reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.195 - Escrow agency that is not natural person to designate natural person as qualified employee.

1. If an escrow agency is not a natural person, the escrow agency must designate a natural person as a qualified employee to act on behalf of the escrow agency.
2. The Division shall adopt regulations regarding a qualified employee, including, without limitation, regulations that establish:
(a) A definition for the term "qualified employee";
(b) Any duties of a qualified employee; and
(c) Any requirements regarding a qualified employee.
(Added to NRS by 2011, 3595)
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.1955 - Employment of or association with escrow agent: Duties of escrow agency; prohibited actions.

1. An escrow agent shall not act as or provide the services of an escrow agent on behalf of any escrow agency other than an escrow agency that has notified the Commissioner pursuant to subsection 2 that the escrow agent is employed by and associated with that escrow agency.
2. Before employing or associating with an escrow agent to administer escrows on its behalf, an escrow agency must:
(a) File with the Commissioner, on a form and in a manner prescribed by the Commissioner, a request to associate with the escrow agent; and
(b) Pay the fee required by NRS 645A.040.
3. An escrow agent shall not associate or begin employment with an escrow agency until the Commissioner has provided notice to the escrow agency of acceptance of the request to associate with the escrow agent.
4. An escrow agent shall not directly or indirectly receive any compensation, remuneration or fees related to the business of administering escrows from any escrow agency that the escrow agent is not associated with and employed by pursuant to this section.
(Added to NRS by 2015, 2790)
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.196 - Termination of employment of escrow agent: Duties of escrow agency; prohibited actions.

1. Whenever an escrow agent terminates, for any reason, his or her employment with the escrow agency with whom the escrow agent was associated, the escrow agency shall:
(a) Immediately deliver or send by certified mail to the Division the escrow agent’s license, together with a written statement of the circumstances surrounding the termination.
(b) At the time of delivering or mailing the license to the Division, address a communication to the last known residence address of the escrow agent, advising the escrow agent that his or her license has been delivered or mailed to the Division. A copy of the communication must accompany the license when delivered or mailed to the Division.
2. An escrow agent shall not perform either directly or indirectly any act for which a license is required pursuant to this chapter:
(a) On or after the date the Division receives the escrow agent’s license from the escrow agency until the license is transferred or reissued or until a new license is issued.
(b) Without being associated with and employed by a licensed escrow agency.
(Added to NRS by 1985, 1808; A 2015, 2796)
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.199 - Proof of licensure required in action for collection of compensation.

No person engaged in the business or acting in the capacity of an escrow agent or agency within this state may bring or maintain any action in any court of this state for the collection of compensation for the performance of any act pursuant to this chapter without alleging and proving that the person was a licensed escrow agent or agency at the time the alleged cause of action arose.
(Added to NRS by 1985, 1808; A 1993, 2806)
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.200 - Statutory and common-law rights unaffected.

The provisions of this chapter do not limit any statutory or common-law right of any person to bring an action in any court for any act involved in the transaction of the escrow business or the right of the State to punish any person for any violation of any law.
(Added to NRS by 1973, 1312)
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.201 - Exercise of jurisdiction over party to civil action; service of summons to confer jurisdiction.

1. A court of this State may exercise jurisdiction over a party to a civil action arising under the provisions of this chapter on any basis not inconsistent with the Constitution of the State of Nevada or the Constitution of the United States.
2. Personal service of summons upon a party outside this State is sufficient to confer upon a court of this State jurisdiction over the party so served if the service is made by delivering a copy of the summons, together with a copy of the complaint, to the party served in the manner provided by statute or rule of court for service upon a person of like kind within this State.
3. In all cases of such service, the defendant has 40 days, exclusive of the day of service, within which to answer or plead.
4. This section provides an additional manner of serving process and does not invalidate any other service.
(Added to NRS by 2009, 741)
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.215 - Prohibition on administering escrows in same location as or in conjunction with other businesses; exceptions.

