reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.380 - Applicability.

The provisions of NRS 645F.300 to 645F.450, inclusive, do not apply to, and the terms "foreclosure consultant" and "foreclosure purchaser" do not include:
1. An attorney at law licensed to practice in this State rendering services in the performance of his or her duties as an attorney at law, unless the attorney at law is rendering those services in the course and scope of his or her employment by or other affiliation with a person who is licensed or required to be licensed pursuant to NRS 645F.390 or is otherwise engaging in a practice that is comprised primarily of providing a covered service to his or her clients;
2. A provider of debt-management services registered pursuant to chapter 676A of NRS while providing debt-management services pursuant to chapter 676A of NRS;
3. A person or the authorized agent of a person acting under the provisions of a program sponsored by the Federal Government, this State or a local government, including, without limitation, the Department of Housing and Urban Development, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association or the Federal Home Loan Bank System;
4. A person who holds or is owed an obligation secured by a mortgage or other lien on a residence in foreclosure if the person performs services in connection with this obligation or lien and the obligation or lien did not arise as the result of or as part of a proposed foreclosure reconveyance;
5. Any person doing business under the laws of this State or of the United States relating to banks, trust companies, savings and loan associations, savings banks, industrial loan and thrift companies, regulated lenders, credit unions, insurance companies, or a mortgagee which is a United States Department of Housing and Urban Development approved mortgagee and any subsidiary or affiliate of those persons, and any agent or employee of those persons while engaged in the business of those persons;
6. A person, other than a person who is licensed pursuant to NRS 645F.390, who is licensed pursuant to chapter 692A or any chapter of title 54 of NRS while acting under the authority of the license;
7. A nonprofit agency or organization that offers credit counseling or advice to a homeowner of a residence in foreclosure or a person in default on a loan and which maintains tax-exempt status under section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3); or
8. A judgment creditor of the homeowner whose claim accrued before the recording of the notice of the pendency of an action for foreclosure against the homeowner pursuant to NRS 14.010 or the recording of the notice of default and election to sell pursuant to NRS 107.080.
(Added to NRS by 2007, 2855; A 2009, 1460, 1999; 2011, 1577, 3639; 2013, 121)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.390 - Foreclosure consultants, loan modification consultants and persons performing covered services for compensation: Licenses; fingerprints; regulations.

1. The Commissioner shall adopt regulations for the licensing of:
(a) A person who performs any covered service for compensation;
(b) A foreclosure consultant; and
(c) A loan modification consultant.
2. The regulations must prescribe, without limitation:
(a) The method and form of application for a license;
(b) The method and form of the issuance, denial or renewal of a license;
(c) The grounds and procedures for the revocation, suspension or nonrenewal of a license;
(d) The imposition of reasonable fees for application and licensure; and
(e) Any provisions necessary to comply with the provisions of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, Public Law 110-289, 12 U.S.C. §§ 5101 et seq., including registration with the Registry, and the Mortgage Assistance Relief Services Rule, 16 C.F.R. Part 322, as promulgated by the Federal Trade Commission.
3. An application for a license pursuant to this section must include a complete set of the fingerprints of the applicant or, if the applicant is not a natural person, a complete set of the fingerprints of each person who will have an interest in the person who performs any covered service as a principal, partner, officer, director or trustee, and written permission authorizing the Division to forward the fingerprints to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report.
(Added to NRS by 2009, 1457; A 2011, 3640)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.392 - Persons performing covered services for compensation: Written contracts for covered services; regulations.

1. A person who performs any covered service for compensation shall execute a written contract with a homeowner before providing any covered service.
2. The Commissioner shall adopt regulations describing the information that must be contained in a written contract for covered services.
(Added to NRS by 2009, 1457; A 2011, 3641)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.398 - Foreclosure consultants, loan modification consultants and persons performing covered services for compensation: Notice requirements.

