Court appointed private professional guardians in Nevada must now become licensed and obtain a surety bond in order to act as a fiduciary for a person or estate. Private guardians are typically appointed to the elderly who have large estates that they can no longer manage. The new regulations set forth in Assembly Bill 325 are an effort to combat abuse and theft committed against wards by their guardians. The bill’s effective date is January 1, 2016.
The bond requirements are set forth in Section 33 of AB 325. Fidelity bonds must be obtained by the director or manager of the private professional guardian company in the amount of at least $25,000 on the sole proprietor or each active officer, manager, case manager and employee. Companies must also obtain surety bonds in accordance with Nevada Revised Statutes 159.065.
Private professional guardian license applicants should submit the following information:
- $750 application fee, plus any fees incurred in the process of investigation as the Commissioner deems necessary
- name of the applicant and name under which the applicant expects to do business, if different
- applicant’s business and residence addresses
- address of any location where business will be transacted
- a statement acknowledging that the applicant will comply with NRS 159.0595 if licensed
- financial statement showing the assets, liabilities and net worth of the applicant
Find the full licensing application requirements in Sections 18 and 19 of AB 325.
Note that the new legislation does not apply to public court appointed guardians or other persons listed in Section 12 of AB 325. Contact the Division of Financial Institutions of the Nevada Department of Business and Industry with questions about the new guardianship laws. SuretyBonds.com can help you get bonded in Nevada.