reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.280 - Additional materials required to be submitted.

1. In addition to any other requirements set forth in this chapter, each applicant for the issuance of a license pursuant to this chapter and each owner, officer, director and responsible person of the applicant, each person in control of the applicant and any other person the Commissioner may require in accordance with guidelines of the Registry or other multistate agreements shall submit to the Registry:
(a) A complete set of fingerprints for submission to the Federal Bureau of Investigation and any other governmental agency or entity authorized to receive such information for a state, national and international background check on the criminal history of the person;
(b) Information concerning the personal history, financial history and experience of the person in a form prescribed by the Registry, including, without limitation, an authorization of the person for the Registry and the Commissioner to obtain:
(1) An independent credit report and credit score from a consumer reporting agency described in section 603(f) of the Fair Credit Reporting Act, 15 U.S.C. § 1681a(f), for the purpose of evaluating the financial responsibility of the person at the time of the submission of the application; and
(2) Additional independent credit reports and credit scores to confirm that the person continues to comply with any applicable requirements concerning financial responsibility;
(c) Information related to any administrative, civil or criminal findings made by any governmental jurisdiction concerning the person; and
(d) Any other information concerning the person that the Registry or Commissioner may require.
2. As used in this section:
(a) "Control" has the meaning ascribed to it in NRS 682A.047.
(b) "Responsible person" means a person who is employed by an applicant and who has principal, active managerial authority over the provision of services in this State.
(Added to NRS by 2021, 2060)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.290 - Licensee required to register and maintain unique identifier; Commissioner authorized to issue license through Registry; references to Commissioner deemed references to Registry.

1. Each licensee shall register with and maintain a valid unique identifier with the Registry.
2. The Commissioner may, on behalf of the Division, issue a license through the Registry.
3. To the extent that the Commissioner has delegated to the Registry any of his or her duties or the duties of the Division with respect to the issuance and renewal of licenses as authorized by the provisions of this chapter, any reference to the Commissioner or the Division in this chapter shall be deemed to be a reference to the Registry.
4. As used in this section, "unique identifier" means a number or other identifier assigned by the protocols established by the Registry.
(Added to NRS by 2021, 2061)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.300 - Client’s money and property: Fiduciary duty of licensee.

1. Each licensee is a fiduciary of all money, property, other considerations and instruments received by the licensee from the client.
2. Each licensee shall invest money related to a tax-deferred exchange of property in investments which meet the reasonable standards that are applicable to persons acting as fiduciaries in this State.
(Added to NRS by 2007, 3106)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.320 - Fidelity bond or deposit.

1. Except as otherwise provided in subsection 2, an exchange facilitator shall maintain one or more fidelity bonds in a total amount of not less than $1,000,000 executed by an insurer authorized to do business in this State and approved by the Division.
2. In lieu of such a bond, a licensee may deposit with the Division under such terms and conditions as the Division may prescribe, a like amount of lawful money of the United States or any other form of security authorized by NRS 100.065. If security is provided in the form of a savings certificate, certificate of deposit or investment certificate, the certificate must state that the amount is unavailable for withdrawal except upon order of the Division.
3. A licensee shall provide proof of the bond required pursuant to this section, including, without limitation, the name and address of the insurer, to a client.
4. Any person claiming against a bond or deposit required by this section may bring an action in a court of competent jurisdiction on the bond or deposit for damages to the extent covered by the bond or deposit. A person who brings an action on a bond or deposit shall notify the Division in writing upon filing the action.
5. Upon receiving a request from a person for whose benefit a bond or deposit is required, the Division shall notify the person:
(a) That a bond is in effect or that a deposit has been made, and the amount of either; and
(b) If there is an action against the bond, of the title, court and case number of the action and the amount sought by the plaintiff.
6. If an insurer or, in the case of a deposit, the Division wishes to make a payment without awaiting action by a court, the amount of the bond or deposit must be reduced to the extent of any payment made by the insurer or the Division in good faith under the bond or deposit. Any payment must be based on written claims received by the insurer or the Division before any action is taken by a court.
7. Claims against a bond or deposit have equal priority, and if the bond or deposit is insufficient to pay all claims in full, they must be paid on a pro rata basis. Partial payment of claims is not full payment, and any claimant may bring an action against the licensee for the unpaid balance.
(Added to NRS by 1993, 2020; A 2007, 3119)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.330 - Insurance: Maintenance of policy; other security; proof of coverage; claims; duty of Division.

