1.  An applicant for a license may deposit with any bank or trust company authorized to do business in this State, with the permission of the Commissioner, as a substitute for the surety bond required by NRS 649.105:

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(a) An obligation of a bank, savings and loan association, savings bank, thrift company or credit union licensed to do business in this State;

(b) Bills, bonds, notes, debentures or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States; or

(c) Any obligation of this State or any city, county, town, school district or other instrumentality of this State or guaranteed by this State, in an aggregate amount, based upon principal amount or market value, whichever is lower. The deposit must be in a form approved by the Commissioner.

2.  The obligations of a bank, savings and loan association, savings bank, thrift company or credit union must be held to secure the same obligation as would the surety bond. With the approval of the Commissioner, the depositor may substitute other suitable obligations for those deposited which must be assigned to the State of Nevada and are negotiable only upon approval by the Commissioner.

3.  Any interest or dividends earned on the deposit accrue to the account of the depositor.

4.  The deposit must be an amount at least equal to the required surety bond and must state that the amount may not be withdrawn except by direct and sole order of the Commissioner.

5.  An applicant is not relieved of the obligation to file the required surety bond until the Commissioner has had a reasonable amount of time to verify whether a deposit made pursuant to this section qualifies as a substitute for the required surety bond.