
Last-minute Legislation Adds Optional $50,000 Bond in Nevada
June 13, 2003
Last-minute Legislation Adds Optional $50,000 Bond in Nevada
The $50,000 bond requirement for sellers-of-travel within Nevada is back, but this time as an option, thanks to a last-minute addition to a bill signed into law Tuesday by Nevada Gov. Kenny Guinn.
The bond requirement was reinstituted as an add-on to a bill (AB 232) regulating telemarketers. Travel companies who maintain a business presence within the state will now be required to secure a $50,000 bond if they choose not to open a trust account for traveler deposits.
Legislation passed in 2001 required all sellers-of-travel within Nevada to secure a $50,000 bond. But on June 2, Guinn signed legislation that eliminated the bond requirement, and instead mandated that travel companies with a business presence in the state pay a $25 registration fee and open a trust account for traveler deposits from Nevada residents. Eight days later, the $50,000 bond requirement resurfaced as an option in the telemarketing bill.