1. Except as otherwise provided in subsection 2, a licensee shall maintain a policy of insurance covering liability for errors and omissions in an amount not less than $250,000 executed by an insurer authorized to do business in this State and approved by the Division.
2. In lieu of such a policy of insurance, a licensee may deposit with the Division under such terms and conditions as the Division may prescribe, a like amount of lawful money of the United States or any other form of security authorized by NRS 100.065. If security is provided in the form of a savings certificate, certificate of deposit or investment certificate, the certificate must state that the amount is unavailable for withdrawal except upon order of the Division.
3. A licensee shall provide proof of the coverage required pursuant to this section, including, without limitation, the name and address of the insurer, to a client.
4. The provisions of subsections 1 and 2 do not prohibit the licensee from maintaining a policy of insurance, deposits or other forms of security in excess of the amounts required by subsections 1 and 2.
5. Any person claiming against a policy of insurance or deposit required by this section may bring an action in a court of competent jurisdiction on the policy of insurance or deposit for damages to the extent covered by the policy. A person who brings an action on a policy or deposit shall notify the Division in writing upon filing the action.
6. Upon receiving a request from a client of an exchange facilitator, the Division shall notify the client:
(a) That a policy of insurance is in effect or that a deposit has been made, and the amount of either; and
(b) If there is an action against the policy of insurance, of the title, court and case number of the action and the amount sought by the plaintiff.
7. If an insurer or, in the case of a deposit, the Division wishes to make payment without awaiting action by a court, the amount of the policy or deposit must be reduced to the extent of any payment made by the insurer or the Division in good faith under the policy or deposit. Any payment must be based on written claims received by the insurer or the Division before any action is taken by a court.
8. Claims against a policy of insurance or deposit have equal priority, and if the policy or deposit is insufficient to pay all claims in full, they must be paid on a pro rata basis. Partial payment of claims is not full payment, and any claimant may bring an action against the exchange facilitator for the unpaid balance.
(Added to NRS by 2007, 3107)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.340 - Written notice of cancellation or withdrawal of bond, insurance or other security; suspension of license.

A licensee shall provide written notice to the Division at least 30 days before the cancellation or withdrawal of any bond, policy of insurance or security required pursuant to NRS 645G.320 or 645G.330. The Division shall suspend the license of a licensee upon notice that the licensee has cancelled or withdrawn any bond, policy of insurance or security required pursuant to NRS 645G.320 or 645G.330.
(Added to NRS by 2007, 3107)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.350 - Exchange funds required to be kept separate.

All exchange funds must be kept separate from money belonging to the licensee and must be deposited in a financial institution that is federally insured or insured by a private insurer approved pursuant to NRS 672.755 unless another financial institution has been designated in writing in the exchange agreement. The money when deposited must be designated as "trust funds" or "escrow accounts" or under some other appropriate name indicating that the money is not the money of the licensee.
(Added to NRS by 2007, 3107)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.360 - Exchange funds not subject to execution or attachment; commingling prohibited.

1. Exchange funds are not subject to execution or attachment on any claim against the licensee.
2. A licensee shall not knowingly keep or cause to be kept any money in any bank, credit union or other financial institution under any name designating the money as belonging to the clients of any licensee, unless the money belongs to the client and was actually entrusted to the licensee by the client.
(Added to NRS by 2007, 3108)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.400 - Deposit of money received by Commissioner.

Except as otherwise provided in NRS 645G.220 and 645G.410, all money received by the Commissioner pursuant to this chapter must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.
(Added to NRS by 2007, 3108)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.410 - Deposit and use of money received by Division from civil penalty.

The Division shall deposit any money it receives from a civil penalty imposed pursuant to NRS 205.960 and 645G.900 with the State Treasurer for credit to a separate account in the State General Fund. The Division shall expend at least 75 percent of the money so received to pay administrative costs related to:
1. The licensing of exchange facilitators; and
2. Any program it develops to supply information regarding exchange facilitators to the public.
Any remaining money may be used by the Division to reimburse residents of Nevada for financial losses caused by the illegal conduct of an exchange facilitator.
(Added to NRS by 1993, 2020; A 2007, 3120)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.505 - Division required to maintain records of complaints, investigations and denials of applications.

