Establishment of account; reference to account as “Recovery Fund”; collection of annual assessment; reduction in amount of assessment under certain circumstances; use of money in account.
1. Except as otherwise provided in subsection 3, in addition to the annual fee for a license required pursuant to NRS 624.280, a residential contractor shall pay to the Board an annual assessment not to exceed the following amount, if the monetary limit on his license is:
Not more than $1,000,000...................................................................................... $100
More than $1,000,000 but limited........................................................................... 250
Unlimited................................................................................................................... 500
2. The Board shall administer and account separately for the money received from the annual assessments collected pursuant to subsection 1. The Board may refer to the money in the account as the “Recovery Fund.”
3. The Board shall reduce the amount of the assessments collected pursuant to subsection 1 when the balance in the account reaches 150 percent of the largest balance in the account during the previous fiscal year.
4. Except as otherwise provided in NRS 624.540, the money in the account must be used to pay claims made by owners who are damaged by the failure of a residential contractor to perform qualified services adequately, as provided in NRS 624.400 to 624.560, inclusive.
Last modified: February 27, 2006