reglab/housing_qa huggingface dataset:
NV Rev Stat § 645B.095 (2021)
2021 Nevada Revised Statutes|Chapter 645B - Mortgage Companies and Mortgage Loan Originators|NRS 645B.095 - Notification of certain transfers required; application to Commissioner for approval of change of control; investigation; waiver. [Effective January 1, 2020.]

  1. As used in this section, "change of control" means:  (a) A transfer of voting stock which results in giving a person, directly or indirectly, the power to direct the management and policy of a mortgage company; or  (b) A transfer of at least 25 percent of the outstanding voting stock of a mortgage company.  2. The Commissioner must be notified in writing of a transfer of 10 percent or more of the outstanding voting stock of a mortgage company at least 15 days before such a transfer and must approve a transfer of voting stock of a mortgage company which constitutes a change of control.  3. The person who acquires stock resulting in a change of control of the mortgage company shall apply to the Commissioner for approval of the transfer. The application must contain information which shows that the requirements of this chapter and the Registry, if applicable, for obtaining a license will be satisfied after the change of control. Except as otherwise provided in subsection 4, the Commissioner shall conduct an investigation to determine whether those requirements will be satisfied. If, after the investigation, the Commissioner denies the application, the Commissioner may forbid the applicant from participating in the business of the mortgage company.  4. A mortgage company may submit a written request to the Commissioner to waive an investigation pursuant to subsection 3. The Commissioner may grant a waiver if the applicant has undergone a similar investigation by a state or federal agency in connection with the licensing of or his or her employment with a financial institution.  (Added to NRS by 1983, 1376; A 1983, 1843; 1985, 1344; 1987, 1880; 1999, 3787; 2011, 3615; 2017, 3050, effective January 1, 2020)
NV Rev Stat § 645B.115 (2021)
2021 Nevada Revised Statutes|Chapter 645B - Mortgage Companies and Mortgage Loan Originators|NRS 645B.115 - Minimum net worth required for certain mortgage brokers; initial and annual determination of net worth; examination by Commissioner; regulations. [Effective through December 31, 2019.]

  1. If a mortgage broker maintains any accounts described in NRS 645B.175, the mortgage broker and his or her mortgage agents shall not engage in any activity that is authorized pursuant to this chapter, unless the mortgage broker maintains continuously a minimum net worth in the following amount based upon the average monthly balance of the accounts maintained by the mortgage broker pursuant to NRS 645B.175: AVERAGE MONTHLY BALANCE MINIMUM NET  WORTH REQUIRED $100,000 or less.................................................................................................. $25,000 More than $100,000 but not more than $250,000............................................ 50,000 More than $250,000 but not more than $500,000.......................................... 100,000 More than $500,000 but not more than $1,000,000....................................... 200,000 More than $1,000,000........................................................................................ 250,000 The Commissioner shall determine the appropriate initial minimum net worth that must be maintained by the mortgage broker pursuant to this section based upon the expected average monthly balance of the accounts maintained by the mortgage broker pursuant to NRS 645B.175. After determining the initial minimum net worth that must be maintained by the mortgage broker, the Commissioner shall, on an annual basis, determine the appropriate minimum net worth that must be maintained by the mortgage broker pursuant to this section based upon the average monthly balance of the accounts maintained by the mortgage broker pursuant to NRS 645B.175.  2. If requested by the Commissioner, a mortgage broker who is subject to the provisions of this section and his or her mortgage agents shall submit to the Commissioner or allow the Commissioner to examine any documentation or other evidence that is related to determining the net worth of the mortgage broker.  3. The Commissioner:  (a) Shall adopt regulations prescribing standards for determining the net worth of a mortgage broker; and  (b) May adopt any other regulations that are necessary to carry out the provisions of this section.  (Added to NRS by 1999, 3771)
NV Rev Stat § 645B.115 (2021)
2021 Nevada Revised Statutes|Chapter 645B - Mortgage Companies and Mortgage Loan Originators|NRS 645B.115 - Minimum net worth required for certain mortgage companies; initial and annual determination of net worth; examination by Commissioner; regulations. [Effective January 1, 2020.]

