Bond for Nevada Residential Care Homes

Category: Uncategorized
Published: Mar 3, 2012
AB 20: License Bond – Residential Care Homes

Homes for individual residential care must be licensed and also post a surety bond. The amount of the bond will be based on the number or employees as the existing law requires for various healthcare facilities. Through current law a $5,000 surety bond needs to be posted if a facility has less than seven employees, $25,000 bond for seven to twenty-five people, and a $50,000 bond for more than twenty-five employees. The bond must be issued from a corporate surety and be payable to the Aging Services Division for damages that a patient has sustained as a result of the licensee’s act or failure to act. The bond must run concurrently with the license period and have a 30 day cancellation clause in the bond form language. They must give 30 days notice of cancellation to the Administrator of the Health Division under current law. This new law became effective on January 1, 2010.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.