1. A residential contractor shall notify an owner with whom he or she contracts of the rights of the owner pursuant to NRS 624.400 to 624.560 , inclusive, including, without limitation, providing a written statement explaining those rights in any agreement or contract for qualified services. The written statement must be in substantially the following form: RESIDENTIAL CONSTRUCTION RECOVERY FUND Payment may be available from the Recovery Fund if you are damaged financially by a project performed on your residence pursuant to a contract, including construction, remodeling, repair or other improvements, and the damage resulted from certain specified violations of Nevada law by a contractor licensed in this State. To obtain information relating to the Recovery Fund and filing a claim for recovery from the Recovery Fund, you may contact the State Contractors Board. 2. The Board may impose upon a contractor an administrative fine: (a) Of not more than $250 for the first violation of subsection 1; and (b) Of not more than $500 for a second or subsequent violation of subsection 1. 3. The Board shall deposit any money received pursuant to this section in the account established pursuant to NRS 624.470 .
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