The Division shall maintain a public docket or other record in which it shall record from time to time as made:
1. The rulings or decisions upon all complaints filed with the Division concerning an exchange facilitator.
2. All investigations instituted by the Commissioner or the Division in the first instance, upon or in connection with which any hearing has been held, or in which the licensee charged has made no defense.
3. Denials of applications made to the Division for licensing.
(Added to NRS by 2007, 3108)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.510 - Confidentiality of certain records of Division; exception.

1. Except as otherwise provided in this section and NRS 239.0115, a complaint filed with the Division alleging a violation of this chapter, 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. A complaint or other document filed with the Division to initiate disciplinary action and all documents and information considered by the Division when determining whether to impose discipline are public records.
(Added to NRS by 2007, 3109)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.515 - Authorized disciplinary action; grounds; orders imposing discipline deemed public records; payment of costs incurred by Division.

1. The Commissioner may require a licensee to pay an administrative fine of not more than $200 per day for each violation the licensee commits or may suspend, revoke, deny the renewal of or place conditions upon the license, or impose any combination of those actions, at any time if:
(a) The licensee, by false or fraudulent representation, obtained a license.
(b) The licensee, whether or not acting as such, is found guilty of:
(1) Making any material misrepresentation.
(2) Making any false promises of a character likely to influence, persuade or induce.
(c) The licensee has failed, within a reasonable time, to account for or to remit any money which comes into his or her possession or under his or her control and which belongs to others.
(d) The licensee has engaged in any fraudulent act.
(e) The licensee, or an owner, officer, director or employee of a licensee, is found guilty of any crime involving fraud, misrepresentation, deceit, embezzlement, misappropriation of money, robbery or theft.
(f) The licensee has failed to fulfill a contractual duty to deliver property or money, unless the failure to deliver such property or money is beyond the control of the licensee.
(g) A receiver or conservator is appointed to take control of the assets of a licensee.
(h) The licensee is dissolved.
(i) The licensee is bankrupt.
(j) The licensee fails to maintain, for review and audit by the Division, each agreement governed by the provisions of this chapter and entered into by the licensee.
(k) The licensee violates any provision of this chapter or any regulations adopted pursuant thereto.
2. An order that imposes discipline and the findings of fact and conclusions of law supporting that order are public records.
3. In addition to any action set forth in subsection 1, the Division may, if it determines that an applicant for a license or a licensee has committed any of the acts set forth in subsection 1, after notice and a hearing required by law, require the applicant or licensee to pay the costs incurred by the Division to conduct any related investigation or hearing.
(Added to NRS by 2007, 3109)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.520 - Limitations on suspension and reissuance of license after revocation.

1. The Division shall not suspend the license of a licensee pursuant to NRS 645G.515 for more than 2 years.
2. After the revocation of any license by the Commissioner as provided in this chapter, no new license may be issued to the same licensee within 2 years after the date of the revocation and then only provided that the licensee satisfies all the requirements for an original license.
(Added to NRS by 2007, 3109)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.525 - Suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license. [Effective until 2 years after the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]

1. If the Division receives a copy of a court order issued pursuant to NRS 425.540 that provides for the suspension of all professional, occupational and recreational licenses, certificates and permits issued to a person who is licensed as an exchange facilitator, the Division shall deem the license issued to that person to be suspended at the end of the 30th day after the date on which the court order was issued unless the Division receives a letter issued by the district attorney or other public agency pursuant to NRS 425.550 to the person who is licensed as an exchange facilitator stating that the person has complied with the subpoena or warrant or has satisfied the arrearage pursuant to NRS 425.560.
2. The Division shall reinstate the license of an exchange facilitator that has been suspended by a district court pursuant to NRS 425.540 if the Division receives a letter issued by the district attorney or other public agency pursuant to NRS 425.550 to the person whose license was suspended stating that the person whose license was suspended has complied with the subpoena or warrant or has satisfied the arrearage pursuant to NRS 425.560.
(Added to NRS by 1997, 2165; A 2005, 2807; 2007, 3118)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.530 - Investigations, disciplinary or other proceedings, fines and penalties not affected by expiration, revocation or voluntary surrender of license.