1. A person who performs any covered service for compensation, a foreclosure consultant and a loan modification consultant shall, at the time the person who performs any covered service for compensation, the foreclosure consultant or the loan modification consultant provides a homeowner with a written agreement between the homeowner and the homeowner’s lender or servicer incorporating the offer of mortgage assistance obtained from the homeowner’s lender or servicer:
(a) Provide the following notice printed in at least 12-point type to the homeowner:
"This is an offer of mortgage assistance we obtained from your lender [or servicer]. You may accept or reject the offer. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us [insert total amount or method of calculating the total amount] for our services."
The notice must be made in a clear and prominent manner on a separate written page and be preceded by the heading "IMPORTANT NOTICE: BEFORE BUYING THIS SERVICE, CONSIDER THE FOLLOWING INFORMATION" printed in at least 14-point bold type.
(b) Provide the homeowner with a notice printed in at least 12-point type from the homeowner’s lender or servicer which includes a complete description of all material differences between the terms, conditions and limitations which apply to the homeowner’s current mortgage loan and the terms, conditions and limitations which will apply to the homeowner’s mortgage loan if he or she accepts the offer of the lender or servicer, including, without limitation, the differences between the mortgage loans with regard to the:
(1) Principal balance;
(2) Contract interest rate, including the maximum rate and any adjustable rates;
(3) Amount and number of scheduled periodic payments;
(4) Monthly amounts owed for principal, interest, taxes and mortgage insurance;
(5) Amount of any delinquent payments owing or outstanding; and
(6) Term.
The notice required by this paragraph must be made in a clear and prominent manner on a separate written page and be preceded by the heading "IMPORTANT INFORMATION FROM [name of lender or servicer] ABOUT THIS OFFER" printed in at least 14-point bold type.
2. If the offer obtained from the lender or servicer by the person who performs any covered service for compensation, the foreclosure consultant or the loan modification consultant is a trial mortgage loan modification, the notice required by paragraph (b) of subsection 1 must include notice to the homeowner:
(a) That the homeowner may not qualify for a permanent mortgage loan modification; and
(b) Setting forth the likely amount of scheduled periodic payments and arrears, payments and fees the homeowner would owe if the homeowner failed to qualify for a permanent mortgage loan modification.
3. As used in this section, "total amount" has the meaning ascribed to it in NRS 645F.397.
(Added to NRS by 2011, 1575)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.400 - Persons performing covered services for compensation: Prohibited acts; penalty.

1. A person who performs any covered service shall not:
(a) Claim, demand, charge, collect or receive any compensation except in accordance with the terms of a contract for covered services.
(b) Claim, demand, charge, collect or receive any fee, interest or other compensation for any reason which is not fully disclosed to the homeowner.
(c) Take or acquire, directly or indirectly, any wage assignment, lien on real or personal property, assignment of a homeowner’s equity, any interest in a residence or other security for the payment of compensation. Any such assignment or security is void and unenforceable.
(d) Receive any consideration from any third party in connection with a covered service provided to a homeowner unless the consideration is first fully disclosed to the homeowner.
(e) Accept a power of attorney from a homeowner for any purpose, other than to inspect documents as provided by law.
(f) Make any representation, express or implied, that a homeowner cannot or should not contact or communicate with his or her lender or servicer.
(g) Misrepresent any aspect of any covered service.
(h) Make any representation, express or implied, that a covered service is affiliated with, associated with or endorsed or approved by:
(1) The Federal Government, the State of Nevada or any department, agency or political subdivision thereof;
(2) Any governmental plan for homeowner assistance;
(3) Any nonprofit housing counselor agency or program;
(4) The maker, holder or servicer of a homeowner’s mortgage loan; or
(5) Any other person, entity or program.
(i) Make any representation, express or implied, about the benefits, performance or efficacy of any covered service unless, at the time the representation is made, the person who performs any covered service, the foreclosure consultant or the loan modification consultant possesses and relies upon competent and reliable evidence which substantiates that the representation is true. As used in this paragraph, "competent and reliable evidence" means tests, analyses, research, studies or other evidence based on the expertise of professionals in the relevant area that have been conducted and evaluated in an objective manner by persons qualified to do so using procedures generally accepted in the profession to yield accurate and reliable results.
(j) Obtain or attempt to obtain any waiver of the provisions of NRS 645F.300 to 645F.450, inclusive, or any regulations adopted pursuant thereto. Any such waiver is void and unenforceable.
2. In addition to any other penalty, a violation of any provision of this section shall be deemed to constitute mortgage lending fraud for the purposes of NRS 205.372.
(Added to NRS by 2007, 2856; A 2009, 1461; 2011, 1577, 3642)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.405 - Foreclosure consultants, loan modification consultants and persons performing covered services for compensation prohibited from claiming or receiving compensation before homeowner executes written agreement.

