Nevada Revised Statutes 598.515 – Release of security if tour broker or tour operator ceases to operate
1. If no claims have been filed against the security deposited with the Unit pursuant to NRS 598.495 within 6 months after the tour broker or tour operator ceases to operate, the Commissioner shall release the security to the tour broker or tour operator and shall not audit any claims filed against the security thereafter by consumers.
Terms Used In Nevada Revised Statutes 598.515
- Unit: means the Consumer Affairs Unit of the Department of Business and Industry. See Nevada Revised Statutes 598.0901
2. If one or more claims have been filed against the security within 6 months after the tour broker or tour operator ceases to operate, the proceeds must not be released to the tour broker or tour operator or distributed to any consumer earlier than 1 year after the tour broker or tour operator ceases to operate.
3. For the purposes of this section, the Commissioner shall determine the date on which a tour broker or tour operator ceases to operate.