The expiration or revocation of a license by operation of law or by order or decision of the Division or a court of competent jurisdiction, or the voluntary surrender of a license does not:
1. Prohibit the Commissioner or the Division from initiating or continuing an investigation of, or action or disciplinary proceeding against, the exchange facilitator as authorized pursuant to the provisions of this chapter or the regulations adopted pursuant thereto; or
2. Prevent the imposition or collection of any penalty authorized pursuant to the provisions of this chapter or the regulations adopted pursuant thereto against the exchange facilitator.
(Added to NRS by 2007, 3110)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.535 - Revocation, suspension or denial of renewal of license: Complaint; notice of hearing.

1. The procedure set forth in this section and NRS 645G.540 must be followed before the Division revokes, suspends or denies the renewal of any license issued pursuant to this chapter.
2. Upon the initiation of a complaint by the Division, the matter must be set for a hearing by the Commissioner, who shall schedule a hearing before the Commissioner, and the licensee is entitled to be heard thereon in person or by counsel.
3. The Commissioner shall hold the hearing within 90 days after the filing of a complaint by the Division. The time of the hearing may be continued at the discretion of the Commissioner or upon the written request of the licensee or of the Division for good cause shown.
4. The licensee must be given at least 30 days’ notice in writing by the Division of the date, time and place of the hearing, together with a copy of the complaint and copies of all communications, reports, affidavits or depositions in possession of the Division relevant to the complaint. The Division may present evidence obtained after the notice only if the Division shows that the evidence was not available after diligent investigation before the time notice was given to the licensee and that the evidence was given or communicated to the licensee immediately after it was obtained.
5. Notice is complete upon delivery personally to the licensee or by mailing by certified mail to the last known address of the licensee.
(Added to NRS by 2007, 3110)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.540 - Revocation, suspension or denial of renewal of license: Answer; limitations on time of commencing proceeding.

1. The licensee shall file an answer to the charges with the Commissioner not later than 30 days after service of the notice and other documents described in subsection 4 of NRS 645G.535. The answer must contain an admission or denial of the allegations contained in the complaint and any defenses upon which the licensee will rely. If no answer is filed within the time limit described in this subsection, the Division may, after notice to the licensee served in the manner authorized in subsection 5 of NRS 645G.535, move for the entry of a default against the licensee.
2. The answer may be served by delivery to the Division, or by mailing the answer by certified mail to the principal office of the Division.
3. No proceeding to suspend, revoke or deny the renewal of any license may be maintained unless it is commenced by the giving of notice to the licensee within 3 years of the time of the act charged, whether of commission or omission, except:
(a) If the charges are based upon a misrepresentation or failure to disclose, the period does not commence until the discovery of facts which do or should lead to the discovery of the misrepresentation or failure to disclose; and
(b) Whenever any action or proceeding is instituted to which the Division or the licensee is a party and which involves the conduct of the licensee in the transaction with which the charges are related, the running of the 3-year period with respect to the institution of a proceeding pursuant to this chapter to suspend, revoke or deny the renewal of the license is suspended during the pendency of the action or proceeding.
(Added to NRS by 2007, 3110)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.545 - Revocation, suspension or denial of renewal of license: Hearing; transcript.

The hearing on the charges must be held at such time and place as the Commissioner prescribes. At the hearing, a stenographic transcript of the proceedings must be made if requested or required for judicial review. Any party to the proceedings desiring a transcript must be furnished with a copy upon payment to the Division of the reasonable cost of transcription.
(Added to NRS by 2007, 3111)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.550 - Power of Commissioner to administer oaths, certify acts and issue subpoenas; service of process.

1. The Commissioner shall have the power to administer oaths, certify to all official acts, and issue subpoenas for attendance of witnesses and the production of books and papers.
2. In any hearing or investigation in any part of the State, the process issued by the Commissioner shall extend to all parts of the State and may be served by any person authorized to serve process of courts of record. The person serving any such process shall receive such compensation as may be allowed by the Commissioner, not to exceed the fees prescribed by law for similar service, and such fees must be paid in the same manner as provided in NRS 645G.555 for the payment of the fees of witnesses.
(Added to NRS by 2007, 3111)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.555 - Fees and mileage for witness.

