1. It is unlawful for a person to enter into an agreement to act as a qualified intermediary, as defined in 26 C.F.R. 1.1031(k)-1(g)(4), for a client whose relinquished property is located in this State unless: (a) The proceeds from the disposition of the relinquished property are deposited into a qualified escrow account or qualified trust as defined in 26 C.F.R. 1.1031(k)-1(g)(3). (b) The money is held in such a manner that it may not be withdrawn from the qualified escrow account or qualified trust without the written approval of the intermediary and the client. 2. A person who violates the provisions of this section is guilty of a category D felony and shall be punished as provided in NRS 193.130 . 3. In addition to any other penalty imposed, the court shall order a person who violates subsection 1 to pay a civil penalty of not less than $10,000. The money so collected: (a) Must not be deducted from any penal fine imposed by the court; (b) Must be stated separately on the courts docket; and (c) Must be remitted forthwith to the Commissioner of Financial Institutions.
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