Amendment No. 1017

Assembly Amendment to Senate Bill No. 39 (BDR 56-719)

Proposed by: Committee on Commerce and Labor

Amendment Box: Replaces Amendment No. 911. Resolves conflicts with S.B. No. 92, S.B. No. 301, S.B. No. 465, A.B. No. 129, A.B. No. 150, A.B. No. 275, A.B. No. 375 and A.B. No. 584

Resolves Conflicts with: SB92, SB301, SB465, AB129, AB150, AB275, AB375, AB584

Amends: Summary: Title: Preamble: Joint Sponsorship:

ASSEMBLY ACTION Initial and Date | SENATE ACTION Initial and Date

Adopted Lost | Adopted Lost

Concurred In Not | Concurred In Not

Receded Not | Receded Not

Amend sec. 60, page 33, line 4, by deleting "Once" and inserting:

"Except as otherwise provided in section 1 of Assembly Bill No. 275 of this [act,] session, once".

Amend sec. 61, page 33, line 16, after "Association," by inserting:

"the Government National Mortgage Association,".

Amend sec. 61, page 33, line 28, by deleting "and above".

Amend sec. 61, page 34, line 42, by deleting "3" and inserting "5".

Amend sec. 61, page 35, line 13, by deleting "and".

Amend sec. 61, page 35, line 15, by deleting "equivalent." and inserting:

"equivalent; and

(s) Asset-backed securities that are rated by a nationally recognized rating service as "AAA" or its equivalent.".

Amend sec. 61, page 35, line 39, after "enter" by inserting "into".

Amend the bill as a whole by deleting sections 69 and 70 and inserting:

"Secs. 69 and 70. (Deleted by amendment.)".

Amend the bill as a whole by deleting sections 72 through 75 and inserting:

"Secs. 72-75. (Deleted by amendment.)".

Amend sec. 76, page 45, line 17, by deleting "Whenever any" and inserting "If a".

Amend sec. 77, page 45, by deleting lines 24 through 27 and inserting:

"356.200 1. With unanimous consent of his bondsmen, a county officer, other than a county treasurer, may deposit county money received by the office of the county officer in an insured bank, insured credit union or insured savings and loan association located in the State of Nevada.".

Amend sec. 77, page 45, line 28, by deleting "Whenever" and inserting "If".

Amend sec. 77, page 45, line 30, by deleting "such an" and inserting "the".

Amend sec. 77, page 45, by deleting lines 33 through 35 and inserting:

"4. The balance in each such account, as certified by the proper officer of the bank, credit union or savings and loan association in which the money is deposited, and by oath of the county treasurer, may be accounted for by the county as cash.".

Amend sec. 77, page 45, line 36, by deleting:

"bank , credit union" and inserting:

"bank, credit union".

Amend sec. 77, page 46, line 3, by deleting:

"bank , credit union" and inserting:

"bank, credit union".

Amend sec. 77, page 46, line 7, by deleting "[1st] first" and inserting "first".

Amend sec. 88, page 50, by deleting sec. 88 and inserting:

"Sec. 88 (Deleted by amendment.)".

Amend sec. 90, page 51, by deleting line 17 and inserting:

"408.383 1. Except as otherwise provided in subsections 2 and 11, the director".

Amend sec. 90, page 52, between lines 37 and 38, by inserting:

"9. A contractor shall disburse money paid to him pursuant to this section, including any interest that the contractor receives, to his subcontractors and suppliers within 15 days after he receives the money in the proportion that the value of the work performed by each subcontractor or the materials furnished by each supplier bears to the total amount of the contract between the principal contractor and the department.

10. Money payable to a subcontractor or supplier accrues interest at a rate equal to the lowest daily prime rate at the three largest banks in the United States on the date the subcontract or order for supplies was executed plus 2 percent, from 15 days after the money was received by the principal contractor until the date of payment.

11. If a contractor withholds more than 10 percent of a payment required by subsection 9, the subcontractor or supplier may inform the director in writing of the amount due. The director shall attempt to resolve the dispute between the contractor and the subcontractor or supplier within 20 working days after the date that the director receives notice of the amount due. If the dispute is not resolved within 20 working days after the date that the director receives notice of the amount due, the contractor shall deposit the disputed amount in an escrow account that bears interest. The contractor, subcontractor or supplier may pursue any legal or equitable remedy to resolve the dispute over the amount due. The director may not be made a party to any legal or equitable action brought by the contractor, subcontractor or supplier.".

Amend sec. 150, page 90, line 4, by deleting "state," and inserting "state."

Amend sec. 150, page 90, line 7, after "inclusive," by inserting:

"or chapter 617".

Amend sec. 150, page 90, line 14, by deleting "employer," and inserting "employer".