A person who performs any covered service for compensation, a foreclosure consultant and a loan modification consultant shall not claim, demand, charge, collect or receive any compensation before a homeowner has executed a written agreement with the lender or servicer incorporating the offer of mortgage assistance obtained from the lender or servicer by the person who performs any covered service for compensation, the foreclosure consultant or the loan modification consultant.
(Added to NRS by 2011, 1573)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.410 - Administrative penalties for violation of chapter, regulation or other applicable law; disposition of money collected as administrative penalties; appointment of hearing officers or panels by Commissioner; claims for attorney’s fees and investigative costs.

1. In addition to any other remedy or penalty, the Commissioner may, after giving notice and opportunity to be heard, impose an administrative penalty of not more than $25,000 on any person licensed or required to be licensed pursuant to NRS 645F.390 who violates any provision of this chapter or any regulation adopted pursuant thereto or any other applicable law.
2. Except as otherwise provided in this section, all money collected from administrative penalties imposed pursuant to this section must be deposited in the State General Fund.
3. The money collected from an administrative penalty may be deposited with the State Treasurer for credit to the Account for Mortgage Lending created by NRS 645F.270 if:
(a) The person pays the administrative penalty without exercising the right to a hearing to contest the penalty; or
(b) The administrative penalty is imposed in a hearing conducted by a hearing officer or panel appointed by the Commissioner.
4. The Commissioner may appoint one or more hearing officers or panels and may delegate to those hearing officers or panels the power of the Commissioner to conduct hearings, determine violations and impose the penalties authorized by this section.
5. If money collected from an administrative penalty is deposited in the State General Fund, the Commissioner may present a claim to the State Board of Examiners for recommendation to the Interim Finance Committee if money is needed to pay attorney’s fees or the costs of an investigation, or both.
(Added to NRS by 2007, 2856; A 2011, 3642)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.420 - Homeowner may bring action to recover damages.

1. A homeowner who is injured as a result of a person’s violation of a provision of NRS 645F.400 may bring an action against the person to recover damages caused by the violation, together with reasonable attorney’s fees and costs.
2. If the homeowner prevails in the action, the court may award such punitive damages as may be determined by a jury, or by a court sitting without a jury, but in no case may the punitive damages be less than one and one-half times the amount awarded to the homeowner as actual damages.
(Added to NRS by 2007, 2857; A 2011, 3643)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.430 - Foreclosure purchasers: Criminal penalty for fraud or deceit against homeowner.

A foreclosure purchaser who engages in any conduct that operates as a fraud or deceit upon a homeowner in connection with a transaction that is subject to the provisions of NRS 645F.300 to 645F.450, inclusive, including, without limitation, a foreclosure reconveyance, is guilty of a gross misdemeanor and shall be punished by imprisonment in the county jail for not more than 364 days, or by a fine of not more than $50,000, or by both fine and imprisonment.
(Added to NRS by 2007, 2857; A 2009, 1461; 2011, 1578; 2013, 992)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.440 - Foreclosure purchasers: Transaction rescinded due to fraud or deceit upon homeowner.

1. In addition to the penalty provided in NRS 645F.430 and except as otherwise provided in subsection 5, if a foreclosure purchaser engages in any conduct that operates as a fraud or deceit upon a homeowner in connection with a transaction that is subject to the provisions of NRS 645F.300 to 645F.450, inclusive, including, without limitation, a foreclosure reconveyance, the transaction in which the foreclosure purchaser acquired title to the residence in foreclosure may be rescinded by the homeowner within 2 years after the date of the recording of the conveyance.
2. To rescind a transaction pursuant to subsection 1, the homeowner must give written notice to the foreclosure purchaser and a successor in interest to the foreclosure purchaser, if the successor in interest is not a bona fide purchaser, and record that notice with the recorder of the county in which the property is located. The notice of rescission must contain:
(a) The name of the homeowner, the foreclosure purchaser and any successor in interest who holds title to the property; and
(b) A description of the property.
3. Within 20 days after receiving notice pursuant to subsection 2:
(a) The foreclosure purchaser and the successor in interest, if the successor in interest is not a bona fide purchaser, shall reconvey to the homeowner title to the property free and clear of encumbrances which were created subsequent to the rescinded transaction and which are due to the actions of the foreclosure purchaser; and
(b) The homeowner shall return to the foreclosure purchaser any consideration received from the foreclosure purchaser in exchange for the property.
4. If the foreclosure purchaser has not reconveyed to the homeowner title to the property within the period described in subsection 3, the homeowner may bring an action to enforce the rescission in the district court of the county in which the property is located.
5. A transaction may not be rescinded pursuant to this section if the foreclosure purchaser has transferred the property to a bona fide purchaser.
6. As used in this section, "bona fide purchaser" means any person who purchases an interest in a residence in foreclosure from a foreclosure purchaser in good faith and for valuable consideration and who does not know or have reasonable cause to believe that the foreclosure purchaser engaged in conduct which violates subsection 1.
(Added to NRS by 2007, 2857; A 2009, 1461; 2011, 1579)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.445 - Person with knowledge of violation prohibited from providing assistance or support to violating foreclosure consultant, loan modification consultant or person performing covered service for compensation.

