Cancellation of bond: Notices required; revocation of license unless equivalent bond or substitute form of security furnished.
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 title agent or title insurer who is the principal on the bond of the effective date of cancellation of the bond, and that his license or certificate of authority will be revoked unless he furnishes an equivalent bond or a substitute form of security authorized by NRS 692A.1042 before the effective date of the cancellation. The notice must be sent to the title agent or title insurer by certified mail to his last address of record filed in the office of the Division.
2. If the title agent or title insurer does not comply with the requirements set out in the notice from the Commissioner, his license or certificate of authority must be revoked on the date the bond is cancelled.
Last modified: February 27, 2006