Nevada Administrative Code
Chapter 482 - Motor Vehicles and Trailers: Licensing, Registration, Sales and Leases
PROGRAM FOR REGISTRATION OF NEW VEHICLES BY NEW VEHICLE DEALERS
Section 482.682 - Bond or deposit: Disbursement; release; refund
Universal Citation: NV Admin Code 482.682
Current through September 16, 2024
A surety bond which is filed or a deposit which is made with the Department pursuant to NAC 482.678 may be:
1. Disbursed by the Director, for good cause shown and after notice and hearing, in an amount determined by the Director to compensate a person injured by an action of a new vehicle dealer, or an employee or agent of the new vehicle dealer.
2. Released by the Director upon receipt by the Department of a statement that:
(a) Is
signed by a person under whose name the surety bond or deposit is
made;
(b) Is acknowledged before
any person authorized to take acknowledgments in this State;
(c) Requests the Director to release the
surety bond or deposit, or a specified portion thereof; and
(d) Sets forth the purpose for which the
release of the surety bond or deposit is requested.
3. Refunded by the Director:
(a) One year after the date on which the
participation of the new vehicle dealer in the program terminates, if the
Director determines that there are no outstanding claims against the surety
bond or deposit; or
(b) Pursuant to
an order of a court of competent jurisdiction.
Added to NAC by Dep't of Motor Veh. by R011-08, eff. 6-17-2008
NRS 482.160, 482.216
Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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