompanied by a fee for renewal of 150 percent of the fee otherwise required. 4. An agent’s license is valid only while the agent is employed by a holder of a valid seller’s permit. (Added to NRS by 1987, 1255; A 1993, 2619; 1997, 2200, 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 proceedings) NRS 689.535 Agent’s license: Revocation; suspension. The Commissioner may proceed against an agent’s license in the same manner as provided in NRS 689.510 if the agent: 1. Obtained his license through misrepresentation or concealment of a material fact. 2. Is no longer qualified for such a license. 3. Knowingly violates any provision of NRS 689.450 to 689.595, inclusive, or any lawful order or regulation of the Commissioner. (Added to NRS by 1987, 1255) NRS 689.540 Prepaid contracts: Content; entire agreement; rescission. 1. All forms for a prepaid contract offered or sold in this state must contain: (a) The names and addresses of the seller, buyer, beneficiary and trustee and of each performer; (b) A clear and unambiguous statement of the services and merchandise to be supplied and by whom; (c) The purchase price of each item of supply or service and how payable; (d) The date and place of execution; (e) Other reasonable and appropriate provisions as prescribed by the Commissioner by regulation; (f) The full percentage of the sales commission to be retained by the seller; (g) The seller’s or his agent’s signature on the original contract and his identification by name and title on any duplicate copy of the contract given to the buyer; (h) A provision in 14-point type or larger, stating in substance that the buyer is permitted to return the contract within 10 days after its delivery to the buyer and to have the full purchase price or amount paid thereon refunded if the buyer is not satisfied with it for any reason; and (i) In print on its face sheet, in 14-point type or larger, a notice stating, “This is not an insurance contract.” 2. The written contract, when signed, constitutes the entire agreement between the parties relative to its subject matter. 3. If the buyer, pursuant to the provision required by paragraph (h) of subsection 1, returns the contract to the seller at his branch or home office or to the agent through whom it was purchased, the contract is void from the beginning and the parties return to the same position they occupied before the contract was entered into. (Added to NRS by 1987, 1255) NRS 689.545 Prepaid contracts: Approval and disapproval of forms. 1. A seller shall not offer, sell or deliver in this state any prepaid contract unless the form of the contract has been filed with and approved in writing by the Commissioner. 2. The Commissioner shall disapprove any form of contract which he finds: (a) Printed or reproduced in such a manner as to be substantially illegible in whole or in part; (b) Contains ambiguous or misleading provisions, clauses or titles; (c) Includes or combines in the prepaid contract provisions for the purchase of cemetery plots and existing burial spaces, unless such sales are separated and distinctly defined as burial merchandise and services; or (d) Does not comply or is inconsistent with any applicable requirement of NRS 689.450 to 689.595, inclusive, or for other good cause shown. 3. No amendment or modification of any form may be made unless the amendment or modification has been filed with and approved in writing by the Commissioner. 4. Each filing is subject to a waiting period of up to 30 days before it becomes effective. 5. Upon written application by the holder of a seller’s permit, the Commissioner may authorize a filing which he has reviewed to become effective before the expiration of the waiting period or any extension thereof. 6. A filing shall be deemed to meet the requirements of NRS 689.450 to 689.595, inclusive, unless disapproved by the Commissioner within the waiting period or any extension thereof. (Added to NRS by 1987, 1256; A 1993, 2619) NRS 689.550 Prepaid contracts: Credit life insurance. If the purchase price for a prepaid contract is to be paid in installments, the seller may make available to the buyer credit life insurance on a form and terms filed with and approved by the Commissioner. The buyer must be provided with a certificate of the credit insurance by the seller or as otherwise required by the Commissioner. (Added to NRS by 1987, 1256) NRS 689.555 Prepaid contracts: Maximum sales commission. The sales commission on any prepaid contract must not exceed 40 percent of the purchase price. (Added to NRS by 1987, 1257) NRS 689.560 Prepaid contracts: Maintenance and administration of trust fund. 1. The seller shall establish and maintain a trust fund with an authorized trustee, for the benefit of the beneficiary of the prepaid contract, in accordance with the trust agreement filed with and approved by the Commissioner. 2. The seller shall maintain unimpaired and shall deposit in the trust fund, within 15 days after the end of the month in which payment was received, all installments received on prepaid contracts sold after the sales commission has been deducted. 3. The trustee shall, with respect to the money in the trust fund, exercise the judgment and care under the circumstances then prevailing which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not in regard to speculation, but in regard to the permanent disposition of their money, considering the probable income as well as the probable safety of their capital. Within the limitations of such standards, and subject to any express provision or limitation contained in any particular trust instrument, a trustee may acquire and retain every kind of investment, specifically including bonds, debentures and other corporate obligations and stocks, preferred or common, which persons of prudence, discretion and intelligence acquire or retain for their own account. 4. Except as otherwise provided in NRS 689.450 to 689.595, inclusive, or the trust agreement approved in writing by the Commissioner or as may be required by an order of a court of competent jurisdiction, the trustees shall maintain the trust fund intact and unimpaired and shall not make any payment or disbursement from the trust fund. (Added to NRS by 1987, 1257; A 1997, 1627) NRS 689.565 Prepaid contracts: Distributions to seller from trust fund; financial reports of trustee. 1. Not more than 60 percent of the earnings of such investments, including ca

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