A person who knows or reasonably should know that another person who performs any covered service for compensation, a foreclosure consultant or a loan modification consultant is in violation of any provision of NRS 645F.300 to 645F.450, inclusive, and any regulations adopted pursuant thereto shall not provide substantial assistance or support to the person who performs any covered service for compensation, the foreclosure consultant or the loan modification consultant.
(Added to NRS by 2011, 1576)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.450 - Cumulative nature of rights, remedies and penalties.

The rights, remedies and penalties provided pursuant to the provisions of NRS 645F.300 to 645F.450, inclusive, are cumulative and do not abrogate and are in addition to any other rights, remedies and penalties that may exist at law or in equity, including, without limitation, any criminal penalty that may be imposed pursuant to NRS 645F.430.
(Added to NRS by 2007, 2858; A 2009, 1462; 2011, 1579)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.500 - Applicability.

The provisions of NRS 645F.500 to 645F.540, inclusive, do not apply to:
1. A depository financial institution, as that term is defined in NRS 645B.0109, or any subsidiary or holding company of a depository financial institution if such entity maintains its principal place of business or a branch office in this State.
2. A real estate investment trust, as that term is defined in 26 U.S.C. § 856(a), unless the business conducted by the trust in this State is not subject to supervision by the appropriate regulatory body of a jurisdiction outside of this State.
3. Any trustee of an employee benefit plan, as that term is defined in 29 U.S.C. § 1002(3), who makes a residential mortgage loan directly from money in the plan.
4. An attorney who is licensed in this State and who does not engage in the business of, or otherwise hold himself or herself out as being able to provide services related to, a mortgage servicer, if the activities of the attorney are directly incidental to the representation of a client.
5. A person performing any act pursuant to a court order.
6. A federal or state agency or a political subdivision of this State, including, without limitation, the Public Employees’ Retirement System.
7. A nonprofit organization that is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, 26 U.S.C. § 501(c)(3).
8. A mortgage servicer that, in the aggregate with any affiliates, services not more than 10 residential mortgage loans in this State during a calendar year.
9. A person licensed pursuant to the provisions of chapter 645B or 675 of NRS who is collecting payments on a mortgage loan or servicing one or more mortgage loans made or arranged by the person under his or her license.
(Added to NRS by 2015, 2807; A 2017, 3082)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.510 - License required.

Except as otherwise provided in NRS 645F.500, a person shall not engage in the business of a mortgage servicer or hold himself or herself out as a mortgage servicer in this State without a license issued pursuant to this chapter.
(Added to NRS by 2015, 2806)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.520 - Regulations.

1. The Commissioner:
(a) Shall adopt regulations establishing the requirements for the licensure and supervision of mortgage servicers in this State.
(b) May adopt any other regulations necessary to carry out the provisions of NRS 645F.500 to 645F.540, inclusive.
2. The regulations adopted pursuant to subsection 1 must:
(a) Prescribe the form and contents of an application for the initial issuance and renewal of a license as a mortgage servicer.
(b) Prescribe the manner in which an application may be approved or denied.
(c) Prescribe the grounds and procedures for the revocation, suspension, denial or nonrenewal of a license.
(d) Establish reasonable fees for an application, the initial issuance of a license and the renewal of a license.
(e) Establish the manner in which the Commissioner may take appropriate disciplinary action, including, without limitation, the imposition of an administrative fine, against any person for a violation of any regulation adopted pursuant to subsection 1 or any provision of NRS 645F.500 to 645F.540, inclusive.
(Added to NRS by 2015, 2806)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.530 - Compliance with other laws, regulations and orders of Commissioner; authority of Commissioner to conduct examination or investigation of and to take disciplinary action against mortgage servicer or applicant for license.