1. Each witness who appears by order of the Commissioner is entitled to receive for his or her attendance the same fees and mileage allowed by law to a witness in civil cases, which amount must be paid by the party at whose request the witness is subpoenaed.
2. When any witness not otherwise required to attend is subpoenaed by the Commissioner, his or her fees and mileage must be paid by the Division.
(Added to NRS by 2007, 3111)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.560 - Enforcement of subpoenas.

1. The district court in and for the county in which any hearing may be held shall have the power to compel the attendance of witnesses, the giving of testimony and the production of books and papers as required by any subpoena issued by the Commissioner.
2. In case of the refusal of any witness to attend or testify or produce any papers required by such subpoena, the Commissioner may report to the district court in and for the county in which the hearing is pending by petition, setting forth:
(a) That due notice has been given of the time and place of attendance of the witness or the production of the books and papers;
(b) That the witness has been subpoenaed in the manner prescribed in this chapter; and
(c) That the witness has failed and refused to attend or produce the papers required by subpoena before the Commissioner in the cause or proceeding named in the subpoena, or has refused to answer questions propounded to him or her in the course of such hearing,
and asking an order of the court compelling the witness to attend and testify or produce the books or papers before the Commissioner.
3. The court, upon petition of the Commissioner, shall enter an order directing the witness to appear before the court at a time and place to be fixed by the court in such order, the time to be not more than 10 days from the date of the order, and then and there show cause why the witness has not attended or testified or produced the books or papers before the Commissioner. A certified copy of the order shall be served upon the witness. If it shall appear to the court that the subpoena was regularly issued by the Commissioner, the court shall thereupon enter an order that the witness appear before the Commissioner at the time and place fixed in the order and testify or produce the required books or papers, and upon failure to obey the order, the witness shall be dealt with as for contempt of court.
(Added to NRS by 2007, 3111)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.565 - Depositions; taking of evidence in another state; rights of party to hearing to request subpoenas.

1. The Commissioner may, in any hearing before the Commissioner, cause the depositions of witnesses residing within or without the State to be taken in the manner prescribed by the Nevada Rules of Civil Procedure for like depositions in civil actions in the district courts of this State, and to that end may compel the attendance of witnesses and the production of books and papers.
2. The clerk of the district court in and for the county in which any hearing may be held by the Commissioner shall, upon the application of the Commissioner, issue commissions to other states for the taking of evidence therein for use in any proceedings before the Commissioner.
3. Any party to any hearing before the Commissioner shall have the right to the attendance of witnesses in his or her behalf at such hearing or upon deposition as set forth in this section upon making request therefor to the Commissioner and designating the name and address of the person or persons sought to be subpoenaed.
(Added to NRS by 2007, 3112)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.570 - Decision of Commissioner on complaint: Rendition; notice; effective date; stay of decision.

1. The Commissioner shall render an informal decision on any complaint within 15 days after the final hearing thereon and shall give notice in writing of the ruling or decision to the applicant or licensee affected thereby within 60 days after the final hearing thereon by certified mail to the last known address of the person to whom the notice is sent.
2. If the ruling is adverse to the licensee, the Commissioner shall also state in the notice the date upon which the ruling or decision becomes effective, which date must not be less than 30 days after the date of the notice.
3. The decision of the Commissioner may not be stayed by any appeal in accordance with the provisions of NRS 645G.575, unless the district court so orders upon motion of the licensee, notice to the Division of the motion and opportunity for the Division to be heard.
4. An appeal from a decision of the district court affirming the revocation or suspension of a license does not stay the order of the Commissioner unless the district or appellate court, in its discretion and upon petition of the licensee, after notice and hearing orders such stay, and upon the filing of a bond for costs in the amount of $1,000.
(Added to NRS by 2007, 3112)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.575 - Decision of Commissioner in disciplinary action final when in favor of licensee; judicial review of decision against licensee.