  1. If a mortgage company maintains any accounts described in NRS 645B.175, the mortgage company and his or her mortgage loan originators shall not engage in any activity that is authorized pursuant to this chapter, unless the mortgage company maintains continuously a minimum net worth in the following amount based upon the average monthly balance of the accounts maintained by the mortgage company pursuant to NRS 645B.175: AVERAGE MONTHLY BALANCE MINIMUM NET  WORTH REQUIRED $100,000 or less.................................................................................................. $25,000 More than $100,000 but not more than $250,000............................................ 50,000 More than $250,000 but not more than $500,000.......................................... 100,000 More than $500,000 but not more than $1,000,000....................................... 200,000 More than $1,000,000........................................................................................ 250,000 The Commissioner shall determine the appropriate initial minimum net worth that must be maintained by the mortgage company pursuant to this section based upon the expected average monthly balance of the accounts maintained by the mortgage company pursuant to NRS 645B.175. After determining the initial minimum net worth that must be maintained by the mortgage company, the Commissioner shall, on an annual basis, determine the appropriate minimum net worth that must be maintained by the mortgage company pursuant to this section based upon the average monthly balance of the accounts maintained by the mortgage company pursuant to NRS 645B.175.  2. If requested by the Commissioner, a mortgage company who is subject to the provisions of this section and his or her mortgage loan originators shall submit to the Commissioner or allow the Commissioner to examine any documentation or other evidence that is related to determining the net worth of the mortgage company.  3. The Commissioner:  (a) Shall adopt regulations prescribing standards for determining the net worth of a mortgage company; and  (b) May adopt any other regulations that are necessary to carry out the provisions of this section.  (Added to NRS by 1999, 3771; A 2017, 3050, effective January 1, 2020)
NV Rev Stat § 645B.165 (2021)
2021 Nevada Revised Statutes|Chapter 645B - Mortgage Companies and Mortgage Loan Originators|NRS 645B.165 - Escrow account required for fee, salary, deposit or money paid in advance; release from escrow; exceptions; refunds; penalty. [Effective through December 31, 2019.]

  1. Except as otherwise permitted by law and as otherwise provided in subsection 3, the amount of any advance fee, salary, deposit or money paid to a mortgage broker and his or her mortgage agents or any other person to obtain a loan which will be secured by a lien on real property must be placed in escrow pending completion of the loan or a commitment for the loan.  2. The amount held in escrow pursuant to subsection 1 must be released:  (a) Upon completion of the loan or commitment for the loan, to the mortgage broker or other person to whom the advance fee, salary, deposit or money was paid.  (b) If the loan or commitment for the loan fails, to the person who made the payment.  3. Advance payments to cover reasonably estimated costs paid to third persons are excluded from the provisions of subsections 1 and 2 if the person making them first signs a written agreement which specifies the estimated costs by item and the estimated aggregate cost, and which recites that money advanced for costs will not be refunded. If an itemized service is not performed and the estimated cost thereof is not refunded, the recipient of the advance payment is subject to the penalties provided in NRS 645B.960.  (Added to NRS by 1977, 618; A 1979, 1397; 1989, 1442; 1991, 178; 1995, 1313; 1999, 3793; 2011, 3615)
NV Rev Stat § 645B.165 (2021)
2021 Nevada Revised Statutes|Chapter 645B - Mortgage Companies and Mortgage Loan Originators|NRS 645B.165 - Escrow account required for fee, salary, deposit or money paid in advance; release from escrow; exceptions; refunds; penalty. [Effective January 1, 2020.]