1. A mortgage servicer shall comply with:
(a) The relevant provisions of 12 C.F.R. Part 1024, commonly known as Regulation X, and 12 C.F.R. Part 1026, commonly known as Regulation Z, as those regulations are amended by the Final Servicing Rules issued by the Consumer Financial Protection Bureau in 78 Federal Register 10696 and 10902 on February 14, 2013, and any amendments thereto.
(b) Any other applicable federal or state law or regulation or any order of the Commissioner.
2. The Commissioner shall conduct any examination or investigation of a mortgage servicer or applicant for the issuance of a license as a mortgage servicer as may be necessary to ensure compliance with the provisions of NRS 645F.500 to 645F.540, inclusive, and any regulations adopted pursuant thereto.
3. If the Commissioner, upon examination or investigation of a mortgage servicer or applicant for the issuance of a license as a mortgage servicer, determines that the mortgage servicer or applicant has violated any applicable provision of NRS 645F.500 to 645F.540, inclusive, or any regulations adopted pursuant thereto, the Commissioner may take such disciplinary action against the mortgage servicer or applicant as may be authorized by regulation of the Commissioner.
(Added to NRS by 2015, 2807)
2023 Nevada Revised Statutes › Chapter 645F - Mortgage Lending and Related Professions › NRS 645F.540 - Duty to submit certain documents, fees, fines and costs through Registry; deposit of fees and costs.

1. Except as otherwise provided in NRS 645F.267 and 645F.293, the Commissioner shall require a person to submit to the Commissioner through the Registry:
(a) An application for the initial issuance or the renewal of a license as a mortgage servicer, including any fees related to the issuance or renewal of a license.
(b) Any form or filing that a mortgage servicer is otherwise required to submit to the Commissioner.
(c) Any administrative fine assessed against the person pursuant to the regulations adopted pursuant to NRS 645F.520.
(d) Any costs associated with the submittal of any document, information, fee or fine through the Registry.
2. Any fees and costs received pursuant to subsection 1 are nonrefundable.
3. Except as otherwise provided in this chapter, all fees and costs received pursuant to NRS 645F.500 to 645F.540, inclusive, are in addition to any fee or cost required to be paid to the Registry and must be deposited in the Account for Mortgage Lending created by NRS 645F.270.
(Added to NRS by 2015, 2807)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.010 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 645G.020 to 645G.075, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2007, 3105; A 2021, 2061)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.040 - "Exchange facilitator" defined.

1. "Exchange facilitator" means a person who, for compensation of any kind, acts as:
(a) A qualified intermediary as defined in 26 C.F.R. § 1.1031(k)-1(g)(4) for a client whose relinquished property is located in this State; or
(b) An exchange accommodation titleholder, as that term is defined in Revenue Procedure 2000-37, who holds title to property located in this State.
2. The term includes any person who:
(a) Maintains an office in this State for the purpose of soliciting business as an exchange facilitator; or
(b) Advertises or holds himself or herself out as prepared to facilitate a tax-deferred exchange of property in this State by acting as the custodian of money or other property.
3. The term does not include:
(a) A taxpayer or disqualified person, as those terms are defined in 26 C.F.R. § 1.1031(k)-1(k), who is seeking to qualify for nonrecognition pursuant to 26 U.S.C. § 1031;
(b) A financial institution when acting solely as a depository for funds used in a tax-deferred exchange of property;
(c) A person who advertises for and teaches seminars or classes, or otherwise gives presentations to attorneys, accountants, real estate professionals, tax professionals or other professionals with the primary purpose of teaching such professionals about tax-deferred exchanges or training such professionals to act as exchange facilitators; or
(d) A qualified intermediary, as defined in 26 C.F.R. § 1.1031(k)-1(g)(4), who holds exchange funds received from the disposition of relinquished property located outside this State.
(Added to NRS by 1993, 2019; A 1995, 994; 1997, 2167; 1999, 1539; 2005, 2807; 2007, 3115)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.050 - "Financial institution" defined.

"Financial institution" means any bank, savings and loan association, savings bank or trust company, including a subsidiary or holding company of these, doing business in this State that is federally insured and organized under, or supervised pursuant to, the laws of the United States or of any state.
(Added to NRS by 2007, 3105)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.090 - Inapplicability of chapter to participants in Regulatory Experimentation Program for Product Innovation; exception.

Except as otherwise required by the Director of the Department of Business and Industry pursuant to NRS 657A.430 or 657A.620, the provisions of this chapter do not apply to a participant in the Regulatory Experimentation Program for Product Innovation established and administered pursuant to chapter 657A of NRS.
(Added to NRS by 2019, 3996)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.100 - License required; regulations; application; issuance, expiration and renewal of license.

