2017 Nevada Revised Statutes
Chapter 353B - College Savings Plans of Nevada and Education Savings Accounts
NRS 353B.900 - Participating entity: Application; criteria; requirements; authority of State Treasurer to terminate status as participating entity.
1. The following persons may become a participating entity by submitting an application demonstrating that the person is:
(a) A private school licensed pursuant to chapter 394 of NRS or exempt from such licensing pursuant to NRS 394.211;
(b) An eligible institution;
(c) A program of distance education that is not operated by a public school or the Department of Education;
(d) A tutor or tutoring facility that is accredited by a state, regional or national accrediting organization; or
(e) The parent of a child.
2. The State Treasurer shall approve an application submitted pursuant to subsection 1 or request additional information to demonstrate that the person meets the criteria to serve as a participating entity. If the applicant is unable to provide such additional information, the State Treasurer may deny the application.
3. If it is reasonably expected that a participating entity will receive, from payments made from education savings accounts, more than $50,000 during any school year, the participating entity shall annually, on or before the date prescribed by the State Treasurer by regulation:
(a) Post a surety bond in an amount equal to the amount reasonably expected to be paid to the participating entity from education savings accounts during the school year; or
(b) Provide evidence satisfactory to the State Treasurer that the participating entity otherwise has unencumbered assets sufficient to pay to the State Treasurer an amount equal to the amount described in paragraph (a).
4. Each participating entity that accepts payments made from education savings accounts shall provide a receipt for each such payment to the parent who makes the payment.
5. The State Treasurer may refuse to allow an entity described in subsection 1 to continue to participate in the grant program provided for in NRS 353B.700 to 353B.930, inclusive, if the State Treasurer determines that the entity:
(a) Has routinely failed to comply with the provisions of NRS 353B.700 to 353B.930, inclusive; or
(b) Has failed to provide any educational services required by law to a child receiving instruction from the entity if the entity is accepting payments made from the education savings account of the child.
6. If the State Treasurer takes an action described in subsection 5 against an entity described in subsection 1, the State Treasurer shall provide immediate notice of the action to each parent of a child receiving instruction from the entity who has entered into or renewed an agreement pursuant to NRS 353B.850 and on behalf of whose child a grant of money has been deposited pursuant to NRS 353B.860.
(Added to NRS by 2015, 1829)
