Nevada Administrative Code
Chapter 119A - TIME SHARES
LICENSING
Section 119A.105 - Project broker or developer: Commingling of certain money prohibited; maintenance, inspection and audit of records

1. A project broker or time-share resale broker shall not commingle the money or other property of a client with his or her own.

2. A project broker or time-share resale broker shall keep records of every transaction clearly indicating deposits, disbursements, dates, names of purchasers and salespersons or sales agents, if applicable, and, with respect to a project broker, the records required to be kept pursuant to NRS 119A.400, and other pertinent information, numbered consecutively or indexed to permit audit by the Division.

3. A project broker or time-share resale broker shall notify the Division of the names of banks in which he or she maintains trust accounts and specify the names of the accounts on forms provided by the Division. All such records are subject to inspection by the Division and its investigators and employees.

4. The project broker or time-share resale broker must give written notice to the Division of the exact location of his or her records of transaction. The project broker or time-share resale broker may not remove the records of transaction until notice of a new location is delivered to the Division.