1. Except as otherwise provided in subsection 4, an assignee shall post a cash bond or surety bond:
(a) In the penal sum of $500,000; and
(b) Conditioned to provide indemnification to any owner of real property in this State with respect to which a tax lien is assigned to the assignee if the owner is determined to have suffered damage as a result of the assignee’s wrongful failure or refusal to perform the obligations of the assignee under an agreement entered into pursuant to NRS 361.7311.
2. No part of the bond required by this section may be withdrawn while any agreement entered into pursuant to NRS 361.7311, to which the assignee is a party, remains in effect with respect to real property in this State.
3. Except as otherwise provided in subsection 4, each assignee shall annually submit to the Secretary of State a written statement, made under penalty of perjury:
(a) That the assignee has posted the bond required by this section; and
(b) Stating the name and business address of the surety or person with whom the bond has been posted.
Any assignee or other person who knowingly makes or causes to be made a false statement to the Secretary of State pursuant to this subsection is guilty of a misdemeanor.
4. The provisions of this section do not apply to any assignee who is related within the third degree of consanguinity to the owner of the real property that is the subject of the assignment.
(Added to NRS by 2005, 509; A 2013, 1561)
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