Assembly Bill No. 215–Assemblymen Humke, Beers, Hettrick, Perkins, Buckley, Giunchigliani, Berman, Gibbons and Chowning

February 11, 1999

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Referred to Committee on Commerce and Labor

 

SUMMARY—Requires holder of escrow to record certain information regarding license or certificate of cooperation of real estate broker, broker-salesman or salesman at time of establishment of escrow for sale of real property. (BDR 54-348)

FISCAL NOTE: Effect on Local Government: No.

Effect on the State or on Industrial Insurance: No.

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

 

AN ACT relating to escrows; requiring the holder of an escrow to record certain information regarding the license or certificate of cooperation of a real estate broker, broker-salesman or salesman at the time an escrow for the sale of real property is established; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

1-1 Section 1. Chapter 645A of NRS is hereby amended by adding

1-2 thereto a new section to read as follows:

1-3 At the time that an escrow for the sale of real property is established,

1-4 the holder of the escrow shall record in writing the number and the date

1-5 of expiration of the:

1-6 1. License issued pursuant to chapter 645 of NRS; or

1-7 2. Certificate of cooperation issued pursuant to NRS 645.605,

1-8 of any real estate broker, broker-salesman or salesman who will be paid

1-9 compensation from money held in the escrow for performing the services

1-10 of a real estate broker, broker-salesman or salesman in the transaction

1-11 that is the subject of the escrow. The holder of the escrow is not required

1-12 to verify independently the validity of the number of the license or

1-13 certificate.

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