1. If satisfied that an applicant is eligible to receive a state gaming, manufacturing, selling, distributing or pari-mutuel wagering license, and upon tender of:

(a) All license fees and taxes as required by law and regulation of the Commission; and

(b) A bond executed by the applicant as principal, and by a corporation qualified under the laws of this state as surety, payable to the State of Nevada, and conditioned upon the payment of license fees and taxes and the faithful performance of all requirements imposed by law or regulation or the conditions of the license,

the Commission shall issue and deliver to the applicant a license entitling the applicant to engage in the gaming, manufacturing, selling, distributing or pari-mutuel wagering operation for which the applicant is licensed, together with an enumeration of the specific terms and conditions of the license. The Commission shall prepare and maintain a written record of the specific terms and conditions of any license issued and of any modification to the license. A duplicate of the record must be delivered to the applicant or licensee upon request.

2. The Commission shall fix the amount of the bond to be required pursuant to subsection 1 at no more than the total amount of license fees and taxes estimated to become due from the licensee before the licensee’s full compliance with the requirements of subsection 3 of NRS 463.370. The bond so furnished may be applied by the Commission to the payment of any unpaid liability of the licensee pursuant to this chapter.

3. In lieu of a bond an applicant may deposit with the Commission a like amount of lawful money of the United States or any other form of security authorized by NRS 100.065. If security is provided in the form of a savings certificate, certificate of deposit or investment certificate, the certificate must state that the amount is unavailable for withdrawal except upon order of the Commission.

4. If the requirement for a bond is satisfied in:

(a) Cash, the Commission shall deposit the money in the State Treasury for credit to the Account for Bonds of State Gaming Licensees, which is hereby created in the State Agency Fund for Bonds.

(b) Any other authorized manner, the security must be placed without restriction at the disposal of the Commission, but any income must inure to the benefit of the licensee.

(Added to NRS by 1985, 716; A 1987, 187; 1989, 1073; 1991, 925, 1774, 1827)