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NRS 645B.046 - Cancellation of surety bond: Notices required; revocation of license unless equivalent bond furnished.

NV Rev Stat § 645B.046 (2019) (N/A)
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1. The surety may cancel a bond upon giving 60 days’ notice to the Commissioner by certified mail. Upon receipt by the Commissioner of such a notice, the Commissioner immediately shall notify the licensee who is the principal on the bond of the effective date of cancellation of the bond, and that his or her license will be revoked unless the licensee furnishes an equivalent bond before the effective date of the cancellation. The notice must be sent to the licensee by certified mail to his or her last address of record filed in the office of the Division.

2. If the licensee does not comply with the requirements set out in the notice from the Commissioner, the license must be revoked on the date the bond is cancelled.

(Added to NRS by 2009, 745; A 2011, 3611)

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NRS 645B.042 - Duty of mortgage company to deposit surety bond with Commissioner; mortgage company and mortgage loan originators must be named as principals on bond; amount of bond; Commissioner to determine amount of initial deposit. [Effective January 1, 2020.]
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NRS 645B.048 - Action on surety bond: Procedure; limitation of time; duties of Commissioner; preliminary payment by surety; action for interpleader; payment. [Effective through December 31, 2019.]