1. Except as otherwise provided in NRS 645G.120, a person shall not act as an exchange facilitator unless he or she is licensed as such with the Division. The Division may adopt such regulations as it deems necessary to carry out the provisions of this chapter, including, without limitation, regulations prescribing amounts required for liquidity purposes.
2. To apply for a license as an exchange facilitator, a person must pay the Division the fee prescribed by NRS 645G.220.
3. In addition to the requirements set forth in subsection 2, the person must submit to the Division:
(a) The following information on a form provided by the Division:
(1) The applicant’s name, business address and telephone number;
(2) The name under which the applicant will hold the money or other property of a client;
(3) The names, residence and business addresses of all shareholders or members who hold 10 percent or more of the voting stock of the applicant’s business and all persons having an interest in the business as principals, partners, officers, trustees or directors, specifying the capacity and title of each;
(4) The length of time the applicant has been engaged in the business of acting as an exchange facilitator;
(5) A summary description of the business of the applicant;
(6) A list of any similar licenses obtained and maintained in other states or other jurisdiction and information regarding revocation of any such license;
(7) The tax identification number of the applicant; and
(8) A current certificate of good standing for the applicant from the state or other jurisdiction in which the applicant’s business is formed; and
(b) All information required to complete the application.
4. The Division shall approve an application submitted pursuant to this section within 45 days after the submission of the completed application, any additional information required by the Division and proof satisfactory to the Division that the applicant has complied with the provisions of NRS 645G.320. Upon approval of an application, the Division shall issue a license to the applicant.
5. A license issued pursuant to this chapter expires on December 31 of each year unless it is renewed. To renew such a license, the licensee must submit to the Commissioner on or after November 1 and on or before December 31 of each year:
(a) An application for renewal which contains the information required by the Division for that purpose; and
(b) A renewal fee prescribed by NRS 645G.220.
(Added to NRS by 1993, 2019; A 1997, 2167; 2003, 1293, 2862; 2005, 1290, 1291, 2777, 2807, 2814; 2007, 3116; 2021, 2061)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.120 - License required for certain members and officers of certain business organizations.

1. If the exchange facilitator is a corporation qualified to do business in this State, every officer, director and exchange facilitator officer designated pursuant to NRS 645G.170 of the corporation who does business in this State must be licensed. No other employee is required to be licensed.
2. If the exchange facilitator is not a natural person or a publicly traded company, each shareholder, member or other owner who owns 10 percent or more of the voting stock, shares or other ownership interest of the exchange facilitator must be licensed.
(Added to NRS by 1993, 2020; A 2007, 3119)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.130 - Duties of licensee: Maintenance of principal place of business or registered agent in state; notice of change of address or telephone number; provision of information required by Division; notice of licensing changes to clients.

A licensee shall:
1. Maintain a principal place of business in this State or maintain a registered agent in this State;
2. Inform the Division in writing within 10 working days after any change in the address or telephone number of his or her principal place of business or registered agent, and provide any other information required by the Division; and
3. Inform all clients within 10 working days after:
(a) A change in any of the officers, directors, employees or owners of the licensee who are required to obtain a license pursuant to NRS 645G.120 or 645G.170; or
(b) The licensee or any person described in paragraph (a) acquires a new license, has his or her license suspended or revoked or otherwise relinquishes, loses or has any other change in the status of the license.
(Added to NRS by 1993, 2020; A 2007, 3119)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.140 - License nontransferable; business of licensee may only be sold or transferred to another licensee.

1. A license issued pursuant to this chapter is nontransferable.
2. The business of a licensee must not be sold or ownership of the business transferred before the prospective buyer or owner has complied with the provisions of NRS 645G.100.
(Added to NRS by 2007, 3106)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.150 - Branch offices.

1. A licensee may establish one or more branch offices in this State.
2. A licensee who establishes one or more branch offices in this State shall provide written notice to the Division of the establishment of any such branch office within 30 days after establishment of the branch office.
(Added to NRS by 2007, 3106)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.170 - Designation of exchange facilitator officer.

1. The business of a licensee, if the licensee is not a natural person, must be conducted under the direct management of an officer or employee of the licensee designated by the licensee as an exchange facilitator officer, who is licensed pursuant to the provisions of this chapter and who is:
(a) An attorney or certified public accountant admitted to practice in any state or territory of the United States;
(b) A certified exchange specialist certified by the Federation of Exchange Accommodators or its successor; or
(c) A person who has been actively conducting the business of an exchange facilitator or who has equivalent experience, as determined by the Division, for the 3 years immediately preceding his or her designation as an exchange facilitator officer.
2. A licensee shall notify the Division in writing within 10 working days after:
(a) The designation of any exchange facilitator officer, setting forth the experience and qualifications of the exchange facilitator officer and other such information as may be required by the Division; and
(b) The termination of the employment of any exchange facilitator officer.
(Added to NRS by 2007, 3106)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.180 - Cancellation of license for failure to submit item required for renewal; reinstatement.