  1. Except as otherwise permitted by law and as otherwise provided in subsection 3, the amount of any advance fee, salary, deposit or money paid to a mortgage company and his or her mortgage loan originators or any other person to obtain a loan which will be secured by a lien on real property must be placed in escrow pending completion of the loan or a commitment for the loan.  2. The amount held in escrow pursuant to subsection 1 must be released:  (a) Upon completion of the loan or commitment for the loan, to the mortgage company or other person to whom the advance fee, salary, deposit or money was paid.  (b) If the loan or commitment for the loan fails, to the person who made the payment.  3. Advance payments to cover reasonably estimated costs paid to third persons are excluded from the provisions of subsections 1 and 2 if the person making them first signs a written agreement which specifies the estimated costs by item and the estimated aggregate cost, and which recites that money advanced for costs will not be refunded. If an itemized service is not performed and the estimated cost thereof is not refunded, the recipient of the advance payment is subject to the penalties provided in NRS 645B.960.  (Added to NRS by 1977, 618; A 1979, 1397; 1989, 1442; 1991, 178; 1995, 1313; 1999, 3793; 2011, 3615; 2017, 3051, effective January 1, 2020)
NV Rev Stat § 645B.170 (2021)
2021 Nevada Revised Statutes|Chapter 645B - Mortgage Companies and Mortgage Loan Originators|NRS 645B.170 - Trust account required for money deposited to pay taxes or insurance premiums; fiduciary duty of mortgage broker; accounting to debtor and Commissioner; additional duties and prohibitions. [Effective through December 31, 2019.]

  1. All money paid to a mortgage broker and his or her mortgage agents for payment of taxes or insurance premiums on real property which secures any loan arranged by the mortgage broker must be deposited in an insured depository financial institution and kept separate, distinct and apart from money belonging to the mortgage broker. Such money, when deposited, is to be designated as an "impound trust account" or under some other appropriate name indicating that the accounts are not the money of the mortgage broker.  2. The mortgage broker has a fiduciary duty to each debtor with respect to the money in an impound trust account.  3. The mortgage broker shall, upon reasonable notice, account to any debtor whose real property secures a loan arranged by the mortgage broker for any money which that person has paid to the mortgage broker for the payment of taxes or insurance premiums on the real property.  4. The mortgage broker shall, upon reasonable notice, account to the Commissioner for all money in an impound trust account.  5. A mortgage broker shall:  (a) Require contributions to an impound trust account in an amount reasonably necessary to pay the obligations as they become due.  (b) Undertake an annual review of an impound trust account.  (c) Within 30 days after the completion of the annual review of an impound trust account, notify the debtor:  (1) Of the amount by which the contributions exceed the amount reasonably necessary to pay the annual obligations due from the account; and  (2) That the debtor may specify the disposition of the excess money within 20 days after receipt of the notice. If the debtor fails to specify such a disposition within that time, the mortgage broker shall maintain the excess money in the account.  This subsection does not prohibit a mortgage broker from requiring additional amounts to be paid into an impound trust account to recover a deficiency that exists in the account.  6. A mortgage broker shall not make payments from an impound trust account in a manner that causes a policy of insurance to be cancelled or causes property taxes or similar payments to become delinquent.  (Added to NRS by 1973, 1543; A 1983, 1708; 1987, 1884; 1989, 1765; 1999, 1539, 3793; 2011, 3616)
NV Rev Stat § 645B.170 (2021)
2021 Nevada Revised Statutes|Chapter 645B - Mortgage Companies and Mortgage Loan Originators|NRS 645B.170 - Trust account required for money deposited to pay taxes or insurance premiums; fiduciary duty of mortgage company; accounting to debtor and Commissioner; additional duties and prohibitions. [Effective January 1, 2020.]

