Automatic suspension of license upon payment from Fund; conditions for reinstatement of license. If the Administrator pays from the Fund any amount in settlement of a claim or towards satisfaction of a judgment against a licensee, his license issued pursuant to chapter 119 of NRS and this chapter must be automatically suspended upon the effective date of an order by the court authorizing payment from the Fund. The license of the broker, broker-salesman or salesman may not be reinstated and no other license may be granted to him pursuant to this chapter until he has repaid in full, plus interest at a rate equal to the prime rate at the largest bank in Nevada, as ascertained by the Commissioner of Financial Institutions, on January 1 or July 1, as the case may be, immediately preceding the date of judgment, plus 2 percent, the amount paid from the Fund on his account. Interest is computed from the date payment from the Fund was made by the Administrator and the rate must be adjusted accordingly on each January 1 and July 1 thereafter until the judgment is satisfied.
Last modified: February 27, 2006