§ 205.960 — Qualified intermediaries of clients with certain property: Unlawful acts; criminal penalty; civil penalty

Nevada § 205.960

• Jurisdiction: Nevada
• Title 15: CRIMES AND PUNISHMENTS
• Ch. 205: Crimes

Text

1. It is unlawful for a person to enter into an agreement to act as a qualified intermediary, as defined in 26 C.F.R. § 1.1031(k)-1(g)(4), for a client whose relinquished property is located in this State unless:
(a) The proceeds from the disposition of the relinquished property are deposited into a qualified escrow account or qualified trust as defined in 26 C.F.R. § 1.1031(k)-1(g)(3).
(b) The money is held in such a manner that it may not be withdrawn from the qualified escrow account or qualified trust without the written approval of the intermediary and the client.
2. A person who violates the provisions of this section is guilty of a category D felony and shall be punished as provided in NRS 193.130 .
3. In addition to any other penalty imposed, the court shall order a person who violates subsection 1 to pay a civil penalty of not less than $10,000. The money so collected:
(a) Must not be deducted from any penal fine imposed by the court;
(b) Must be stated separately on the court’s docket; and
(c) Must be remitted forthwith to the Commissioner of Financial Institutions.

Legislative History

(Added to NRS by 1993, 2021 ; A 1995, 668 , 1236 ; 2007, 3120 )