1. Before issuing a warehouse permit, the Nevada Transportation Authority shall: (a) Require proof of financial ability to protect persons storing property from loss or damage, and a showing of sufficient assets, including working capital, to carry out the proposed service. (b) Determine that the applicant has sufficient experience in and knowledge of the storage in a warehouse of household goods and effects, and the regulations of the Authority governing the storage of household goods and effects. (c) Require proof that the applicant carries a legal policy of liability insurance evidencing coverage against fire, theft, loss and damage for stored property and effects in an amount not less than the base release value set forth in the tariff approved by the Authority governing the transportation of household goods and effects for those articles not covered by private insurance. Except upon 30 days written notice to the Authority, the insurance must not be cancelled during the period for which any permit is issued. Failure to keep the insurance in effect is cause for revocation of any warehouse permit. (d) Require information showing that the property to be used for storage of household goods and effects is reasonably suitable for that purpose. Failure to maintain the property in suitable condition is cause for revocation of any warehouse permit. (e) Collect an initial fee for the permit as set by the Authority according to the gross volume of business in an amount not less than $25 nor more than $50. 2. On or before January 1 of each year, the holder of a warehouse permit shall pay to the Authority an annual fee as set by the Authority pursuant to paragraph (e) of subsection 1. 3. Any person who fails to pay the annual fee on or before the date provided in this section shall pay a penalty of 10 percent of the amount of the fee plus interest on the amount of the fee at the rate of 1 percent per month or fraction of a month from the date the fee is due until the date of payment.
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