1. Except as otherwise provided in NRS 573.025, if an applicant delivers a surety bond to the Director pursuant to the provisions of NRS 573.025 or subsection 1 of NRS 573.030, the surety bond must be:
(a) In the amount of $200,000 or the amount of bond coverage calculated for a market agency pursuant to 9 C.F.R. § 201.30(a), whichever is greater.
(b) Executed by the applicant as principal and by a surety company qualified and authorized to do business in this state as surety.
(c) A standard form and approved by the Director as to terms and conditions.
(d) Conditioned that the principal will not commit any fraudulent act and will comply with the provisions of this chapter and the rules and regulations adopted by the Department.
(e) To the State of Nevada in favor of every consignor creditor whose livestock was handled or sold through or at the licensee’s public livestock auction or annual sale of livestock, as applicable.
2. The total and aggregate liability of the surety for all claims upon the bond must be limited to the face amount of the bond.
(Added to NRS by 1965, 381; A 1993, 1750; 1999, 3690; 2015, 3611; 2019, 1383, 2610)
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