  1. All money paid to a mortgage company and his or her mortgage loan originators for payment of taxes or insurance premiums on real property which secures any loan arranged or loan made by the mortgage company must be deposited in an insured depository financial institution and kept separate, distinct and apart from money belonging to the mortgage company. Such money, when deposited, is to be designated as an "impound trust account" or under some other appropriate name indicating that the accounts are not the money of the mortgage company.  2. The mortgage company has a fiduciary duty to each debtor with respect to the money in an impound trust account.  3. The mortgage company shall, upon reasonable notice, account to any debtor whose real property secures a loan arranged or loan made by the mortgage company for any money which that person has paid to the mortgage company for the payment of taxes or insurance premiums on the real property.  4. The mortgage company shall, upon reasonable notice, account to the Commissioner for all money in an impound trust account.  5. A mortgage company shall:  (a) Require contributions to an impound trust account in an amount reasonably necessary to pay the obligations as they become due.  (b) Undertake an annual review of an impound trust account.  (c) Within 30 days after the completion of the annual review of an impound trust account, notify the debtor:  (1) Of the amount by which the contributions exceed the amount reasonably necessary to pay the annual obligations due from the account; and  (2) That the debtor may specify the disposition of the excess money within 20 days after receipt of the notice. If the debtor fails to specify such a disposition within that time, the mortgage company shall maintain the excess money in the account.  This subsection does not prohibit a mortgage company from requiring additional amounts to be paid into an impound trust account to recover a deficiency that exists in the account.  6. A mortgage company shall not make payments from an impound trust account in a manner that causes a policy of insurance to be cancelled or causes property taxes or similar payments to become delinquent.  (Added to NRS by 1973, 1543; A 1983, 1708; 1987, 1884; 1989, 1765; 1999, 1539, 3793; 2011, 3616; 2017, 3051, effective January 1, 2020)
NV Rev Stat § 645B.180 (2021)
2021 Nevada Revised Statutes|Chapter 645B - Mortgage Companies and Mortgage Loan Originators|NRS 645B.180 - Limitations on execution or attachment of money in trust account; commingling of money prohibited. [Effective through December 31, 2019.]

  1. Money in an impound trust account is not subject to execution or attachment on any claim against the mortgage broker or his or her mortgage agents.  2. It is unlawful for a mortgage broker or his or her mortgage agents knowingly to keep or cause to be kept any money in a depository financial institution under the heading of "impound trust account" or any other name designating such money as belonging to the investors or debtors of the mortgage broker, unless the money has been paid to the mortgage broker or his or her mortgage agents by an investor or debtor and is being held in trust by the mortgage broker pursuant to NRS 645B.170 or 645B.175.  (Added to NRS by 1973, 1543; A 1989, 1766; 1999, 1540, 3796)
NV Rev Stat § 645B.180 (2021)
2021 Nevada Revised Statutes|Chapter 645B - Mortgage Companies and Mortgage Loan Originators|NRS 645B.180 - Limitations on execution or attachment of money in trust account; commingling of money prohibited. [Effective January 1, 2020.]

  1. Money in an impound trust account is not subject to execution or attachment on any claim against the mortgage company or his or her mortgage loan originators.  2. It is unlawful for a mortgage company or his or her mortgage loan originators knowingly to keep or cause to be kept any money in a depository financial institution under the heading of "impound trust account" or any other name designating such money as belonging to the investors or debtors of the mortgage company, unless the money has been paid to the mortgage company or his or her mortgage loan originators by an investor or debtor and is being held in trust by the mortgage company pursuant to NRS 645B.170 or 645B.175.  (Added to NRS by 1973, 1543; A 1989, 1766; 1999, 1540, 3796; 2017, 3054, effective January 1, 2020)
NV Rev Stat § 645B.186 (2021)
2021 Nevada Revised Statutes|Chapter 645B - Mortgage Companies and Mortgage Loan Originators|NRS 645B.186 - Disclosure of certain business and personal relationships required. [Effective through December 31, 2019.]