1. Except as otherwise provided in subsection 2, a licensee may not conduct the business of administering escrows for compensation within any office, suite, room or place of business in which any other business is solicited or engaged in, except a notary public, or in association or conjunction with any other business, unless authority to do so is given by the Commissioner.
2. A licensee may conduct the business of administering escrows pursuant to this chapter in the same office or place of business as a mortgage company if:
(a) The licensee and the mortgage company:
(1) Operate as separate legal entities;
(2) Maintain separate accounts, books and records;
(3) Are subsidiaries of the same parent corporation; and
(4) Maintain separate licenses; and
(b) The mortgage company is licensed by this state pursuant to chapter 645B of NRS.
(Added to NRS by 1993, 503; A 1999, 3764; 2003, 3540; 2017, 3035)
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.220 - Transactions by foreign corporations.

It is unlawful for any foreign corporation to transact any escrow business in this state unless it:
1. Qualifies under chapter 80 of NRS; and
2. Complies with the provisions of this chapter unless exempted by NRS 645A.015.
(Added to NRS by 1973, 1312; A 1979, 401)
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.221 - Contracts for escrow transaction voidable for certain violations; administrative fines.

If a person, or any general partner, director, officer, agent or employee of a person, violates the provisions of NRS 645A.015 or 645A.220:
1. Any contracts entered into by that person for the escrow transaction are voidable by the other party to the contract; and
2. In addition to any other remedy or penalty, the Commissioner may impose an administrative fine of not more than $50,000.
(Added to NRS by 2009, 741; A 2015, 2796)
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.222 - Civil action authorized for certain violations.

In addition to any other remedy or penalty, if a person violates the provisions of NRS 645A.015 or 645A.220, the respective parties to the escrow transaction may bring a civil action against the person for:
1. Actual and consequential damages;
2. Punitive damages, which are subject to the provisions of NRS 42.005;
3. Reasonable attorney’s fees and costs; and
4. Any other legal or equitable relief that the court deems appropriate.
(Added to NRS by 2009, 741; A 2015, 2796)
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.224 - Employee of Division prohibited from interest in escrow agency.

A person shall not have a pecuniary interest in or act as an escrow agent for any escrow agency while he or she is an employee of the Division.
(Added to NRS by 1985, 1807; A 1991, 1855)
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.230 - Penalties for violations.

Any person who violates:
1. NRS 645A.015, 645A.160 or 645A.220 is guilty of a gross misdemeanor.
2. Any other provision of this chapter is guilty of a misdemeanor.
(Added to NRS by 1973, 1313; A 1985, 1818; 2015, 2797)
2023 Nevada Revised Statutes › Chapter 645A - Escrow Agencies and Agents › NRS 645A.235 - Restitution.

1. A person who engages in an activity for which a license as an escrow agent or escrow agency is required pursuant to this chapter, without regard to whether such a person is licensed pursuant to this chapter, may be required by the Commissioner to pay restitution to any person who has suffered an economic loss as a result of a violation of the provisions of this chapter or any regulation adopted pursuant thereto.
2. Notwithstanding the provision of paragraph (d) of subsection 1 of NRS 622A.120, payment of restitution pursuant to subsection 1 shall be done in a manner consistent with the provisions of chapter 622A of NRS.
(Added to NRS by 2009, 741; A 2011, 3602; 2017, 2850)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.010 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 645B.0102 to 645B.01356, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1973, 1536; A 1975, 961; 1977, 1635; 1981, 1785; 1983, 1378, 1700; 1985, 2186; 1987, 498, 1876; 1989, 965; 1995, 1097; 1999, 3779; 2001, 2464; 2003, 3546; 2009, 2677; 2011, 3605; 2013, 113; 2015, 2797; 2017, 3036)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0104 - "Clerical or ministerial tasks" defined.

"Clerical or ministerial tasks" means communication with a person to obtain, and the receipt, collection and distribution of, information necessary for the processing or underwriting of a mortgage loan.
(Added to NRS by 2009, 2676)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.01043 - "Commercial mortgage loan" defined.

"Commercial mortgage loan" means a loan primarily for a business, commercial or agricultural purpose that:
1. Directly or indirectly, is secured by a lien on commercial property; and
2. Is created with the consent of the owner of the commercial property.
(Added to NRS by 2017, 3035)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.01047 - "Commercial property" defined.

