1. Any payment, deposit, fee or charge that is to be used for any of the following purposes is a “security deposit” 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 deposit” 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; 2021, 399)