NRS 676A.400 Substitute for surety bond.
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NRS 676A.400 Substitute for surety bond.
1. Instead of the surety bond required by NRS 676A.390 , a provider may deliver to the Commissioner, in the amount required by subsection 2 of NRS 676A.390 , and, except as otherwise provided in subparagraph
(1)of paragraph (b), payable or available to this State and to individuals who reside in this State when they agree to receive debt-management services from the provider, as their interests may appear, if the provider or its agent does not comply with this chapter:
(a)A certificate of insurance issued by an insurance company authorized to do business in this State and rated at least A or equivalent by a nationally recognized rating organization, approved by the Commissioner and with no deductible, or, if the provider supplies a bond in the amount of $5,000, a deductible not exceeding $5,000; or
(b)With the approval of the Commissioner:
(1)An irrevocable letter of credit, issued or confirmed by a bank approved by the Commissioner, payable upon presentation of a certificate by the Commissioner stating that the provider or its agent has not complied with this chapter; or
(2)Bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of this State or a political subdivision of this State, to be deposited and maintained with a bank approved by the Commissioner for this purpose.
2. If a provider furnishes a substitute pursuant to subsection 1, the provisions of subsections 1, 3, 4 and 5 of NRS 676A.390 apply to the substitute.
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