"Commercial property" means any real property which is located in this State and which is neither used as a dwelling nor upon which a dwelling is constructed or intended to be constructed. For the purposes of this section, "dwelling" has the meaning ascribed to it in section 103(v) of the federal Truth in Lending Act, 15 U.S.C. § 1602(w).
(Added to NRS by 2017, 3035)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0112 - "Dwelling" defined.

"Dwelling" has the meaning ascribed to it in section 103(v) of the federal Truth in Lending Act, 15 U.S.C. § 1602(v).
(Added to NRS by 2011, 3603)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.01125 - "Employee" defined.

"Employee" means a natural person:
1. Whose manner and means of performance of work are subject to the right of control of, or are controlled by, another person; and
2. Whose compensation for federal income tax purposes is reported, or required to be reported, on Form W-2 issued by the controlling person.
(Added to NRS by 2013, 113)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0119 - "Financial services license or registration" defined.

"Financial services license or registration" means any license or registration issued in this State or any other state, district or territory of the United States that authorizes the person who holds the license or registration to engage in any business or activity described in the provisions of this chapter, title 55 of NRS or chapter 604A, 645, 645A, 645C, 645G or 649 of NRS.
(Added to NRS by 1999, 3765; A 2005, 1712; 2017, 3036)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.012 - "Institutional investor" defined.

"Institutional investor" means a person who, in the regular course of business, makes commercial mortgage loans of more than $250,000 that are funded exclusively from one or more of the following sources:
1. The person’s cash, corporate capital or warehouse credit lines at a depository financial institution or other sources that are liability items on the person’s financial statements.
2. Correspondent contracts between the person and another institutional investor or between the person and a depository financial institution, trust company, profit-sharing or pension trust, installment lender or insurance company.
3. An affiliate’s cash, corporate capital or warehouse credit lines at a depository financial institution or other sources that are liability items on the affiliate’s financial statements for which the affiliate’s assets are pledged. As used in this subsection, "affiliate" means another person who, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with the person who is the institutional investor.
(Added to NRS by 2017, 3035)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0123 - "Licensee" defined.

"Licensee" means a person who is licensed or required to be licensed as a mortgage company pursuant to this chapter. The term does not include a person issued a license as a mortgage loan originator pursuant to NRS 645B.410 who is acting properly within the scope of that license.
(Added to NRS by 1999, 3765; A 2003, 3546; 2013, 114; 2017, 3036)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0124 - "Loan processor" defined.

1. "Loan processor" means a natural person who:
(a) Receives, collects, distributes or analyzes information that is commonly used for the processing of a residential mortgage loan; and
(b) Communicates with a consumer to obtain the information necessary for the activities described in paragraph (a).
2. The communication described in paragraph (b) of subsection 1 does not include communication offering or negotiating loan rates or terms or counseling consumers about residential mortgage loan rates or terms.
(Added to NRS by 2011, 3603)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0125 - "Mortgage loan originator" defined.

1. "Mortgage loan originator" means:
(a) A natural person who:
(1) Is an employee of a mortgage company who is required to be licensed pursuant to this chapter; and
(2) Is authorized by the mortgage company to engage in, on behalf of the mortgage company, any activity that would require the person, if the person were not an employee of the mortgage company, to be licensed as a mortgage company pursuant to this chapter;
(b) A mortgage company or qualified employee who is required by NRS 645B.405 to be licensed as a mortgage loan originator; or
(c) A loan processor who is an independent contractor and who is associated with a mortgage company or person who holds a certificate of exemption pursuant to NRS 645B.016.
2. The term includes, but is not limited to, a residential mortgage loan originator.
3. The term does not include a person who:
(a) Except as otherwise provided in paragraph (b) of subsection 1, is licensed as a mortgage company;
(b) Is an owner, general partner, officer or director of a mortgage company who does not engage in any activity that would otherwise require a license as a mortgage company;
(c) Except as otherwise provided in paragraph (c) of subsection 1, performs only clerical or ministerial tasks for a mortgage company; or
(d) Collects payments and performs related services, including, without limitation, the modification of an existing loan, in connection with a loan secured by a lien on real property and who does not undertake any other activity that would otherwise require a license pursuant to this chapter or chapter 645F of NRS.
(Added to NRS by 1999, 3765; A 2009, 2677; 2011, 3605; 2017, 3036)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0127 - "Mortgage company" defined.

