reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.080 - Records relating to mortgage transactions, financial condition and trust accounts; monthly report to Commissioner; accounting procedures for trust accounts; regulations; reports.

1. Each mortgage company shall keep and maintain at all times at each location, other than a remote location, where the mortgage company conducts business in this state complete and suitable records of all mortgage transactions made by the mortgage company at that location. Each mortgage company shall also keep and maintain at all times at each such location all original books, papers and data, or copies thereof, clearly reflecting the financial condition of the business of the mortgage company. Each mortgage company shall keep and maintain complete and suitable records of all mortgage transactions made by an employee of the mortgage company at a remote location in accordance with the requirements established by the Commissioner by regulation pursuant to NRS 645B.058.
2. Except as otherwise provided in subsection 3, each mortgage company shall submit to the Commissioner each month a report of the mortgage company’s activity for the previous month. The report must:
(a) Specify the volume of loans arranged and loans made by the mortgage company for the month or state that no loans were arranged or made in that month;
(b) Include any information required pursuant to NRS 645B.260 or pursuant to the regulations adopted by the Commissioner; and
(c) Be submitted to the Commissioner by the 15th day of the month following the month for which the report is made.
3. The Commissioner may waive the requirement to submit a report pursuant to subsection 2 if substantially similar information is available to the Commissioner from another source.
4. The Commissioner may adopt regulations prescribing accounting procedures for mortgage companies handling trust accounts and the requirements for keeping records relating to such accounts.
5. Each mortgage company who is required to register or voluntarily registers with the Registry shall submit to the Registry and the Commissioner a report of condition or any other report required by the Registry in the form and at the time required by the Registry.
6. As used in this section, "remote location" has the meaning ascribed to it in NRS 645B.058.
(Added to NRS by 1973, 1538; A 1981, 1789; 1985, 2187; 1987, 1879; 1989, 1765; 1995, 136; 1999, 3786; 2011, 3613; 2017, 3048, 3594; 2023, 3485)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.085 - Annual financial statement; audit of trust accounts; regulations.

1. Except as otherwise provided in this section, not later than 90 days after the last day of each fiscal year for a mortgage company, the mortgage company shall submit to the Commissioner a financial statement that:
(a) Is dated not earlier than the last day of the fiscal year; and
(b) Has been prepared from the books and records of the mortgage company by an independent certified public accountant who holds a license to practice in this State or in any other state that has not been revoked or suspended.
2. Unless otherwise prohibited by the Registry, the Commissioner may grant a reasonable extension for the submission of a financial statement pursuant to this section if a mortgage company requests such an extension before the date on which the financial statement is due.
3. If a mortgage company maintains any accounts described in subsection 1 of NRS 645B.175, the financial statement submitted pursuant to this section must be audited. If a mortgage company maintains any accounts described in subsection 1 or 4 of NRS 645B.175, those accounts must be audited.
4. The Commissioner shall adopt regulations prescribing the scope of an audit conducted pursuant to subsection 3.
(Added to NRS by 1999, 3772; A 2001, 2467; 2007, 956; 2011, 3614; 2017, 3048)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.090 - Records of Commissioner: General provisions governing public inspection, confidentiality and disclosure of information relating to investigations, examinations, disciplinary actions and certain investments in promissory notes secured by liens on real property.

1. Except as otherwise provided in this section or by specific statute, all papers, documents, reports and other written instruments filed with the Commissioner pursuant to this chapter are open to public inspection.
2. Except as otherwise provided in subsection 3, the Commissioner may withhold from public inspection or refuse to disclose to a person, for such time as the Commissioner considers necessary, any information that, in the Commissioner’s judgment, would:
(a) Impede or otherwise interfere with an investigation or examination that is currently pending against a mortgage company;
(b) Have an undesirable effect on the welfare of the public; or
(c) Reveal personal information in violation of NRS 239B.030.
3. Except as otherwise provided in NRS 645B.092, the Commissioner shall disclose the following information concerning a mortgage company to any person who requests it:
(a) The findings and results of any investigation which has been completed during the immediately preceding 5 years against the mortgage company pursuant to the provisions of this chapter and which has resulted in a finding by the Commissioner that the mortgage company committed a violation of a provision of this chapter, a regulation adopted pursuant to this chapter or an order of the Commissioner;
(b) The nature of any disciplinary action that has been taken during the immediately preceding 5 years against the mortgage company pursuant to the provisions of this chapter; and
(c) If the mortgage company makes or offers for sale in this State any investments in promissory notes secured by liens on real property:
(1) Any information in the possession of the Commissioner regarding the present and past ownership and management structure of the mortgage company; and
(2) The findings and results of:
(I) All examinations or investigations of the mortgage company conducted pursuant to NRS 645B.060 during the immediately preceding 5 years, including, without limitation, any periodic standard examination of the mortgage company conducted pursuant to NRS 645B.060, including, without limitation, the rating for each annual or biennial examination and an explanation of the standards for determining that rating; and
(II) Any other examination or audit, investigation or hearing which has been completed during the immediately preceding 3 years against the mortgage company pursuant to the provisions of this chapter.
(Added to NRS by 1973, 1543; A 1983, 1704; 1987, 1880; 1999, 3786; 2003, 3469; 2009, 1450; 2017, 3048, 3594)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.092 - Records of Commissioner: Certain records relating to complaint or investigation deemed confidential; certain records relating to disciplinary action and orders imposing discipline deemed public records; disclosure by Commissioner.

