Bond: Filing; form; deposit in lieu of bond.
1. Before any license as a vehicle transporter is issued or special license plate is assigned, the applicant shall procure and file with the Department a good and sufficient bond in the amount of $100,000 with a corporate surety thereon, licensed to do business within the State of Nevada, approved as to form by the Attorney General, and conditioned that the applicant shall conduct his business as a vehicle transporter without fraud or fraudulent representation, and without violation of the provisions of this chapter.
2. The bond must be continuous in form and the total aggregate liability on the bond must be limited to the payment of the total amount of the bond, but in no case may the amount of any judgment in an action on such a bond exceed the retail value of any vehicle in connection with which the action was brought.
3. The undertaking on the bond includes any fraud or fraudulent representation or violation of any of the provisions of this chapter by any employee of the licensee on his behalf and within the scope of his employment.
4. The bond must provide that any person injured by the action of the licensee or his employee in violation of any provisions of this chapter may apply to the Director for compensation from the bond. The Director, for good cause shown and after notice and opportunity for hearing, may determine the amount of compensation and the person to whom it is to be paid. The surety shall then make the payment.
5. In lieu of the bond required by this section, an applicant may make a deposit with the Department that satisfies the requirements of NRS 482.346.
Last modified: February 25, 2006