1. In addition to any other requirements set forth in this chapter, if an investigation is conducted against a licensee and the Board determines that there is cause to proceed with a formal disciplinary proceeding against the licensee, the Board shall require the licensee to submit to the Board:
(a) A financial statement that is:
(1) Prepared by an independent certified public accountant; or
(2) Submitted on a form or in a format prescribed by the Board together with an affidavit which verifies the accuracy of the financial statement; and
(b) A statement setting forth the number of building permits issued to and construction projects completed by the licensee during the immediately preceding year and any other information required by the Board. The statement submitted pursuant to this paragraph must be provided on a form approved by the Board.
2. After providing the licensee with notice and an opportunity to be heard, the Board must determine whether, based on the financial information concerning the licensee, it would be in the public interest to do any or all of the following:
(a) Require the licensee to obtain the services of a construction control with respect to any money that the licensee requires a purchaser of a new residence to pay in advance to make upgrades to the new residence. If the Board imposes such a requirement, the licensee may not:
(1) Be related to the construction control or to an employee or agent of the construction control; or
(2) Hold, directly or indirectly, a financial interest in the business of the construction control.
(b) Establish an aggregate monetary limit on the contractor’s license, which must be the maximum combined monetary limit on all contracts that the licensee may undertake or perform as a licensed contractor at any one time, regardless of the number of contracts, construction sites, subdivision sites or clients. If the Board establishes such a limit, the Board:
(1) Shall determine the period that the limit is in effect; and
(2) During that period, may increase or decrease the limit as the Board deems appropriate.
3. The provisions of this section do not limit the authority of the Board to take disciplinary action against the licensee.
(Added to NRS by 2003, 1898; A 2005, 1207)
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