1. Except as otherwise provided in this section and NRS 239.0115, a complaint filed with the Commissioner, all documents and other information filed with the complaint and all documents and other information compiled as a result of an investigation conducted to determine whether to initiate disciplinary action are confidential.
2. The complaint or other document filed by the Commissioner to initiate disciplinary action and all documents and information considered by the Commissioner when determining whether to impose discipline are public records.
3. An order that imposes discipline and the findings of fact and conclusions of law supporting that order are public records.
4. The Commissioner may disclose any document or information made confidential under subsection 1 to the party against whom the complaint is made, a licensing board or agency, the Registry or any other governmental agency, including, without limitation, a law enforcement agency.
(Added to NRS by 2003, 3468; A 2007, 2147; 2011, 3614)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.093 - Commingling certain money prohibited.

1. A mortgage company who is a broker-dealer or a sales representative licensed pursuant to NRS 90.310 or who is exempt from licensure pursuant to NRS 90.320:
(a) Shall not commingle money received for mortgage transactions and money received for securities transactions; and
(b) Shall ensure that all money received for mortgage transactions is accounted for separately from all money received for securities transactions.
2. A mortgage company who is an investment adviser or a representative of an investment adviser licensed pursuant to NRS 90.330 or exempt from licensure pursuant to NRS 90.340 or 90.345:
(a) Shall not commingle money received for mortgage transactions and money received for securities transactions; and
(b) Shall ensure that all money received for mortgage transactions is accounted for separately from all money received for securities transactions.
(Added to NRS by 2007, 951; A 2017, 3049; 2021, 249)
2023 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.

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)
2023 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.

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)
2023 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.

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)
2023 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.

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)
2023 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.

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)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.186 - Disclosure of certain business and personal relationships required.

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)
2023 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.

1. If a mortgage company or mortgage loan originator solicits or receives money from an investor, the mortgage company or mortgage loan originator 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 company offers to pay or pays premium interest on money that the mortgage company 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 company; and
(b) The mortgage company or a mortgage loan originator 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 company 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 company 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; 2017, 3057)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.189 - Statements of disclosure required in certain advertisements; review of advertisements by Commissioner; advertisements must comply with state and federal laws concerning deceptive trade practices and deceptive advertising; regulations.

1. If, in carrying on his or her business, a mortgage company uses an advertisement that is designed, intended or reasonably likely to solicit money from private investors, the mortgage company shall include in each such advertisement a statement of disclosure in substantially the following form:
Money invested through a mortgage company is not guaranteed to earn any interest or return and is not insured.
2. A mortgage company shall include in each advertisement that the mortgage company uses in carrying on his or her business any statements of disclosure required pursuant to the regulations adopted by the Commissioner or required pursuant to an order of the Commissioner entered in accordance with subsections 7 and 8 of NRS 645B.185.
3. Each mortgage company who has received an initial license within the past 12 months shall submit any proposed advertisement that the mortgage company intends to use in carrying on his or her business to the Commissioner for approval.
4. In addition to the requirements set forth in this chapter, each advertisement that a mortgage company uses in carrying on his or her business must comply with the requirements of:
(a) NRS 598.0903 to 598.0999, inclusive, concerning deceptive trade practices; and
(b) Any applicable federal statute or regulation concerning deceptive advertising and the advertising of interest rates.
5. If a mortgage company violates any provision of NRS 598.0903 to 598.0999, inclusive, concerning deceptive trade practices or any federal statute or regulation concerning deceptive advertising or the advertising of interest rates, in addition to any sanction or penalty imposed by state or federal law upon the mortgage company for the violation, the Commissioner may take any disciplinary action set forth in paragraph (b) of subsection 1 of NRS 645B.670 against the mortgage company.
6. The Commissioner may adopt any regulations that are necessary to carry out the provisions of this section.
(Added to NRS by 1985, 2185; A 1987, 1886; 1999, 3799; 2001, 2470; 2007, 958; 2013, 115; 2017, 3058)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.196 - Liability of advertising spokesperson for mortgage company for certain damages.

