Brokers: Insured trust account required.
1. Each broker shall open and maintain a separate trust account in a bank, credit union or savings and loan association in this State that is federally insured or insured by a private insurer approved pursuant to NRS 678.755. He shall deposit into the trust account any money received from a prospective buyer as a deposit on a vehicle. A broker shall not:
(a) Commingle the money in the trust account with any money that is not a deposit on a vehicle.
(b) Use any money in the trust account to pay his operational expenses.
2. A broker shall not require the buyer of a vehicle to pay a deposit on a vehicle in an amount that exceeds 10 percent of the purchase price of the vehicle.
Last modified: February 25, 2006