§ 624.950 — Limitations on contractor’s involvement with entities engaged in certain lending and financial services

Nevada § 624.950

• Jurisdiction: Nevada
• Title 54: PROFESSIONS, OCCUPATIONS AND BUSINESSES
• Ch. 624: Contractors

Text

1. Except as otherwise provided in this section and NRS 624.955 , a contractor who performs work concerning a residential pool or spa shall not act as, or carry out the duties of, an officer, director, employee or owner of a bonding company, finance company, or any other corporation or business entity who cosigns, underwrites, obtains a deed of trust for, issues, sells, purchases or acquires a loan to finance work concerning a residential pool or spa.
2. The provisions of this section do not prohibit a contractor from owning, holding or possessing, either directly or indirectly through a mutual fund or any other financial arrangement or investment plan, any stocks or other securities issued by a company, corporation or business entity described in subsection 1 if:
(a) The stocks or other securities are offered openly to the public through a securities exchange; and
(b) The contractor does not own, hold or possess a controlling interest in the company, corporation or business entity.

Legislative History

(Added to NRS by 2001, 2976 ; A 2003, 1234 ; 2005, 2381 )—(Substituted in revision for NRS 597.7192)