LegalFix
Sign In

NRS 119A.340 - Issuance of permit before completion of project.

NV Rev Stat § 119A.340 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

If a project has not been completed before the issuance of a permit to sell time shares, the public offering statement must state the estimated date of completion and:

1. The developer shall establish to the satisfaction of the Administrator that a bond has been issued in an amount necessary to assure completion of the project free of any liens, which remains in effect until the project is completed free of all liens;

2. A cash deposit to cover the estimated costs of completing the project must be deposited with an escrow agent under an agreement which is approved by the Administrator; or

3. The developer shall make any other arrangement which is approved by the Administrator and necessary to safeguard the interests of the public.

(Added to NRS by 1983, 981; A 2001, 2504; 2013, 3518)

Previous Section
NRS 119A.330 - Hearing on denial of application, amendment to statement of record or renewal of permit; expiration of order of denial.
Next Section
NRS 119A.350 - Investigation of applicants; expenses.