1. A ruling or decision of the Commissioner in any disciplinary action is final when in favor of the licensee.
2. If a ruling or decision is against the licensee, the licensee is entitled to judicial review of the ruling or decision in the manner provided by chapter 233B of NRS.
(Added to NRS by 2007, 3112)
2023 Nevada Revised Statutes › Chapter 645G - Exchange Facilitators › NRS 645G.900 - Prohibited acts; penalties; injunctive relief.

1. Any person who is not licensed pursuant to this chapter who acts as an exchange facilitator in this State or holds himself or herself out as a licensee and any licensee who commits an act set forth in subsection 1 of NRS 645G.515 is:
(a) Guilty of a gross misdemeanor.
(b) Liable to the Division for a civil penalty of $200 per day for each day that the violation continues.
2. The Division may file an action for injunctive relief in the appropriate district court in this State to prevent the occurrence or continuance of that act.
(Added to NRS by 2007, 3113)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.030 - "Asset management" defined.

"Asset management" means to manage, oversee or direct actions taken to maintain any real property, including, without limitation, any actions taken to preserve, restore or improve the value and to lessen the risk of damage to the property on behalf of a client before a foreclosure sale or in preparation for liquidation of real property owned by the client pursuant to a foreclosure sale.
(Added to NRS by 2011, 2818)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.040 - "Asset management company" defined.

"Asset management company" means a person, limited-liability company, partnership, association or corporation which, for compensation and pursuant to a contractual agreement, power of attorney or other legal authorization, engages in asset management on behalf of:
1. A bank, mortgage company, mortgage servicer as that term is defined in NRS 645F.063, credit union, thrift company, savings and loan association or savings bank, or any subsidiary thereof which is authorized to transact business in this State;
2. A mortgage holding entity chartered by Congress; or
3. A federal, state or local governmental entity.
(Added to NRS by 2011, 2818; A 2015, 2809; 2017, 3083)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.060 - "Client" defined.

"Client" means:
1. A bank, mortgage company, mortgage servicer as that term is defined in NRS 645F.063, credit union, thrift company, savings and loan association or savings bank, or any subsidiary thereof that is authorized to transact business in this State;
2. A mortgage holding entity chartered by Congress; or
3. A federal, state or local governmental entity,
for whom an asset management company provides asset management.
(Added to NRS by 2011, 2819; A 2015, 2810; 2017, 3083)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.080 - "Foreclosure sale" defined.

"Foreclosure sale" means a sale of real property to enforce an obligation secured by a mortgage or lien on the property, including, without limitation, the exercise of a trustee’s power of sale pursuant to NRS 107.080.
(Added to NRS by 2011, 2819)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.090 - "Homeowner" defined.

"Homeowner" means the owner of record of a residence, including, without limitation, the owner of record of a residence in foreclosure at the time the notice of the pendency of an action for foreclosure is recorded pursuant to NRS 14.010 or the notice of default and election to sell is recorded pursuant to NRS 107.080.
(Added to NRS by 2011, 2819)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.120 - "Real property in foreclosure" defined.

"Real property in foreclosure" includes, without limitation, a residence in foreclosure or commercial real property against which there is an outstanding notice of the pendency of an action for foreclosure recorded pursuant to NRS 14.010 or notice of default and election to sell recorded pursuant to NRS 107.080.
(Added to NRS by 2011, 2819)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.140 - "Residence in foreclosure" defined.

"Residence in foreclosure" means any residential real property consisting of:
1. Not more than four family dwelling units, one of which the homeowner or a tenant of the homeowner occupies as his or her principal place of residence; or
2. A single-family residential unit, including, without limitation, a condominium, townhouse or home within a subdivision, if the unit is sold, leased or otherwise conveyed unit by unit, regardless of whether the unit is part of a larger building or parcel that consists of more than four units,
against which there is an outstanding notice of the pendency of an action for foreclosure recorded pursuant to NRS 14.010 or notice of default and election to sell recorded pursuant to NRS 107.080.
(Added to NRS by 2011, 2819)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.160 - Applicability of chapter.

