Nevada Passes Legislation to Eliminate Bonding Requirements

April 23, 2003

Nevada Passes Legislation to Eliminate Bonding Requirements
The Nevada Assembly unanimously passed legislation this week to eliminate all bonding requirements for the state’s agencies.

Assemblyman John Carpenter first introduced the bill to replace the existing bond requirment of $50,000 for non-ARC agencies with a consumer recovery fund paid for with $100 of proposed $125 annual registration fee to be paid by registered travel sellers. Under the new bill, all travel sellers would be required to maintain trust accounts for client funds. The rule also exempts all employees and "agents of sellers of travel" from registration fees.

The Nevada legislation will now move on to the Senate for action.