1. An advertising spokesperson for a mortgage company is jointly and severally liable with the mortgage company for damages caused by the mortgage company by fraud, embezzlement, misappropriation of property, a violation of the provisions of this chapter or the regulations adopted pursuant thereto, or an action of the mortgage company that is grounds for disciplinary action, if:
(a) The advertising spokesperson knew or should have known of the fraud, embezzlement, misappropriation of property, violation of the provisions of this chapter or the regulations adopted pursuant thereto, or action of the mortgage company that is grounds for disciplinary action; or
(b) In advertising for the mortgage company, the advertising spokesperson knew or should have known that:
(1) The conduct of the advertising spokesperson was likely to deceive, defraud or harm the public or any person who engaged in business with the mortgage company; or
(2) The advertising spokesperson was disseminating material information concerning the mortgage company or the business, products or services of the mortgage company which was false or misleading.
2. As used in this section:
(a) "Advertising for a mortgage company" means advertising or otherwise promoting a mortgage company or the business, products or services of the mortgage company using any medium of communication.
(b) "Advertising spokesperson for a mortgage company" or "advertising spokesperson" means a person who consents to and receives compensation for using his or her name or likeness in advertising for a mortgage company.
(Added to NRS by 2003, 3543; A 2017, 3058)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.240 - Limitations on charging late fee, additional amount of interest or other penalty.

1. If a person is required to make a payment to a mortgage company pursuant to the terms of a loan secured by a lien on real property, the mortgage company may not charge the person a late fee, an additional amount of interest or any other penalty in connection with that payment if the payment is delivered to the mortgage company before 5 p.m. on:
(a) The day that the payment is due pursuant to the terms of the loan, if an office of the mortgage company is open to customers until 5 p.m. on that day; or
(b) The next day that an office of the mortgage company is open to customers until 5 p.m., if the provisions of paragraph (a) do not otherwise apply.
2. A person and a mortgage company or mortgage loan originator may not agree to alter or waive the provisions of this section by contract or other agreement, and any such contract or agreement is void and must not be given effect to the extent that it violates the provisions of this section.
(Added to NRS by 1999, 3773; A 2017, 3059)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.250 - Prohibition on advancing payments to investor on behalf of debtor in default; exceptions.

Except pursuant to a contract for the collection or servicing of a loan which is governed by the requirements established by the Government National Mortgage Association, Federal Home Loan Mortgage Corporation or Federal National Mortgage Association, a mortgage company or mortgage loan originator shall not advance payments to an investor on behalf of a person who has obtained a loan secured by a lien on real property and who has defaulted in his or her payments.
(Added to NRS by 1985, 2185; A 1989, 966; 1999, 3800; 2017, 3059)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.260 - Monthly report to Commissioner on delinquencies in payments and defaults; monthly notice to investors; regulations.

1. If a mortgage company maintains any accounts described in subsection 4 of NRS 645B.175 in which the mortgage company deposits payments from a debtor on a loan secured by a lien on real property and, on the last day of any month, the debtor has failed to make two or more consecutive payments in accordance with the terms of the loan, the mortgage company shall:
(a) Include in the report that the mortgage company submits to the Commissioner pursuant to subsection 2 of NRS 645B.080, if any, the information relating to delinquencies in payments and defaults that is required by the regulations adopted pursuant to subsection 2;
(b) Not later than 15 days after the last day of each such month, mail to the last known address of each investor who owns a beneficial interest in the loan a notice containing the information relating to delinquencies in payments and defaults that is required by the regulations adopted pursuant to subsection 2; and
(c) Comply with the provisions of this section each month on a continuing basis until:
(1) The debtor or the debtor’s designee remedies the delinquency in payments and any default; or
(2) The lien securing the loan is extinguished.
2. The Commissioner:
(a) Shall adopt regulations prescribing the information relating to delinquencies in payments and defaults that a mortgage company must include in his or her report to the Commissioner and in the notice mailed to investors pursuant to subsection 1. Such regulations may provide for variations between the information that a mortgage company must include in his or her report to the Commissioner and the information that a mortgage company must include in the notice mailed to investors.
(b) May adopt any other regulations that are necessary to carry out the provisions of this section.
(Added to NRS by 1999, 3773; A 2017, 3060, 3595)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.300 - Written appraisal of real property required; persons authorized to perform appraisal; retention and inspection of appraisal; exceptions.