1. The provisions of this chapter which require a certificate of registration or permit do not apply to a person or broker who has a current permit to engage in property management pursuant to chapter 645 of NRS.
2. A person or broker who has a permit to engage in property management pursuant to chapter 645 of NRS may engage in the business of asset management if the provision of asset management services is included in the property management agreement entered into pursuant to NRS 645.6056.
3. Except as otherwise provided in subsection 1, a person or broker who engages in the business of asset management must comply with the provisions of this chapter and the recordkeeping requirements of chapter 645 of NRS.
4. The provisions of this chapter do not apply to:
(a) A person who is a regular, full-time employee of a bank, mortgage company, mortgage servicer as that term is defined in NRS 645F.063, credit union, thrift company, savings and loan association or savings bank, or any subsidiary thereof.
(b) A person who takes possession of property from a defendant in connection with a judicial proceeding for eminent domain brought pursuant to chapter 37 of NRS.
(Added to NRS by 2011, 2820; A 2015, 2810; 2017, 3083)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.280 - Duties of Division; restrictions on employees of Division.

1. The Division shall administer the provisions of this chapter and may employ legal counsel, investigators and other professional consultants necessary to discharge its duties pursuant to this chapter.
2. An employee of the Division must not be employed by or have an interest in any business that manages residences in foreclosure or other assets.
3. An employee of the Division shall not act as an asset manager or as an agent for an asset management company.
(Added to NRS by 2011, 2820)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.290 - Adoption of regulations.

The Division shall adopt:
1. Regulations prescribing a standard of practice and code of ethics for registered asset management companies. The regulations must include, without limitation, provisions establishing the degree of care that must be exercised by a reasonably prudent registered asset management company.
2. Such other regulations as are necessary for the administration of this chapter.
(Added to NRS by 2011, 2820)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.300 - Authority for Division to conduct business electronically; regulations; fees; use of unsworn declaration; exclusions.

1. The Administrator may adopt regulations which establish procedures for the Division to conduct business electronically pursuant to title 59 of NRS with persons who are regulated pursuant to this chapter and with any other persons with whom the Division conducts business. The regulations may include, without limitation, provisions establishing fees to pay the costs of conducting business electronically with the Division.
2. In addition to the provisions of NRS 719.280, if the Division conducts business electronically with a person and a law requires a signature or record to be notarized, acknowledged, verified or made under oath, the Division may allow the person to substitute a declaration that complies with the provisions of NRS 53.045 to satisfy the legal requirement.
3. The Division may refuse to conduct business electronically with a person who has failed to pay any money which the person owes to the Division.
(Added to NRS by 2011, 2820)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.310 - Inspection of certain documents by Division; regulations.

1. The Division may inspect any service report, contractual agreement, power of attorney or other legal authorization entered into by an asset management company and a client to ensure compliance with the provisions of this chapter.
2. The Division shall adopt regulations pertaining to those inspections.
(Added to NRS by 2011, 2821)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.320 - Records: Maintenance by Division; general provisions governing public inspection and confidentiality.

1. The Division shall maintain a record of:
(a) Persons whose applications for registration have been denied;
(b) Formal disciplinary proceedings and any investigations conducted by the Division which result in the initiation of those proceedings; and
(c) Rulings or decisions upon complaints filed with the Division.
2. Except as otherwise provided in this section and NRS 645H.330, records kept in the office of the Division pursuant to this chapter are open to the public for inspection pursuant to regulations adopted by the Division. Except as otherwise provided in NRS 239.0115, the Division may keep confidential, unless otherwise ordered by a court any criminal and financial records of an asset management company or applicant for a certificate of registration.
(Added to NRS by 2011, 2821)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.330 - Records: Certain records relating to complaint or investigation deemed confidential; certain records relating to disciplinary action deemed public records.

1. Except as otherwise provided in this section and NRS 645H.320, a complaint filed with the Division, all documents and other information filed with the Division relating to 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 and may be disclosed in whole or in part only as necessary in the course of administering this chapter or to a licensing board or agency or any other governmental agency, including, without limitation, a law enforcement entity, that is investigating a person who holds a certificate of registration or permit issued pursuant to this chapter.
2. The complaint or other document filed by the Division to initiate disciplinary action and all documents and information considered by the Division when determining whether to impose discipline are public records.
(Added to NRS by 2011, 2822)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.350 - Deposit of certain fees and administrative fines; financial support of Division.

