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NRS 119A.524 – Reserved rights of developer.

A developer’s reserved rights may include, without limitation, the right to: 1. Add units or real estate to, and withdraw units or real estate from, a time-share plan. 2. Create units, a common area or a limited common area within the project. 3. Subdivide units or convert units into a common area. 4. Make and […]

NRS 119A.526 – Quorum.

1. Unless the bylaws of an association specify a larger percentage, a quorum is present throughout any meeting of the association if persons entitled to cast 10 percent of the votes that may be cast are present in person or by proxy at the beginning of the meeting. 2. Unless the bylaws of an association […]

NRS 119A.532 – Registration of managers; form for registration; fee. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.] Registration of managers; form for registration; fee. [Effective on the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]

1. A person who wishes to engage in the business of, act in the capacity of, advertise or assume to act as a manager of a project located in this State shall register with the Division on a form prescribed by the Division. 2. The form for registration must include, without limitation: (a) The registered […]

NRS 119A.533 – Renewal of registration of managers: Application for renewal of registration to include information relating to state business license; denial of renewal for unpaid debt assigned to State Controller for collection.

1. In addition to any other requirements set forth in this chapter, an applicant for the renewal of registration with the Division to engage in the business of, act in the capacity of, advertise or assume to act as a manager must indicate in the application submitted to the Division whether the applicant has a […]

NRS 119A.540 – Annual budget; assessments for unsold time shares.

1. The association or, if there is no association, the developer shall adopt an annual budget for revenues, expenditures and reserves and collect assessments for the expenses of the time-share plan and the project from the owners. The annual budgets of an association governing a project within this State must be submitted to the Division […]

NRS 119A.552 – Statement of unpaid assessments.

An association, upon the receipt of a written request, shall furnish to an owner or any lender who has a security interest in a time share or the project, a statement setting forth the amount of unpaid assessments made against the owner’s time share. The statement must be furnished within 10 business days after receipt […]

NRS 119A.560 – Power of sale; notice of sale.

1. The power of sale may not be exercised until: (a) The developer or the association, its agent or attorney has first executed and caused to be recorded with the recorder of the county wherein the project is located a notice of default and election to sell the time share or cause its sale to […]

NRS 119A.570 – Insurance.

1. The developer or the association, if it has been formed, shall maintain: (a) Property insurance on the project and any personal property available for use by the owners in conjunction therewith, other than personal property separately owned by an owner, insuring against all risks of direct physical loss commonly insured against, with a provision […]