118A.240 - “Security” defined.
118A.240 “Security” defined.
1. Any payment, deposit, fee or charge that is to be used for any of the following purposes is “security” and is governed by the provisions of this section and NRS 118A.242 and 118A.244:
(a) Remedying any default of the tenant in the payments of rent.
(b) Repairing damages to the premises other than normal wear caused by the tenant.
(c) Cleaning the dwelling unit.
2. “Security” does not include:
(a) Any payment, deposit or fee to secure an option to purchase the premises; or
(b) Any payment to a corporation qualified under the laws of this State as a surety, guarantor or obligator for a premium paid to secure a surety bond or a similar bond, guarantee or insurance coverage for purposes of securing a tenant’s obligations to a landlord as described in NRS 118A.242.
(Added to NRS by 1977, 1334; A 1981, 1184; 1985, 1414; 2009, 488)