1. An action pursuant to this chapter may not be commenced:
(a) More than 3 years after the date on which the Attorney General or a designee of the Attorney General pursuant to NRS 357.070 discovers, or reasonably should have discovered, the fraudulent activity, but in no event more than 10 years after the fraudulent activity occurred; or
(b) More than 6 years after the fraudulent activity occurred,
Ê whichever occurs later. Within those limits, an action may be based upon fraudulent activity that occurred before May 27, 2015.
2. In an action pursuant to this chapter, the standard of proof is a preponderance of the evidence. A finding of guilty or guilty but mentally ill in a criminal proceeding charging false statement or fraud, whether upon a verdict of guilty or guilty but mentally ill or a plea of guilty, guilty but mentally ill or nolo contendere, estops the person found guilty or guilty but mentally ill from denying an essential element of that offense in an action pursuant to this chapter based upon the same transaction as the criminal proceeding.