1. "Mortgage company" means a person who, directly or indirectly:
(a) Holds himself or herself out for hire to serve as an agent for any person in an attempt to obtain a loan which will be secured by a lien on real property;
(b) Holds himself or herself out for hire to serve as an agent for any person who has money to lend, if the loan is or will be secured by a lien on real property;
(c) Holds himself or herself out as being able to make loans secured by liens on real property;
(d) Holds himself or herself out as being able to buy or sell notes secured by liens on real property; or
(e) Offers for sale in this State any security which is exempt from registration under state or federal law and purports to make investments in promissory notes secured by liens on real property.
2. The term includes a wholesale lender.
(Added to NRS by 1999, 3765; A 2003, 3546; 2015, 2797; 2017, 3037)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0128 - "Nationwide Mortgage Licensing System and Registry" and "Registry" defined.

"Nationwide Mortgage Licensing System and Registry" or "Registry" means the mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for licensing and registration of residential mortgage loan originators.
(Added to NRS by 2009, 2676)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.01305 - "Private investor" defined.

"Private investor" means:
1. An investor who is a natural person and who provides his or her own money for investment in a loan secured by a lien on real property; and
2. Two or more investors who are relatives and who jointly provide their own money for investment in a loan secured by a lien on real property, unless the investors are acting on behalf of a partnership, a corporation or some other separate legal entity.
(Added to NRS by 2001, 2463)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0132 - "Residential mortgage loan" defined.

"Residential mortgage loan" means any loan primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling or residential real estate upon which is constructed or intended to be constructed a dwelling.
(Added to NRS by 2009, 2677; A 2011, 3606)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.01325 - "Residential mortgage loan originator" defined.

"Residential mortgage loan originator" means a natural person who takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan for compensation or other pecuniary gain. The term does not include:
1. A loan processor, underwriter or other natural person who performs clerical or ministerial tasks as an employee at the direction of and subject to the supervision and instruction of a person licensed or exempt from licensing under this chapter, unless the person who performs such clerical or ministerial tasks is an independent contractor; or
2. A person solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. § 101(53D).
(Added to NRS by 2009, 2677; A 2013, 114)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.01356 - "Wholesale lender" defined.

"Wholesale lender" means a person who:
1. Holds himself or herself out:
(a) For hire to serve as an agent for any person who has money to lend, if the loan is or will be secured by a lien on real property;
(b) As being able to make loans secured by liens on real property; or
(c) As being able to buy or sell notes secured by liens on real property; and
2. Does not directly:
(a) Take or receive an application from a borrower for a loan which will be secured by a lien on real property; or
(b) Negotiate any terms with a borrower relating to a loan which will be secured by a lien on real property.
(Added to NRS by 2015, 2797)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0137 - Requirements for initial licensing as mortgage company or mortgage loan originator; regulations.

1. In addition to any other requirements provided by this chapter, a person who wishes to receive an initial license as a mortgage company or mortgage loan originator must:
(a) Complete education on mortgage lending as required by this chapter and any regulations adopted thereto; and
(b) Successfully pass a written examination as provided for by the Division.
2. If the applicant for an initial license as a mortgage company is not a natural person, the applicant must designate a natural person to be the qualified employee of the applicant and meet the requirements of subsection 1.
3. The Division may hire a testing organization to create, administer and score a written examination.
4. The Commissioner shall adopt regulations to carry out the provisions of this section, including, without limitation:
(a) Regulations relating to the content of a written examination and the scoring of a written examination; and
(b) Regulations for compliance with the requirements for registration with the Registry and any other applicable federal law.
(Added to NRS by 2007, 950; A 2009, 2678; 2017, 3037)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0138 - Courses of continuing education; regulations.

