Title 54

NRS 645G.060 “Licensee” defined. “Licensee” means a person licensed as an exchange facilitator pursuant to the provisions of this chapter. (Added to NRS by 2007, 3105)

NRS 645G.075 “Nationwide Multistate Licensing System and Registry” defined. “Nationwide Multistate Licensing System and Registry” or “Registry” has the meaning ascribed to it in NRS 604A.083. (Added to NRS by 2021, 2059)

NRS 645G.090 Inapplicability of chapter to participants in Regulatory Experimentation Program for Product Innovation; exception. Except as otherwise required by the Director of the Department of Business and Industry pursuant to NRS 657A.430 or 657A.620, the provisions of this ch…

NRS 645G.100 License required; regulations; application; issuance, expiration and renewal of license. 1. Except as otherwise provided in NRS 645G.120, a person shall not act as an exchange facilitator unless he or she is licensed as such with the Division. The Division may adopt …

NRS 645G.110 Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Division. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspen…

NRS 645G.120 License required for certain members and officers of certain business organizations. 1. If the exchange facilitator is a corporation qualified to do business in this State, every officer, director and exchange facilitator officer designated pursuant to NRS 645G.170 o…

NRS 645G.130 Duties of licensee: Maintenance of principal place of business or registered agent in state; notice of change of address or telephone number; provision of information required by Division; notice of licensing changes to clients. A licensee shall: 1. Maintain a princi…

NRS 645G.140 License nontransferable; business of licensee may only be sold or transferred to another licensee. 1. A license issued pursuant to this chapter is nontransferable. 2. The business of a licensee must not be sold or ownership of the business transferred before the pros…

NRS 645G.150 Branch offices. 1. A licensee may establish one or more branch offices in this State. 2. A licensee who establishes one or more branch offices in this State shall provide written notice to the Division of the establishment of any such branch office within 30 days aft…

NRS 645G.160 Display of license. A license issued pursuant to the provisions of this chapter must be conspicuously displayed in the primary place of business of the licensee, and a copy of the license must be conspicuously displayed in each branch office of the licensee. (Added t…

NRS 645G.170 Designation of exchange facilitator officer. 1. The business of a licensee, if the licensee is not a natural person, must be conducted under the direct management of an officer or employee of the licensee designated by the licensee as an exchange facilitator officer,…

NRS 645G.180 Cancellation of license for failure to submit item required for renewal; reinstatement. 1. Except as otherwise provided in subsection 2, if a licensee fails to submit any item required for the renewal of his or her license pursuant to NRS 645G.100, 645G.200 or 645G.2…

NRS 645G.200 Reciprocal license: Person licensed in another jurisdiction. 1. A person who is licensed as an exchange facilitator in another state or territory of the United States and is not otherwise required to be licensed pursuant to the provisions of this chapter may submit a…

NRS 645G.210 Special license: Financial institutions. 1. A financial institution may obtain a special license pursuant to this section. 2. The Division shall issue a special license to a financial institution if the financial institution: (a) Maintains an office in this State; (b…

NRS 645G.220 Fees; regulations. 1. The Commissioner shall charge and collect the following fees: (a) For the filing and investigation of an application for a license, a nonrefundable fee of not more than $1,000 and any additional expenses incurred in the process of investigation;…

NRS 645G.230 Audit of licensees; report to Legislature. 1. The Commissioner shall cause to be conducted at least every 5 years an audit of all licensees. The Commissioner shall cause to be conducted each year on a random basis additional partial audits of any licensee who has a h…

NRS 645G.250 Commissioner authorized to take action to participate; charges for use; regulations; provisions do not replace or affect authority of Commissioner regarding licensing. 1. The Commissioner may, in furtherance of his or her duties and the duties of the Division with re…

NRS 645G.260 Submission and processing of fingerprints. 1. The Commissioner may require an applicant for a license or a licensee to submit a complete set of fingerprints when the Commissioner determines necessary. 2. The Commissioner may use the services of the Registry to proces…

NRS 645G.270 Commissioner required to report certain information or material; confidentiality of information or material provided; Commissioner authorized to enter into certain agreements and arrangements. 1. Subject to any limitations or restrictions contained in federal or stat…

NRS 645G.280 Additional materials required to be submitted. 1. In addition to any other requirements set forth in this chapter, each applicant for the issuance of a license pursuant to this chapter and each owner, officer, director and responsible person of the applicant, each pe…

NRS 645G.290 Licensee required to register and maintain unique identifier; Commissioner authorized to issue license through Registry; references to Commissioner deemed references to Registry. 1. Each licensee shall register with and maintain a valid unique identifier with the Reg…

NRS 645G.300 Client’s money and property: Fiduciary duty of licensee. 1. Each licensee is a fiduciary of all money, property, other considerations and instruments received by the licensee from the client. 2. Each licensee shall invest money related to a tax-deferred exchange of p…

NRS 645G.310 Money held for client: Written approval required for withdrawal. Money held in any account for a client may not be withdrawn from the account without the written approval of the licensee and the client. (Added to NRS by 2007, 3107)

