1. Each broker shall open and maintain a separate trust account in a bank, credit union, savings and loan association or savings bank in this State that is federally insured or insured by a private insurer approved pursuant to NRS 672.755 . The broker shall deposit into the trust account any money received from a prospective buyer as a deposit on a vehicle. A broker shall not: (a) Commingle the money in the trust account with any money that is not a deposit on a vehicle. (b) Use any money in the trust account to pay his or her operational expenses. 2. A broker shall not require the buyer of a vehicle to pay a deposit on a vehicle in an amount that exceeds 10 percent of the purchase price of the vehicle.
‹ Prev All Nevada sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.