1. A residential contractor shall notify an owner with whom he or she contracts of the rights of the owner pursuant to NRS 624.400 to 624.560, inclusive, including, without limitation, providing a written statement explaining those rights in any agreement or contract for qualified services. The written statement must be in substantially the following form:
2. The Board may impose upon a contractor an administrative fine:
(a) Of not more than $250 for the first violation of subsection 1; and
(b) Of not more than $500 for a second or subsequent violation of subsection 1.
3. The Board shall deposit any money received pursuant to this section in the account established pursuant to NRS 624.470.