Money received by dealer concerning sale or exchange of interest in manufactured home, mobile home or commercial coach: Duties of dealer; distribution of money; exceptions.
1. Any money that a dealer receives from a client or other person concerning the sale or exchange of an interest in a manufactured home, mobile home or commercial coach must be accounted for by the dealer when:
(a) The sale or exchange of the interest in the manufactured home, mobile home or commercial coach is executed; or
(b) The contract for the sale or exchange of the interest in the manufactured home, mobile home or commercial coach is rescinded by the dealer, client or any other person,
Ê whichever occurs earlier.
2. The dealer shall:
(a) Prepare or cause to be prepared a written itemized statement concerning each expenditure or deduction of money made by the dealer;
(b) Deliver or cause to be delivered to each person from whom the dealer received money a copy of the written itemized statement; and
(c) Maintain a copy of the written itemized statement at his place of business.
3. Except as otherwise provided in a brokerage agreement or an escrow agreement signed by the parties to a sale or exchange of an interest in a manufactured home, mobile home or commercial coach and the escrow agent or escrow officer licensed pursuant to the provisions of chapter 645A or 692A of NRS, no money concerning that sale or exchange held by a dealer may be distributed until:
(a) An application for:
(1) A certificate of ownership for the manufactured home, mobile home or commercial coach; or
(2) A certificate of title or certificate of ownership that does not pass immediately upon the sale or transfer of the manufactured home, mobile home or commercial coach,
Ê has been submitted to the Division;
(b) Each person who has a financial interest in the manufactured home, mobile home or commercial coach has executed a document that releases or waives his interest; and
(c) Each party to the sale or exchange has complied with the requirements for the sale or exchange that are set forth in the regulations adopted pursuant to the provisions of this chapter.
Last modified: February 25, 2006