1. No applicant may be granted a license to operate a salvage pool until he or she has procured and filed with the Department a good and sufficient bond in the amount of $50,000, with a corporate surety thereon licensed to do business in the State of Nevada, approved as to form by the Attorney General, and conditioned that the applicant conducts business as an operator of a salvage pool without fraud or fraudulent representation, and without violation of the provisions of NRS 487.400 to 487.510, inclusive. The Department may, by agreement with any operator of a salvage pool who has been licensed by the Department for 5 years or more, allow a reduction in the amount of his or her bond, if his or her business has been conducted satisfactorily for the preceding 5 years, but no bond may be in an amount less than $5,000.
2. The bond may be continuous in form and the total aggregate liability on the bond must be limited to the payment of the total amount of the bond.
3. The bond must provide that any person injured by the action of the operator of the salvage pool in violation of any of the provisions of NRS 487.400 to 487.510, inclusive, may apply to the Director for compensation from the bond. The Director, for good cause shown and after notice and opportunity for hearing, may determine the amount of compensation and the person to whom it is to be paid. The surety shall then make the payment.
4. In lieu of a bond an operator of a salvage pool may deposit with the Department, under the terms prescribed by the Department:
(a) A like amount of lawful money of the United States; or
(b) A savings certificate of a bank, credit union, savings and loan association or savings bank situated in Nevada, which must indicate an account of an amount equal to the amount of the bond which would otherwise be required by this section and that this amount is unavailable for withdrawal except upon order of the Department. Interest earned on the certificate accrues to the account of the applicant.
5. A deposit made pursuant to subsection 4 may be disbursed by the Director, for good cause shown and after notice and opportunity for hearing, in an amount determined by the Director to compensate a person injured by an action of the licensee, or released upon receipt of:
(a) A court order requiring the Director to release all or a specified portion of the deposit; or
(b) A statement signed by the person under whose name the deposit is made and acknowledged before any person authorized to take acknowledgments in this State, requesting the Director to release the deposit, or a specified portion thereof, and stating the purpose for which the release is requested.
6. When a deposit is made pursuant to subsection 4, liability under the deposit is in the amount prescribed by the Department. If the amount of the deposit is reduced or there is an outstanding judgment of a court for which the licensee is liable under the deposit, the license is automatically suspended. The license must be reinstated if the licensee:
(a) Files an additional bond pursuant to subsection 1;
(b) Restores the deposit with the Department to the original amount required under this section; or
(c) Satisfies the outstanding judgment for which the licensee is liable under the deposit.
7. A deposit made pursuant to subsection 4 may be refunded:
(a) By order of the Director, 3 years after the date the licensee ceases to be licensed by the Department, if the Director is satisfied that there are no outstanding claims against the deposit; or
(b) By order of court, at any time within 3 years after the date the licensee ceases to be licensed by the Department, upon evidence satisfactory to the court that there are no outstanding claims against the deposit.
8. Any money received by the Department pursuant to subsection 4 must be deposited with the State Treasurer for credit to the Motor Vehicle Fund.
(Added to NRS by 1987, 1594; A 1993, 2345; 1999, 1504; 2009, 1746; 2019, 63)
Structure Nevada Revised Statutes
Chapter 487 - Repair, Removal and Disposal of Vehicles
NRS 487.001 - Applicability of chapter to mobile homes.
NRS 487.007 - "State agency" defined.
NRS 487.020 - Report of vehicle showing damage by gunfire.
NRS 487.030 - Penalty for violation of NRS 487.010 or 487.020.
NRS 487.047 - "Automobile wrecker" and "wrecker" defined.
NRS 487.073 - Applicant to furnish information concerning place of business.
NRS 487.080 - Fee for issuance or renewal of license; disposition.
NRS 487.085 - Wrecker to affix legible sign containing name of business.
NRS 487.090 - Operation of vehicles on highway without registration; conditions.
NRS 487.095 - Fees for towing abandoned automobile or vehicle; limitations and exceptions.
