Section 706.5559 - Certificate holder may require security deposit from independent contractor; duties of certificate holder1. A certificate holder may, as a condition of leasing a taxicab to an independent contractor, require the driver to deposit money with the certificate holder in an amount sufficient to secure the return of the taxicab in good condition.2. If a certificate holder collects a security deposit pursuant to subsection 1, the certificate holder shall ensure that the security deposit is maintained in an account separate from the account in which the operating capital of the certificate holder is maintained.3. Upon the termination or expiration of the lease agreement, the certificate holder shall reimburse the independent contractor the amount of the security deposit and any interest accrued by the security deposit, minus the costs of repairs made to the taxicab pursuant to subsection 4, if any. If the cost of the repairs exceeds the amount of the security deposit, the certificate holder may retain any interest accrued on the security deposit in an amount equal to the difference between the cost of the repairs and the amount of the security deposit.4. A certificate holder who, at the termination or expiration of the lease agreement, retains any amount from the security deposit authorized by this section must, within 30 days after the completion of any repairs made to the taxicab, provide the independent contractor with an itemized list of any repairs made to the taxicab and copies of receipts for such repairs in an amount equal to the amount that was retained.Nev. Admin. Code § 706.5559
Added to NAC by Taxicab Auth. by R003-16A, eff. 12/21/2016Section 1.7 of Senate Bill No. 376, chapter 447, Statutes of Nevada 2015, at page 2596 (NRS 706.88181).