Amend sec. 150, page 90, line 23, by deleting "property," and inserting "property".

Amend sec. 150, page 90, line 28, by deleting "property," and inserting "property".

Amend sec. 150, page 90, line 41, after "inclusive," by inserting:

"or chapter 617".

Amend sec. 197, page 110, line 40, by deleting "Every" and inserting "A".

Amend sec. 197, page 110, by deleting line 42 and inserting:

"the trust company, and all investments made by the trust company as a fiduciary must".

Amend sec. 197, page 111, line 3, by deleting "Holding" and inserting:

"When it holds".

Amend sec. 197, page 111, line 14, by deleting "Acting" and inserting:

"When it acts".

Amend sec. 197, page 111, line 17, after "the" by inserting "trust".

Amend sec. 197, page 111, line 22, after "of the" by inserting "trust".

Amend sec. 197, page 111, line 23, by deleting "Every" and inserting "A".

Amend sec. 197, page 111, by deleting lines 32 through 36 and inserting:

"4. Except as otherwise provided in subsection 5, the assets forming the capital of a trust company must:

(a) Be governmental obligations or insured deposits that mature within 3 years after acquisition.

(b) Have an aggregate market value that equals or exceeds 60".

Amend sec. 197, page 111, line 40, after "of the" by inserting "trust".

Amend the bill as a whole by renumbering sec. 220 as sec. 221 and adding a new section designated sec. 220, following sec. 219, to read as follows:

"Sec. 220. Section 50 of Assembly Bill No. 584 of this session is hereby amended to read as follows:

Sec. 50. NRS 360.510 is hereby amended to read as follows:

360.510 1. If any person is delinquent in the payment of any tax or fee administered by the department or if a determination has been made against him which remains unpaid, the department may:

(a) Not later than 3 years after the payment became delinquent or the determination became final; or

(b) Not later than 5 years after the last recording of an abstract of judgment or of a certificate constituting a lien for tax owed,

give a notice of the delinquency and a demand to transmit personally or by registered or certified mail to any person, including, without limitation, any officer or department of [the] this state or any political subdivision or agency of [the] this state, who has in his possession or under his control any credits or other personal property belonging to the delinquent, or owing any debts to the delinquent or person against whom a determination has been made which remains unpaid, or owing any debts to the delinquent or that person. In the case of any state officer, department or agency, the notice must be given to the officer, department or agency before [it] the department presents the claim of the delinquent taxpayer to the state controller.

2. A state officer, department or agency which receives such a notice may satisfy any debt owed to it by that person before it honors the [department’s notice.] notice of the department.

3. After receiving the demand to transmit, the [persons so] person notified by the demand may not transfer or otherwise dispose of the credits, other personal property, or debts in [their] his possession or under [their] his control at the time [they] he received the notice until the department consents to a transfer or other disposition.

4. [All persons so] Every person notified by a demand to transmit shall, within 10 days after receipt of the demand to transmit, inform the department of, and transmit to the department all such credits, other personal property, or debts in [their] his possession, under [their] his control or owing by [them] him within the time and in the manner requested by the department. Except as otherwise provided in subsection 5, no further notice is required to be served to [those persons.] that person.

5. If the property of the delinquent taxpayer consists of a series of payments owed to him, the person who owes or controls the payments shall transmit the payments to the department until otherwise notified by the department. If the debt of the delinquent taxpayer is not paid within 1 year after the department issued the original demand to transmit, [it] the department shall issue another demand to transmit to the person responsible for making the payments informing him to continue to transmit payments to the department or that his duty to transmit the payments to the department has ceased.

6. If the notice of the delinquency seeks to prevent the transfer or other disposition of a deposit in a bank or credit union or other credits or personal property in the possession or under the control of a bank, credit union or other depository institution, the notice must be delivered or mailed to the branch or office of the bank, credit union or other depository institution at which the deposit is carried or at which the credits or personal property is held.

7. If any person [so] notified by the notice of the delinquency makes any transfer or other disposition of the property or debts required to be withheld or transmitted, to the extent of the value of the property or the amount of the debts thus transferred or paid, he is liable to the state for any indebtedness due pursuant to [NRS 482.313,] this chapter , or chapter 362, 364A, [365,] 369, 370, 372, 372A, [373,] 374, 377, 377A [, 444A, 585, 590] or 444A of NRS, NRS 482.313, or chapter 585 or 680B of NRS from the person with respect to whose obligation the notice was given if solely by reason of the transfer or other disposition the state is unable to recover the indebtedness of the person with respect to whose obligation the notice was given.".

Amend the bill as a whole by adding a new section designated sec. 222, following sec. 220, to read as follows:

"Sec. 222. Sections 76, 77, 90, 150 and 197 of this act become effective at 12:01 a.m. on October 1, 1999.".