Section 645F.615 - Surety bonds: Cancellation of bond1. The surety may cancel a surety bond upon giving 60 days' notice to the Commissioner by certified mail. Upon receipt by the Commissioner of such a notice, the Commissioner will immediately notify the independent licensee who is a principal on the surety bond of the effective date of cancellation of the surety bond, and that the license of the independent licensee will be revoked unless an equivalent surety bond or a substitute form of security authorized by NAC 645F.610 is furnished before the effective date of the cancellation. The notice must be sent to the independent licensee by certified mail to the independent licensee's last address of record filed in the office of the Commissioner.2. If the independent licensee does not comply with the requirements set out in the notice from the Commissioner, the license of the independent licensee must be revoked as of the date the surety bond is cancelled.Nev. Admin. Code § 645F.615
Added to NAC by Comm'r of Mortgage Lending by R052-09, eff. 8-25-2009