NRS 645G.320 Fidelity bond or deposit. 1. Except as otherwise provided in subsection 2, an exchange facilitator shall maintain one or more fidelity bonds in a total amount of not less than $1,000,000 executed by an insurer authorized to do business in this State and approved by t…

NRS 645G.330 Insurance: Maintenance of policy; other security; proof of coverage; claims; duty of Division. 1. Except as otherwise provided in subsection 2, a licensee shall maintain a policy of insurance covering liability for errors and omissions in an amount not less than $250…

NRS 645G.340 Written notice of cancellation or withdrawal of bond, insurance or other security; suspension of license. A licensee shall provide written notice to the Division at least 30 days before the cancellation or withdrawal of any bond, policy of insurance or security requi…

NRS 645G.350 Exchange funds required to be kept separate. All exchange funds must be kept separate from money belonging to the licensee and must be deposited in a financial institution that is federally insured or insured by a private insurer approved pursuant to NRS 672.755 unle…

NRS 645G.360 Exchange funds not subject to execution or attachment; commingling prohibited. 1. Exchange funds are not subject to execution or attachment on any claim against the licensee. 2. A licensee shall not knowingly keep or cause to be kept any money in any bank, credit uni…

NRS 645G.400 Deposit of money received by Commissioner. Except as otherwise provided in NRS 645G.220 and 645G.410, all money received by the Commissioner pursuant to this chapter must be deposited in the State Treasury pursuant to the provisions of NRS 658.091. (Added to NRS by 2…

NRS 645G.410 Deposit and use of money received by Division from civil penalty. The Division shall deposit any money it receives from a civil penalty imposed pursuant to NRS 205.960 and 645G.900 with the State Treasurer for credit to a separate account in the State General Fund. T…

NRS 645G.500 Investigation of actions of exchange facilitators and other persons. The Commissioner or the Division may investigate the actions of any exchange facilitator or any person who acts in any such capacity within this State. (Added to NRS by 2007, 3108)

NRS 645G.505 Division required to maintain records of complaints, investigations and denials of applications. The Division shall maintain a public docket or other record in which it shall record from time to time as made: 1. The rulings or decisions upon all complaints filed with…

NRS 645G.510 Confidentiality of certain records of Division; exception. 1. Except as otherwise provided in this section and NRS 239.0115, a complaint filed with the Division alleging a violation of this chapter, all documents and other information filed with the complaint and all…

NRS 645G.515 Authorized disciplinary action; grounds; orders imposing discipline deemed public records; payment of costs incurred by Division. 1. The Commissioner may require a licensee to pay an administrative fine of not more than $200 per day for each violation the licensee co…

NRS 645G.520 Limitations on suspension and reissuance of license after revocation. 1. The Division shall not suspend the license of a licensee pursuant to NRS 645G.515 for more than 2 years. 2. After the revocation of any license by the Commissioner as provided in this chapter, n…

NRS 645G.525 Suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license. [Effective until 2 years after the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for w…

NRS 645G.530 Investigations, disciplinary or other proceedings, fines and penalties not affected by expiration, revocation or voluntary surrender of license. The expiration or revocation of a license by operation of law or by order or decision of the Division or a court of compet…

NRS 645G.535 Revocation, suspension or denial of renewal of license: Complaint; notice of hearing. 1. The procedure set forth in this section and NRS 645G.540 must be followed before the Division revokes, suspends or denies the renewal of any license issued pursuant to this chapt…

NRS 645G.540 Revocation, suspension or denial of renewal of license: Answer; limitations on time of commencing proceeding. 1. The licensee shall file an answer to the charges with the Commissioner not later than 30 days after service of the notice and other documents described in…

NRS 645G.545 Revocation, suspension or denial of renewal of license: Hearing; transcript. The hearing on the charges must be held at such time and place as the Commissioner prescribes. At the hearing, a stenographic transcript of the proceedings must be made if requested or requi…

NRS 645G.550 Power of Commissioner to administer oaths, certify acts and issue subpoenas; service of process. 1. The Commissioner shall have the power to administer oaths, certify to all official acts, and issue subpoenas for attendance of witnesses and the production of books an…

NRS 645G.555 Fees and mileage for witness. 1. Each witness who appears by order of the Commissioner is entitled to receive for his or her attendance the same fees and mileage allowed by law to a witness in civil cases, which amount must be paid by the party at whose request the w…

NRS 645G.560 Enforcement of subpoenas. 1. The district court in and for the county in which any hearing may be held shall have the power to compel the attendance of witnesses, the giving of testimony and the production of books and papers as required by any subpoena issued by the…

NRS 645G.565 Depositions; taking of evidence in another state; rights of party to hearing to request subpoenas. 1. The Commissioner may, in any hearing before the Commissioner, cause the depositions of witnesses residing within or without the State to be taken in the manner presc…

NRS 645G.570 Decision of Commissioner on complaint: Rendition; notice; effective date; stay of decision. 1. The Commissioner shall render an informal decision on any complaint within 15 days after the final hearing thereon and shall give notice in writing of the ruling or decisio…