1. Except as otherwise provided in subsection 4, a mortgage company or mortgage loan originator shall not accept money from an investor to acquire ownership of or a beneficial interest in a loan secured by a lien on real property, unless the mortgage company has obtained a written appraisal of the real property securing the loan.
2. The written appraisal of the real property:
(a) Must be completed not more than 6 months before the mortgage company’s first solicitation for the loan;
(b) Must meet the standards set forth in the Uniform Standards of Professional Appraisal Practice as adopted by the Appraisal Standards Board of The Appraisal Foundation;
(c) Must be performed by an appraiser who is authorized to perform appraisals in this State or in the state where the real property securing the loan is located; and
(d) Must not be performed by the mortgage company or a mortgage loan originator, unless the mortgage company or mortgage loan originator is certified or licensed to perform such an appraisal pursuant to chapter 645C of NRS.
3. A copy of the written appraisal of the real property must be:
(a) Maintained at each office of the mortgage company where money is accepted from an investor to acquire ownership of or a beneficial interest in a loan secured by a lien on the real property; and
(b) Made available during normal business hours for inspection by each such investor and the Commissioner.
4. A mortgage company is not required to obtain a written appraisal of the real property pursuant to this section if the mortgage company obtains a written waiver of the appraisal from each investor who acquires ownership of or a beneficial interest in a loan secured by a lien on the real property. A mortgage company or mortgage loan originator shall not act as the attorney-in-fact or the agent of an investor with respect to the giving of a written waiver pursuant to this subsection.
5. If the mortgage company obtains a written waiver of the appraisal as provided in subsection 4, the mortgage company shall provide to each investor before accepting any money from the investor a separate written disclosure which contains the information analyzed, the valuation methods and techniques employed and the reasoning for any opinion regarding value provided by or on behalf of the mortgage company.
6. As used in this section, "appraisal" has the meaning ascribed to it in NRS 645C.030.
(Added to NRS by 1999, 3772; A 2009, 1451; 2017, 3060)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.305 - Requirement that loan include disclosure concerning fees.

A mortgage company shall ensure that each loan secured by a lien on real property for which he or she engages in activity as a mortgage company includes a disclosure:
1. Describing, in a specific dollar amount, all fees earned by the mortgage company;
2. Explaining which party is responsible for the payment of the fees described in subsection 1; and
3. Explaining the probable impact the fees described in subsection 1 may have on the terms of the loan, including, without limitation, the interest rates.
(Added to NRS by 2007, 951; A 2009, 1556; 2011, 3617; 2017, 3061)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.307 - Mortgage company required to include his or her license number or identifying number with loan.

A mortgage company shall ensure that each loan secured by a lien on real property for which he or she engages in activity as a mortgage company includes:
1. If the mortgage company is not registered with the Registry, the license number of the mortgage company; or
2. Any identifying number issued by the Registry.
(Added to NRS by 2009, 1453; A 2011, 3617; 2017, 3061)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.310 - Requirements for mortgage company to assign interest in loan.

A mortgage company shall not assign all or a part of his or her interest in a loan secured by a lien on real property, unless the mortgage company:
1. Obtains a policy of title insurance for the real property;
2. Obtains the approval of the assignment from each investor who has acquired ownership of or a beneficial interest in the loan if, at the time of the assignment, the debtor on the loan has defaulted in making a payment required for the loan or any portion of the loan; and
3. Records the assignment in the office of the county recorder of the county in which the real property is located.
(Added to NRS by 1985, 2185; A 1999, 3800; 2007, 959; 2017, 3061)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.320 - Copy of recorded deed of trust must be mailed to each investor.

