Nevada Rental Property Bond

NevadaAB 512 is a new bill that was enacted in Nevada relating to deposits for residential rental properties. The new bill authorizes a surety bond to be attained as a security deposit for a residential rental property as an alternative to the security deposit required under present law. The surety bond guarantees the tenant’s obligations under the rental agreement to remedy the tenant’s default in the payment of rent, the restoration of damages to the grounds other than standard wear and tear, and cleaning the residence unit. AB 512 states that the landlord is not obliged to accept the surety bond, and the landlord also may not require a tenant to acquire a surety bond.