1. Except as otherwise provided in subsections 4 and 5, in lieu of any cash payment or surety bond required as protection for the State of Nevada, the person required to provide the cash payment or surety bond may deposit with the State Treasurer, unless a different custodian is named by specific statute:

(a) Bonds of the United States or of the State of Nevada of an actual market value of not less than the amount of the required cash payment or surety bond;

(b) A letter of credit from a bank, savings bank, credit union or savings and loan association situated in Nevada, which meets the requirements set for that purpose by the State Treasurer; or

(c) A savings certificate, certificate of deposit or investment certificate of a bank, savings bank, credit union or savings and loan association situated in Nevada, which must indicate an account of an amount not less than the amount of the required cash payment or surety bond and, except as otherwise provided by specific statute, that the amount is not available for withdrawal except by direct order of the State Treasurer.

2. Whenever a savings certificate, certificate of deposit or investment certificate is deposited as provided in this section, interest earned on the certificate accrues to the account of the depositor.

3. If a surety bond is provided as protection for the State of Nevada, the bond must be issued by an insurer who is authorized or otherwise allowed under title 57 of NRS to issue such a bond pursuant to title 57 of NRS.

4. The Department of Motor Vehicles shall not accept bonds of the United States or of the State of Nevada in lieu of any cash payment or surety bond required to be deposited with the Department of Motor Vehicles as protection for the State of Nevada.

5. The Department of Taxation shall not accept bonds, savings certificates, certificates of deposit or investment certificates in lieu of the surety bond required to be deposited with the Department of Taxation pursuant to NRS 370.589.

(Added to NRS by 1967, 853; A 1989, 1072; 1993, 2403; 1999, 1456; 2019, 67, 641)