If money from an investor is released to a debtor or the debtor’s designee pursuant to subsection 2 of NRS 645B.175 upon completion of a loan secured by a lien on real property, the mortgage company that arranged the loan shall, not later than 3 business days after the date on which the mortgage company receives a copy of the recorded deed of trust, mail to the last known address of each investor who owns a beneficial interest in the loan a copy of the recorded deed of trust.
(Added to NRS by 1999, 3773; A 2017, 3062)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.350 - Mortgage company required to provide investors certain options before acquiring ownership or beneficial interest in loan.

A mortgage company shall not accept money from an investor to acquire ownership of or a beneficial interest in a loan which has more than one investor at the time of origination unless the mortgage company provides to each investor a form which allows the investor to choose one of the following options:
1. That, upon receipt of a written request submitted by another investor who owns or has a beneficial interest in the loan, the mortgage company may provide to that other investor the name, address, telephone number and electronic mail address of the investor;
2. That, upon receipt of a written request submitted by another investor who owns or has a beneficial interest in the loan, the mortgage company may provide to that other investor the name, address, telephone number and electronic mail address of the investor only if the loan is in default; or
3. That the address, telephone number and electronic mail address of the investor must remain confidential and that the mortgage company may not provide that information to any other investor unless the investor provides the mortgage company with subsequent written permission to provide such information to other investors.
(Added to NRS by 2011, 3603; A 2017, 3064)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.351 - Mortgage company prohibited from including in loan document provision which requires participation in binding arbitration in event of dispute.

1. A mortgage company who makes or arranges a loan shall not include in any loan document a provision which requires a private investor to participate in binding arbitration of disputes relating to the loan.
2. The provisions of this section may not be varied by agreement, and the rights conferred by this section may not be waived. Any provision included in a loan document agreement that conflicts with this section is void.
(Added to NRS by 2011, 3603; A 2017, 3065)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.352 - Written servicing agreement required before servicing loan.

1. Before servicing a loan in which a private investor has acquired a beneficial interest, a mortgage company must enter into a written servicing agreement with each investor which describes specifically the services which the mortgage company will provide and the compensation the mortgage company will receive for those services. The compensation of the mortgage company must include an amount reasonably necessary to pay the cost of servicing the loan.
2. A mortgage company shall include in each servicing agreement provisions which:
(a) Require the mortgage company to:
(1) Deposit in a trust account all money paid to the mortgage company in full or partial payment of a loan, unless a provision of law authorizes the mortgage company to deposit such money in a different manner;
(2) Release to the investors, pursuant to paragraph (a) of subsection 5 of NRS 645B.175, within 15 days after receipt of all money paid to the mortgage company in full or partial payment of a loan;
(3) Record a request for special notice and notice of default for any encumbrance on the real property which has priority over the lien securing the loan or any other real property securing the loan;
(4) Provide to each investor prompt written notice of:
(I) Any lis pendens, mechanic’s lien or other lien recorded against the real property securing the loan after the origination of the loan if the mortgage company has become aware that such an instrument has been recorded; and
(II) Any delinquent taxes or insurance premiums;
(5) Upon receiving a written request from an investor for a tally of any vote of the investors, provide to the investor a statement of the number of investors voting in favor of an action and the number of investors voting against the action and the percentage of beneficial interest represented by each such vote; and
(6) Respond within a reasonable time under the circumstances to the request of the borrower or investor to correct any errors relating to the loan.
(b) Prohibit the mortgage company from:
(1) Commingling with the assets of the mortgage company any money paid to the mortgage company in full or partial payment of a loan, unless a provision of law authorizes such commingling;
(2) Using money paid to the mortgage company in full or partial payment of a loan for any transaction other than the servicing transaction for which the money was paid, unless a provision of law authorizes such use; or
(3) Requiring an investor to participate in binding arbitration of disputes relating to the loan.
(c) Allow the majority of investors or the mortgage company to transfer the servicing agreement to another entity authorized to service loans or terminate the servicing agreement for any reason, upon providing written notice at least 30 days before the effective date of the transfer or termination.
(Added to NRS by 2011, 3603; A 2017, 3065)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.353 - Mortgage company prohibited from releasing borrower or guarantor from personal liability without certain approval.

Except as otherwise permitted by law, a mortgage company shall not release a borrower or guarantor from personal liability for a loan unless a majority of the investors approve such a release.
(Added to NRS by 2011, 3604; A 2017, 3066)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.354 - Restrictions on withholding money from certain investors; loan servicing agreement may contain provision which provides written consent to withhold money.

