1. The Administrator may charge and collect from a real estate broker an amount equal to the amount of the actual costs and fees incurred by the Division to conduct an audit of the financial accounts of the real estate broker pursuant to this chapter or any regulations adopted pursuant thereto if:

(a) The Division makes a request during the course of the audit for the real estate broker to produce, provide access to or grant authorization to the Division to inspect or obtain any documentation related to the business of a real estate broker which the broker is required to maintain pursuant to NRS 645.310 and any regulations adopted pursuant to this chapter;

(b) The real estate broker fails to comply with the request within a reasonable time established by the Division; and

(c) The Division has reasonable cause to believe that the requested documentation will assist it in investigating whether the real estate broker has committed any act or offense that would be grounds for taking disciplinary action against the real estate broker.

2. If the Administrator charges a real estate broker for the costs and fees of an audit pursuant to subsection 1, the Administrator shall bill the real estate broker upon the completion of the audit. The costs and fees must be paid within 90 days after the date the real estate broker receives the bill. Except as otherwise provided in this subsection, any payment received after the due date must include a penalty in the amount of 10 percent of the amount specified in the bill plus an additional penalty in the amount of 1 percent of the amount for each month, or portion of a month, that the bill is not paid. The Administrator may waive the penalty for good cause.

3. The failure of a real estate broker to pay any costs and fees as required by this section constitutes grounds for disciplinary action against the real estate broker.

4. Money received by the Division pursuant to this section must be:

(a) Deposited with the State Treasurer for credit to the appropriate account of the Division.

(b) Used by the Division only to offset the fees and costs incurred by the Division in carrying out the provisions of NRS 645.313.

(Added to NRS by 2005, 1285)