1. If no claims have been filed against the security deposited with the Division pursuant to NRS 598.853 within 6 months after the registrant ceases to operate or his or her registration expires, whichever occurs later, the Commissioner shall release the security to the registrant and shall not audit any claims filed against the security thereafter by consumers.
2. If one or more claims have been filed against the security within 6 months after the registrant ceases to operate or his or her registration expires, whichever occurs later, the proceeds must not be released to the registrant or distributed to any consumer earlier than 1 year after the registrant ceases to operate or his or her registration expires, whichever occurs later.
3. For the purposes of this section, the Commissioner shall determine the date on which a registrant ceases to operate.
(Added to NRS by 2009, 2710; A 2011, 2652; 2013, 1054; 2015, 3653; 2017, 2254; 2019, 2501, effective July 1, 2021)