1. A course of continuing education that is required pursuant to this chapter must meet the requirements set forth by the Commissioner by regulation.
2. The Commissioner shall adopt regulations:
(a) Relating to the requirements for courses of continuing education, including, without limitation, regulations relating to the providers and instructors of such courses, records kept for such courses, approval and revocation of approval of such courses, monitoring of such courses and disciplinary action taken regarding such courses.
(b) Allowing for the participation of representatives of the mortgage lending industry pertaining to the creation of regulations regarding such courses.
(c) Ensuring compliance with the requirements for registration with the Registry and any other applicable federal law.
3. The regulations adopted by the Commissioner pursuant to subsection 2 must not require a mortgage loan originator or mortgage company or an employee of a mortgage company who, pursuant to subsection 1 of NRS 645F.267, is not required to register or renew with the Registry and who has not voluntarily registered or renewed with the Registry to complete any continuing education relating to residential mortgage loans.
(Added to NRS by 2007, 951; A 2009, 2678; 2011, 1389; 2017, 3038)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0145 - Statutory and common-law rights, remedies and punishments unaffected; limitation on actions against State and its officers and employees.

The provisions of this chapter do not:
1. Limit any statutory or common-law right of a person to bring a civil action against a mortgage company or mortgage loan originator for any act or omission involved in the transaction of business by or on behalf of the mortgage company or mortgage loan originator;
2. Limit the right of the State to punish a person for the violation of any law, ordinance or regulation; or
3. Establish a basis for a person to bring a civil action against the State or its officers or employees for any act or omission in carrying out the provisions of this chapter, including, without limitation, any act or omission relating to the disclosure of information or the failure to disclose information pursuant to the provisions of this chapter.
(Added to NRS by 1973, 1543; A 1999, 3801; 2017, 3038)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0147 - Fiduciary obligation of licensee to client.

1. In addition to any other duties set forth in this chapter, any person licensed pursuant to this chapter has a fiduciary obligation to a client.
2. For the purposes of this section, a person’s fiduciary obligation does not impose a requirement to offer or obtain access to loan products or services for a client other than those that are offered by the person at the time of the transaction.
3. As used in this section, "fiduciary obligation" means a duty of good faith and fair dealing, including, without limitation, the duty to:
(a) Act in the client’s best interest;
(b) Conduct only those mortgage transactions which are suitable for the client’s needs;
(c) Disclose any financial, business, professional or personal interest the person has in conducting a mortgage transaction for the client;
(d) Disclose any material fact that the person knows or should know may affect the client’s rights or interests or the ability to obtain the intended benefit from the mortgage transaction;
(e) Provide an accounting to the client that lists all money and property received from the client;
(f) Not accept or collect any fee for services rendered unless the fee was disclosed to the client before the service is provided; and
(g) Exercise reasonable care in performing any other duty relating to a mortgage transaction.
(Added to NRS by 2009, 745)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.017 - Certificate of exemption: Expiration; procedure for renewal; cancellation and reinstatement; fees; duplicate copy; deposit of fees; regulations.

