1. Any money that a dealer receives from a client or other person concerning the sale or exchange of an interest in a manufactured home, mobile home, manufactured building or commercial coach or factory-built housing must be accounted for by the dealer when:

(a) The sale or exchange of the interest in the manufactured home, mobile home, manufactured building, commercial coach or factory-built housing is executed; or

(b) The contract for the sale or exchange of the interest in the manufactured home, mobile home, manufactured building, commercial coach or factory-built housing is rescinded by the dealer, client or any other person,

whichever occurs earlier.

2. The dealer shall:

(a) Prepare or cause to be prepared a written itemized statement concerning each expenditure or deduction of money made by the dealer;

(b) Deliver or cause to be delivered to each person from whom the dealer received money a copy of the written itemized statement; and

(c) Maintain a copy of the written itemized statement at the dealer’s place of business.

3. Except as otherwise provided in a brokerage agreement or an escrow agreement signed by the parties to a sale or exchange of an interest in a manufactured home, mobile home, manufactured building or commercial coach or factory-built housing and the escrow agent or escrow officer licensed pursuant to the provisions of chapter 645A or 692A of NRS, no money concerning that sale or exchange held by a dealer may be distributed until:

(a) An application for:

(1) A certificate of ownership for the manufactured home, mobile home, manufactured building, commercial coach or factory-built housing; or

(2) A certificate of title or certificate of ownership that does not pass immediately upon the sale or transfer of the manufactured home, mobile home, manufactured building, commercial coach or factory-built housing,

has been submitted to the Division;

(b) Each person who has a financial interest in the manufactured home, mobile home, manufactured building, commercial coach or factory-built housing has executed a document that releases or waives the person’s interest; and

(c) Each party to the sale or exchange has complied with the requirements for the sale or exchange that are set forth in the regulations adopted pursuant to the provisions of this chapter.

(Added to NRS by 1999, 858; A 2009, 1922)