1. As a substitute for the surety bond required pursuant to NRS 449.068, a facility for refractive surgery may deposit with any bank or trust company authorized to do business in this State, upon approval of the Administrator of the Division:

(a) An obligation of a bank, savings and loan association, savings bank, thrift company or credit union licensed to do business in this State;

(b) Bills, bonds, notes, debentures or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States; or

(c) Any obligation of this State or any city, county, town, township, school district or other instrumentality of this State, or guaranteed by this State, in an aggregate amount, based upon principal amount or market value, whichever is lower.

2. The obligations of a bank, savings and loan association, savings bank, thrift company or credit union must be held to secure the same obligation as would the surety bond required by NRS 449.068. With the approval of the Administrator of the Division, the facility may substitute other suitable obligations for those deposited, which must be assigned to the Division and are negotiable only upon approval of the Administrator of the Division.

3. Any interest or dividends earned on the deposit accrue to the account of the facility.

4. The deposit must be an amount at least equal to the surety bond required by NRS 449.068 and must state that the amount may not be withdrawn except by the direct and sole order of the Administrator of the Division.

(Added to NRS by 2001, 1340; A 2005, 2696)