NRS 205.960 Qualified intermediaries of clients with certain property: Unlawful acts; criminal penalty; civil penalty.

205 words·~1 min read·/nv/chapter-205-crimes-against-property/205-960·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. It is unlawful for a person to enter into an agreement to act as a qualified intermediary, as defined in 26 C.F.R. § 1.1031(k)-1(g)(4), for a client whose relinquished property is located in this State unless:

(a)The proceeds from the disposition of the relinquished property are deposited into a qualified escrow account or qualified trust as defined in 26 C.F.R. § 1.1031(k)-1(g)(3).

(b)The money is held in such a manner that it may not be withdrawn from the qualified escrow account or qualified trust without the written approval of the intermediary and the client.

2. A person who violates the provisions of this section is guilty of a category D felony and shall be punished as provided in NRS 193.130 .

3. In addition to any other penalty imposed, the court shall order a person who violates subsection 1 to pay a civil penalty of not less than $10,000. The money so collected:

(a)Must not be deducted from any penal fine imposed by the court;

(b)Must be stated separately on the court’s docket; and

(c)Must be remitted forthwith to the Commissioner of Financial Institutions.