Nevada Revised Statutes 118A.240 – ‘Security deposit’ defined
1. Any payment, deposit, fee or charge that is to be used for any of the following purposes is a ‘security deposit’ and is governed by the provisions of this section and NRS 118A.242 and 118A.244:
Terms Used In Nevada Revised Statutes 118A.240
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
(a) Remedying any default of the tenant in the payments of rent.
(b) Repairing damages to the premises other than normal wear caused by the tenant.
(c) Cleaning the dwelling unit.
2. ’Security deposit’ does not include:
(a) Any payment, deposit or fee to secure an option to purchase the premises; or
(b) Any payment to a corporation qualified under the laws of this State as a surety, guarantor or obligator for a premium paid to secure a surety bond or a similar bond, guarantee or insurance coverage for purposes of securing a tenant’s obligations to a landlord as described in NRS 118A.242.