2010 Nevada Code
TITLE 54 PROFESSIONS, OCCUPATIONS AND BUSINESSES
Chapter 624 Contractors
NRS 624.950 Limitations on contractor's involvement with entities engaged in certain lending and financial services.

NRS 624.950 Limitations on contractor's involvement with entities engaged in certain lending and financial services.

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.

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