1. Except as otherwise provided in subsection 2, if a licensee fails to submit any item required for the renewal of his or her license pursuant to NRS 645G.100, 645G.200 or 645G.210, as applicable, to the Commissioner on or after November 1 and on or before December 31 of any year, the license is cancelled as of December 31 of that year and no license may be issued to the licensee except upon another application for an original license.
2. The Commissioner may reinstate a license which has been cancelled pursuant to subsection 1 if the licensee submits to the Commissioner on or before February 28 of the year following the cancellation of the license:
(a) An application for renewal which contains the information required by the Division for that purpose; and
(b) A fee one and one-half times the amount otherwise required for renewal.
(Added to NRS by 2007, 3108; A 2021, 2063)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.200 - Reciprocal license: Person licensed in another jurisdiction.

1. A person who is licensed as an exchange facilitator in another state or territory of the United States and is not otherwise required to be licensed pursuant to the provisions of this chapter may submit an application for a reciprocal license as an exchange facilitator pursuant to the provisions of this section. The Division shall issue a reciprocal license to the applicant if:
(a) The applicant is licensed in a jurisdiction that grants reciprocal licensing to a person licensed pursuant to this chapter;
(b) The Division determines that the laws and regulations governing exchange facilitators of the jurisdiction in which the applicant is licensed are at least equivalent to the provisions of this chapter;
(c) The applicant provides proof satisfactory to the Division that the applicant has complied with the requirements of NRS 645G.320 and 645G.330;
(d) The applicant pays the fee required pursuant to NRS 645G.220;
(e) The applicant designates the Division as its representative to receive service of process for matters arising in this State; and
(f) The applicant does not maintain an office in this State in connection with the conduct of the business of an exchange facilitator.
2. The Division shall:
(a) Examine the laws of each state to identify the jurisdictions that meet the requirements for recognition of a reciprocal license pursuant to this section; and
(b) Publish annually a list of the jurisdictions that meet the requirements of this section.
3. A license issued pursuant to this section expires on December 31 of each year unless it is renewed. To renew such a license, the licensee must submit to the Commissioner on or after November 1 and on or before December 31 of each year:
(a) An application for renewal which contains the information required by the Division for that purpose; and
(b) The renewal fee prescribed by NRS 645G.220.
(Added to NRS by 2007, 3113; A 2021, 2063)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.210 - Special license: Financial institutions.

1. A financial institution may obtain a special license pursuant to this section.
2. The Division shall issue a special license to a financial institution if the financial institution:
(a) Maintains an office in this State;
(b) Pays the fee required pursuant to NRS 645G.220 for the issuance of a license; and
(c) Complies with any other requirements set forth by regulations adopted by the Division.
3. A financial institution which obtains a special license pursuant to this section is exempt from the requirements of subsections 2, 3 and 4 of NRS 645G.100 except as otherwise required by regulations adopted by the Division.
4. A license issued pursuant to this section expires on December 31 of each year unless it is renewed. To renew such a license, the licensee must submit to the Commissioner on or after November 1 and on or before December 31 of each year:
(a) An application for renewal which contains the information required by the Division for that purpose; and
(b) The renewal fee prescribed by NRS 645G.220.
(Added to NRS by 2007, 3113; A 2021, 2064)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.220 - Fees; regulations.

1. The Commissioner shall charge and collect the following fees:
(a) For the filing and investigation of an application for a license, a nonrefundable fee of not more than $1,000 and any additional expenses incurred in the process of investigation;
(b) For the issuance of a license, at least $200;
(c) For the annual renewal of a license, at least $200;
(d) For the issuance of a license for each branch office of a licensee, a nonrefundable fee of at least $200;
(e) For the annual renewal of a license for each branch office of a licensee, at least $250;
(f) For the issuance of a reciprocal license, at least $150;
(g) For the annual renewal of a reciprocal license, at least $150; and
(h) For the reissuance of a license because of a change in the business address of the licensee, at least $200.
2. All money received by the Commissioner pursuant to paragraph (a) of subsection 1 must be placed in the Investigative Account for Financial Institutions created by NRS 232.545.
3. The Commissioner shall adopt regulations establishing the amount of fees required pursuant to this section.
(Added to NRS by 2007, 3108)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.230 - Audit of licensees; report to Legislature.