NRS 487.165 - Evidence of unfitness of applicant, registrant or licensee.
NRS 487.180 - Presumption of dismantling.
NRS 487.205 - Legislative findings and declaration.
NRS 487.235 - Removal of vehicles abandoned on public lands.
NRS 487.240 - Appraisal of removed abandoned vehicle.
NRS 487.250 - Required notices.
NRS 487.281 - Unlawful abandonment of vehicle.
NRS 487.290 - Unlawful possession of unregistered vehicles unfit for use; exceptions.
NRS 487.440 - Applicant to furnish information concerning place of business.
NRS 487.450 - Fee for issuance or renewal of license to operate salvage pool; disposition.
NRS 487.455 - Operator of salvage pool to affix legible sign containing name of business.
NRS 487.460 - Operation of vehicles on highway without registration; conditions.
NRS 487.478 - Persons prohibited from applying for identifying card described in NRS 487.477.
NRS 487.480 - Sale of vehicle as salvage; operator of pool to provide salvage title to purchaser.
NRS 487.493 - License to issue identifying cards: Qualifications of applicant.
NRS 487.494 - License to issue identifying cards: Bond; deposit in lieu of bond.
NRS 487.495 - License to issue identifying cards: Application; fee; issuance; expiration; renewal.
NRS 487.500 - Records required; inspection.
NRS 487.532 - "Body shop" defined.
NRS 487.540 - "Garage" defined.
NRS 487.545 - "Garage operator" defined.
NRS 487.550 - "Motor vehicle" defined.
NRS 487.553 - "Person authorizing repairs" defined.
NRS 487.5657 - Hearings: Issuance of subpoenas.
NRS 487.604 - "Class A certificate" defined.
NRS 487.606 - "Class A certification" defined.
NRS 487.608 - "Garagekeepers’ insurance" defined.
NRS 487.610 - Unlawful to operate body shop without license; investigation of applicant.
NRS 487.652 - Class A certification: Eligibility.
NRS 487.654 - Class A certification: Regulations.
NRS 487.685 - On-line survey: Completion by body shop; form; contents; availability to public.
NRS 487.686 - On-line survey: Compilation of results; contents of report; availability to public.
NRS 487.687 - Verification of licensure by way of Internet.
NRS 487.68703 - Duties of body shop if motor vehicle towed at request of someone other than owner.
NRS 487.6871 - Display of sign by garage operator and body shop required; penalty.
NRS 487.6873 - Duties of body shop or garage operator on acceptance of vehicle for repair.
NRS 487.6875 - Estimate of costs required for certain repairs.
NRS 487.6877 - Notice of additional charges over estimate required in certain cases.
NRS 487.6879 - Waiver of estimate of costs or notice of additional charges; execution of waiver.
NRS 487.6881 - Duties of owner and insurer upon notification of additional charges.
NRS 487.6883 - Replaced parts to be delivered to person authorizing repairs if requested; exception.
NRS 487.6885 - Records to be retained by body shop or garage operator.
NRS 487.6889 - Certain acts deemed to be deceptive trade practice.
NRS 487.6895 - Violations: Injunctive relief.
NRS 487.6897 - Violations: Civil penalty.
NRS 487.720 - "Cost of repair" defined.
NRS 487.725 - "Electronic components" defined.
NRS 487.730 - "Fair market value" defined.
NRS 487.740 - "Flood-damaged vehicle" defined.
NRS 487.750 - "Motor vehicle" defined.
NRS 487.760 - "Nonrepairable vehicle" defined.
NRS 487.765 - "Rebuilt vehicle" defined.
NRS 487.770 - "Salvage vehicle" defined.
NRS 487.780 - "Title" defined.
NRS 487.790 - "Total loss vehicle" defined.
NRS 487.795 - Rebuilt vehicles: Prerequisites to registration; certificate of inspection.
NRS 487.870 - Removal of total loss salvage vehicle from State; penalty.
NRS 487.880 - Nonrepairable vehicles: Requirements; prohibited acts.