  1. If a licensee or a relative of the licensee is licensed as, conducts business as or holds a controlling interest or position in:  (a) A construction control;  (b) An escrow agency or escrow agent; or  (c) A title agent, a title insurer or an escrow officer of a title agent or title insurer,  the licensee shall fully disclose his or her status as, connection to or relationship with the construction control, escrow agency, escrow agent, title agent, title insurer or escrow officer to each investor, and the licensee shall not require, as a condition to an investor acquiring ownership of or a beneficial interest in a loan secured by a lien on real property, that the investor transact business with or use the services of the construction control, escrow agency, escrow agent, title agent, title insurer or escrow officer or that the investor authorize the licensee to transact business with or use the services of the construction control, escrow agency, escrow agent, title agent, title insurer or escrow officer on behalf of the investor.  2. For the purposes of this section, a person shall be deemed to hold a controlling interest or position if the person:  (a) Owns or controls a majority of the voting stock or holds any other controlling interest, directly or indirectly, that gives the person the power to direct management or determine policy; or  (b) Is a partner, officer, director or trustee.  3. As used in this section, "licensee" means:  (a) A person who is licensed as a mortgage broker or mortgage agent pursuant to this chapter; and  (b) Any general partner, officer or director of such a person.  (Added to NRS by 1999, 3770; A 2011, 3616)
NV Rev Stat § 645B.186 (2021)
2021 Nevada Revised Statutes|Chapter 645B - Mortgage Companies and Mortgage Loan Originators|NRS 645B.186 - Disclosure of certain business and personal relationships required. [Effective January 1, 2020.]

  1. If a licensee or a relative of the licensee is licensed as, conducts business as or holds a controlling interest or position in:  (a) A construction control;  (b) An escrow agency or escrow agent; or  (c) A title agent, a title insurer or an escrow officer of a title agent or title insurer,  the licensee shall fully disclose his or her status as, connection to or relationship with the construction control, escrow agency, escrow agent, title agent, title insurer or escrow officer to each investor, and the licensee shall not require, as a condition to an investor acquiring ownership of or a beneficial interest in a loan secured by a lien on real property, that the investor transact business with or use the services of the construction control, escrow agency, escrow agent, title agent, title insurer or escrow officer or that the investor authorize the licensee to transact business with or use the services of the construction control, escrow agency, escrow agent, title agent, title insurer or escrow officer on behalf of the investor.  2. For the purposes of this section, a person shall be deemed to hold a controlling interest or position if the person:  (a) Owns or controls a majority of the voting stock or holds any other controlling interest, directly or indirectly, that gives the person the power to direct management or determine policy; or  (b) Is a partner, officer, director or trustee.  3. As used in this section, "licensee" means:  (a) A person who is licensed as a mortgage company or mortgage loan originator pursuant to this chapter; and  (b) Any general partner, officer or director of such a person.  (Added to NRS by 1999, 3770; A 2011, 3616; 2017, 3057, effective January 1, 2020)
NV Rev Stat § 645B.187 (2021)
2021 Nevada Revised Statutes|Chapter 645B - Mortgage Companies and Mortgage Loan Originators|NRS 645B.187 - Prohibition on making certain guarantees in advertisements and solicitations; limitations on payment of premium interest; penalty. [Effective through December 31, 2019.]

  1. If a mortgage broker or mortgage agent solicits or receives money from an investor, the mortgage broker or mortgage agent shall not:  (a) In any advertisement; or  (b) Before, during or after solicitation or receipt of money from the investor,  make, or cause or encourage to be made, any explicit or implicit statement, representation or promise, oral or written, which a reasonable person would construe as a guarantee that the investor will be repaid the principal amount of money he or she invests or will earn a specific rate of return or a specific rate of interest on the principal amount of money he or she invests.  2. If a mortgage broker offers to pay or pays premium interest on money that the mortgage broker receives from a person to acquire ownership of or a beneficial interest in a loan secured by a lien on real property or in full or partial payment of such a loan:  (a) The premium interest must be paid from the assets or income of the mortgage broker; and  (b) The mortgage broker or a mortgage agent shall not:  (1) In any advertisement; or  (2) Before, during or after receipt of money from such a person,  make, or cause or encourage to be made, any explicit or implicit statement, representation or promise, oral or written, which a reasonable person would construe as a guarantee that the mortgage broker will pay the premium interest.  3. A person who violates any provision of this section is guilty of a misdemeanor and shall be punished as provided in NRS 645B.950.  4. As used in this section, "premium interest" means that amount of interest a mortgage broker pays to a person which exceeds the amount which is being obtained from the insured depository financial institution.  (Added to NRS by 1985, 2185; A 1999, 3799)