1. If an investor owes money to the mortgage company who is servicing a loan or to other investors, the mortgage company shall not withhold money due the investor in order to offset the money owed to the mortgage company or to another investor, unless:
(a) The mortgage company obtains the written consent of the investor who owes the money; or
(b) A court order requires the mortgage company to withhold the money.
2. A mortgage company may include in a loan servicing agreement a provision which provides written consent to withhold money due an investor in order to offset money owed by the investor to the mortgage company or other investors.
(Added to NRS by 2011, 3604; A 2017, 3066)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.355 - Mortgage company prohibited from acting as construction control.

A mortgage company shall not act as a construction control with respect to money belonging to a borrower or investor. If a borrower or investor wishes to utilize a construction control for money belonging to the borrower or investor, a mortgage company must place the money with a person who is independent of the mortgage company and is licensed or authorized to accept such money. The money must be subject to the control of a construction control which is in compliance with, or exempt from, the provisions of NRS 627.180 or 627.183.
(Added to NRS by 2011, 3605; A 2017, 3066)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.356 - Restrictions on placing private investor into certain entities before foreclosure of real property securing loan.

1. A mortgage company shall not place or arrange to place a private investor into a limited-liability company, business trust or other entity before or after foreclosure of the real property securing the loan, or receipt of a deed in lieu of foreclosure in full satisfaction of a loan secured by the real property, unless the mortgage company:
(a) Provides a copy of the organizational documents of the limited-liability company, business trust or other entity to each investor not later than 5 days before the transfer of the interest in the loan or the interest in the real property;
(b) Obtains the written authorization of a sufficient number of the investors to act on behalf of all the investors pursuant to NRS 645B.340; and
(c) Obtains the written authorization of each investor consenting to the transfer of his or her interest in the loan or in the real property to the limited-liability company, business trust or other entity.
2. If a private investor is placed into a limited-liability company, business trust or other entity pursuant to subsection 1, any beneficial interest in a loan or ownership interest in real property of the private investor who does not consent to the placement, including, without limitation, any interest of a tenant in common who does not consent to the placement, must be placed in the limited-liability company, business trust or other entity by a reference to this section and by the signatures on the necessary documents of the investors consenting to the placement. The investors who consent to an action pursuant to subsection 1 shall designate a representative to sign any necessary documents on behalf of the investors who do not consent to the action, and if the representative maintains written evidence of the consent of the number of investors described in paragraph (b) of subsection 1, the representative is not liable for any action taken pursuant to this subsection.
3. The documents provided to each investor pursuant to paragraph (a) of subsection 1 must clearly and concisely state any fees which will be paid to the mortgage company by the limited-liability company, business trust or other entity, and the sections of the documents that state fees must be initialed by the investor and any representative designated pursuant to subsection 2.
4. A mortgage company or mortgage loan originator shall not act as the attorney-in-fact or the agent of a private investor for the signing or dating of the written authorization.
5. Any term of a contract or other agreement that attempts to alter or waive the requirements of this section is void.
(Added to NRS by 2011, 3605; A 2013, 2169; 2017, 3066)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.357 - Restriction on collection of fees by mortgage company; application of fees.

1. A mortgage company shall not assess or collect any fee which is not:
(a) Authorized by the loan documents or loan servicing agreement; and
(b) Assessed or collected in exchange for bona fide services rendered or costs incurred.
2. A mortgage company shall apply all fees collected in the manner set forth in the loan documents or loan servicing agreement.
(Added to NRS by 2011, 3605; A 2017, 3067)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.400 - Requirements to provide services of or engage in activities of mortgage loan originator.

A person shall not act as or provide any of the services of a mortgage loan originator, otherwise engage in, carry on or hold himself or herself out as engaging in or carrying on the activities of a mortgage loan originator or supervise a mortgage loan originator unless the person:
1. Has a license as a mortgage loan originator issued pursuant to NRS 645B.410 to 645B.460, inclusive, or is an employee of or associated with a person who holds a certificate of exemption pursuant to NRS 645B.016.
2. If the person is required to register with the Registry:
(a) Is an employee of and whose sponsorship has been entered with the Registry by a mortgage company or person who holds a certificate of exemption pursuant to NRS 645B.016 as required by subsection 2 of NRS 645B.450; and
(b) Is registered with and provides any identifying number issued by the Registry.
(Added to NRS by 2003, 3543; A 2011, 3617; 2013, 116; 2017, 3067)