1. Before the issuance of a motor vehicle physical damage appraiser’s license the applicant shall file with the Commissioner, and thereafter maintain in force while so licensed, a surety bond in the amount of $2,500 in favor of the people of the State of Nevada, executed by an authorized surety insurer approved by the Commissioner, and conditioned for the faithful performance of required duties.
2. The bond shall remain in force until the surety is released from liability by the Commissioner, or until cancelled by the surety. Without prejudice to any prior liability accrued, the surety may cancel the bond upon 30 days’ advance written notice filed with the Commissioner.
3. A motor vehicle physical damage appraiser’s license is automatically suspended if the appraiser does not file with the Commissioner a replacement bond before the date of cancellation of the previous bond. A replacement bond must meet all requirements of this section for the initial bond.
(Added to NRS by 1971, 1669; A 2017, 2339)