1. Except as otherwise provided in NRS 645H.365, all fees and administrative fines received by the Division pursuant to this chapter must be deposited with the State Treasurer for credit to the State General Fund.
2. Money for the support of the Division in carrying out the provisions of this chapter must be provided by direct legislative appropriation and be paid out on claims as other claims against the State are paid.
(Added to NRS by 2011, 2822; A 2021, 3539)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.360 - Disposition of money collected.

If the Division imposes an administrative fine or collects a fee for registering an asset management company or issuing or renewing a permit to an asset manager, the Division shall deposit the amount collected with the State Treasurer for credit to the State General Fund. The Division may present a claim to the State Board of Examiners for recommendation to the Interim Finance Committee if money is needed to pay an attorney’s fee or the cost of an investigation, or both.
(Added to NRS by 2011, 2822)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.365 - Technology Account for Chapter 645H of NRS.

1. The Technology Account for Chapter 645H of NRS is hereby created in the State General Fund. The Administrator shall administer the Account.
2. The interest and income earned on the money in the Account, after deducting any applicable charges, must be credited to the Account. Any money remaining in the Account at the end of the fiscal year does not revert to the State General Fund, and the balance in the Account must be carried forward to the next fiscal year.
3. All money collected from the technology fees imposed pursuant to NRS 645H.530, 645H.540 and 645H.560 must be deposited in the Account and used only to acquire technology for or improve the technology used by the Division to administer the provisions of this chapter, including, without limitation, costs related to acquiring or improving technology, purchasing hardware and software, maintaining the technology and contracting for professional services related to the technology.
4. All claims against the Account must be paid as other claims against the State are paid.
(Added to NRS by 2021, 3538)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.370 - Duties of Attorney General.

1. The Attorney General shall render to the Division opinions upon questions of law relating to the construction or interpretation of this chapter, or arising in the administration thereof, submitted to the Attorney General by the Division.
2. The Attorney General shall act as the attorney for the Division in all actions and proceedings brought against or by the Division pursuant to any of the provisions of this chapter subject to the provisions of NRS 622A.200 and 622A.210.
(Added to NRS by 2011, 2822; A 2017, 2851)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.490 - Certificate of registration: Maintenance of insurance or acting as self-insurer; minimum limits of liability; proof.

1. Before issuing any certificate of registration or annual renewal thereof, the Division shall require satisfactory proof that the asset management company:
(a) Is covered by a policy of insurance written by an insurance company authorized to do business in this State which is sufficient to reimburse real property owners for, without limitation, any damage to real property in foreclosure, the wrongful disposal of property or wrongful eviction; or
(b) Possesses and will continue to possess sufficient means to act as a self-insurer against that liability.
2. Every asset management company shall maintain the policy of insurance or self-insurance required by this section. The registration of every such asset management company is automatically suspended 10 days after receipt by the asset management company of a notice from the Division that the required insurance is not in effect, unless satisfactory proof of insurance is provided to the Division within that period.
3. Proof of insurance or self-insurance must be in such a form as the Division may require.
(Added to NRS by 2011, 2823)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.500 - Certificate of registration: Expiration; renewal.

A certificate of registration issued pursuant to this chapter expires each year on the date of its issuance, unless it is renewed. To renew the certificate of registration, the registrant must submit to the Division on or before the expiration date:
1. An application for renewal;
2. The fee required to renew the certificate of registration pursuant to NRS 645H.560; and
3. All information required to complete the renewal.
(Added to NRS by 2011, 2825)
2023 Nevada Revised Statutes › Chapter 645H - Asset Management Companies and Asset Managers › NRS 645H.510 - Asset management company that is not natural person required to designate natural person as qualified employee.

1. If an asset management company is not a natural person, the company must designate a natural person as a qualified employee to act on behalf of the asset management company.
2. As used in this section, "qualified employee" means:
(a) A director, officer, member, employee, manager or trustee of a partnership, corporation or limited-liability company designated by the partnership, corporation or limited-liability company to act on the behalf of the partnership, corporation or limited-liability company; or
(b) A person designated by a sole proprietorship who satisfies the requirements set forth in subsection 2 of NRS 645H.480.
(Added to NRS by 2011, 2824)