Nevada Revised Statutes Section 676.130 - Financial Institutions

Submission of fees, bond and copy of contract with application; periodic determination of amount of bond.

1. At the time of making the application, the applicant shall:

(a) Pay to the Commissioner a nonrefundable fee of $250 for the application and survey. The applicant shall also pay such additional expenses incurred in the process of investigation as the Commissioner deems necessary. In addition, a fee of not less than $100 nor more than $200, prorated on the basis of the licensing year as provided by the Commissioner, must be paid at the time of making the application. All money received by the Commissioner pursuant to this subsection must be placed in the Investigative Account created by NRS 232.545.

(b) Furnish a satisfactory bond to the State of Nevada, executed by an admitted surety company approved by the Commissioner, in the amount of $10,000, or an appropriate substitute pursuant to NRS 676.135, conditioned upon the faithful accounting of all money collected upon accounts and entrusted to the licensee, or its employees or agents.

(c) Provide a blank copy of the debt-adjustment contract which will be used by the licensee in its business.

2. Not later than 3 months after the issuance of the license and thereafter semiannually the Commissioner shall determine the appropriate amount of bond or appropriate substitute which must be maintained by the licensee in accordance with the licensee’s average monthly balance in the trust account maintained pursuant to NRS 676.220:

Amount of Bond

Average Monthly Balance Required

Less than $50,000........................................................................................ $10,000

$50,000 or more but less than $100,000...................................................... 25,000

$100,000 or more but less than $150,000.................................................... 30,000

$150,000 or more but less than $200,000.................................................... 40,000

$200,000 or more............................................................................................ 50,000

Last modified: February 26, 2006