1. The Commissioner shall cause to be conducted at least every 5 years an audit of all licensees. The Commissioner shall cause to be conducted each year on a random basis additional partial audits of any licensee who has a history of violations of the provisions of this chapter, or the regulations adopted pursuant thereto, as determined by the Commissioner.
2. The Commissioner shall require the use of standard auditing procedures and shall establish a manual to describe the standard auditing procedures. The manual must include, without limitation:
(a) Specific audit objectives;
(b) Standards for documentation;
(c) Policies for supervisory review;
(d) Policies for the training of auditors;
(e) The format for the audit report; and
(f) Procedures for the presentation, distribution and retention of the audit report.
3. On or before March 1 of each year, the Commissioner shall make a report of each audit to the Legislature, if it is in session, or to the Interim Finance Committee, if the Legislature is not in session.
(Added to NRS by 2007, 3114)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.250 - Commissioner authorized to take action to participate; charges for use; regulations; provisions do not replace or affect authority of Commissioner regarding licensing.

1. The Commissioner may, in furtherance of his or her duties and the duties of the Division with respect to the issuance and renewal of licenses pursuant to this chapter, participate in the Nationwide Multistate Licensing System and Registry. The Commissioner may take any action with respect to participation in the Registry that the Commissioner deems necessary to carry out such duties, including, without limitation:
(a) Facilitating and participating in the establishment and implementation of the Registry;
(b) Establishing relationships or contracts with the Registry or other entities designated by the Registry;
(c) Authorizing the Registry to collect and maintain records of applicants for licenses and licensees;
(d) Authorizing the Registry to, on behalf of the Commissioner or the Division, as applicable, collect and process any fees associated with licensure, examinations, fines, assessments and any other similar fees;
(e) Requiring an applicant for a license or a licensee to use the Registry to:
(1) Apply for the issuance or renewal of a license;
(2) Amend or surrender a license;
(3) Submit any reports or the results of any examination that the Commissioner may require;
(4) Pay any applicable fees; and
(5) Engage in any other activity that the Commissioner may require; and
(f) Authorizing the Registry to, on behalf of the Commissioner or the Division, as applicable, collect fingerprints in order to receive or conduct a background check on the criminal history of an applicant for a license or a licensee.
2. An applicant for a license or a licensee shall, in addition to any other fees associated with the license, pay all applicable charges to use the Registry, including, without limitation, any processing charges established by the administrator of the Registry.
3. The Commissioner may adopt any regulations the Commissioner determines to be necessary or appropriate to carry out the provisions of this section. Such regulations may, without limitation, establish additional procedures and requirements for participation in the Registry.
4. The provisions of this section shall not be construed to replace or affect the authority of the Commissioner or the Division to grant, deny, suspend, terminate, revoke or refuse to renew a license.
(Added to NRS by 2021, 2059)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.260 - Submission and processing of fingerprints.

1. The Commissioner may require an applicant for a license or a licensee to submit a complete set of fingerprints when the Commissioner determines necessary.
2. The Commissioner may use the services of the Registry to process and to submit the fingerprints to the Federal Bureau of Investigation, to the Central Repository for Nevada Records of Criminal History, to any federal or state law enforcement agency or to any other entity authorized to receive such information for the purpose of conducting a background check of the criminal history of an applicant for a license or a licensee.
(Added to NRS by 2021, 2060)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.270 - Commissioner required to report certain information or material; confidentiality of information or material provided; Commissioner authorized to enter into certain agreements and arrangements.

1. Subject to any limitations or restrictions contained in federal or state law governing the privacy or confidentiality of records, the Commissioner shall report regularly any violations of applicable laws committed by applicants for licenses or licensees, enforcement actions and other relevant information to the Registry.
2. The requirements under any federal or state law, including, without limitation, rules of a federal or state court, regarding the privacy and confidentiality of any information or material provided to the Registry and any privilege arising under federal or state law with respect to such information or material, continue to apply to such information or material after it has been disclosed to the Registry. Such information and material may be shared with federal and state regulatory officials with oversight authority over licensees without the loss of privilege or the loss of confidentiality protections provided by federal or state law.
3. The Commissioner may enter into agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the State Regulatory Registry, LLC, or other associations representing governmental agencies.
(Added to NRS by 2021, 2060)