Nevada Revised Statutes 706.192 – Power of Department to require bond of carrier that is habitually delinquent in making certain payments
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If the Department determines that a common motor carrier, contract motor carrier or private motor carrier of property is habitually delinquent in the payment of amounts due to the Department pursuant to this chapter, the Department shall require the common motor carrier, contract motor carrier or private motor carrier of property to provide a bond executed by the carrier as principal, and by a corporation qualified pursuant to the laws of this State as surety, payable to the State of Nevada, and conditioned upon the faithful performance of all the requirements of this chapter and upon the punctual payment of all fees, penalties and interest due to the State of Nevada. The total amount of the bond must not be less than $2,500.
Terms Used In Nevada Revised Statutes 706.192
- Contract: A legal written agreement that becomes binding when signed.
- 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.