1. Except as otherwise provided in NRS 645B.016, a certificate of exemption issued pursuant to this chapter expires each year on December 31, unless it is renewed. To renew a certificate of exemption, a person must submit to the Commissioner on or after November 1 and on or before December 31 of each year or on a date otherwise specified by the Commissioner by regulation:
(a) An application for renewal that includes satisfactory proof that the person meets the requirements for an exemption from the provisions of this chapter; and
(b) The fee required to renew the certificate of exemption.
2. If the person fails to submit any item required pursuant to subsection 1 to the Commissioner on or after November 1 and on or before December 31 of any year, unless a different date is specified by the Commissioner by regulation, the certificate of exemption is cancelled as of December 31 of that year. Except as otherwise provided in NRS 645B.016, the Commissioner may reinstate a cancelled certificate of exemption if the person submits to the Commissioner on or before February 28 of the following year:
(a) An application for renewal that includes satisfactory proof that the person meets the requirements for an exemption from the provisions of this chapter;
(b) The fee required to renew the certificate of exemption; and
(c) Except as otherwise provided in this section, a reinstatement fee of not more than $100.
3. Except as otherwise provided in this section, a person must pay the following fees to apply for or to renew a certificate of exemption pursuant to this chapter:
(a) To file an application for a certificate of exemption, not more than $200.
(b) To renew a certificate of exemption, not more than $100.
4. To be issued a duplicate copy of any certificate of exemption, a person must make a satisfactory showing of its loss and pay a fee of not more than $10.
5. Except as otherwise provided in this chapter, all fees received pursuant to this chapter are in addition to any fee required to be paid to the Registry and must be deposited in the Account for Mortgage Lending created by NRS 645F.270.
6. The Commissioner may, by regulation, adjust any fee or date set forth in this section if the Commissioner determines that such an adjustment is necessary for the Commissioner to carry out his or her duties pursuant to this chapter. The amount of any adjustment in a fee pursuant to this subsection must not exceed the amount determined to be necessary for the Commissioner to carry out his or her duties pursuant to this chapter.
(Added to NRS by 1973, 1538; A 1975, 814; 1977, 1636; 1979, 120, 1094; 1981, 1788; 1983, 1320, 1379, 1702; 1985, 2187; 1987, 86, 1878; 1989, 1764; 1991, 177, 1803, 1825; 1993, 496; 1997, 2172; 1999, 3782; 2001, 2465; 2003, 3229, 3548; 2003, 20th Special Session, 265; 2005, 2784, 2807, 2817; 2007, 953; 2009, 2680; 2011, 3612; 2015, 2799)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.018 - Exemptions for certain loans: Grounds for granting; revocation; issuance of statement by Commissioner of reasons for granting, denying or revoking.

1. A person may apply to the Commissioner for an exemption from the provisions of this chapter governing the making of a loan of money, except that an exemption may not be issued for the making of a residential mortgage loan.
2. The Commissioner may grant the exemption if the Commissioner finds that:
(a) The making of the loan would not be detrimental to the financial condition of the lender, the debtor or the person who is providing the money for the loan;
(b) The lender, the debtor or the person who is providing the money for the loan has established a record of sound performance, efficient management, financial responsibility and integrity;
(c) The making of the loan is likely to increase the availability of capital for a sector of the state economy; and
(d) The making of the loan is not detrimental to the public interest.
3. The Commissioner:
(a) May revoke an exemption unless the loan for which the exemption was granted has been made; and
(b) Shall issue a written statement setting forth the reasons for his or her decision to grant, deny or revoke an exemption.
(Added to NRS by 1989, 965; A 1999, 3800; 2009, 2678)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.019 - Creation; members; appointment; terms and vacancies; no compensation or per diem allowance; protections afforded members who are public officers or employees.

1. The Advisory Council on Mortgage Investments and Mortgage Lending is hereby created.
2. The Advisory Council consists of five members appointed by the Legislative Commission from a list of persons provided by the Commissioner.
3. The members of the Advisory Council:
(a) Must be persons who have experience with, an interest in or a knowledge of issues relating to mortgage investments or mortgage lending. Such persons may include, without limitation, investors, public officers and employees, licensees and persons who have engaged in or been involved with any business, profession or occupation relating to mortgage investments or mortgage lending.
(b) Serve terms of 2 years and at the pleasure of the Legislative Commission.
(c) May be reappointed.
(d) Serve without compensation and may not receive a per diem allowance or travel expenses.
4. Any vacancy in the membership of the Advisory Council must be filled for the remainder of the unexpired term in the same manner as the original appointment.
5. A member of the Advisory Council who is an officer or employee of this State or a political subdivision of this State must be relieved from his or her duties without loss of his or her regular compensation so that the member may prepare for and attend meetings of the Advisory Council and perform any work necessary to carry out the duties of the Advisory Council in the most timely manner practicable. A state agency or political subdivision of this State shall not require an officer or employee who is a member of the Advisory Council to make up the time the officer or employee is absent from work to carry out his or her duties as a member of the Advisory Council or use annual vacation or compensatory time for the absence.
6. Notwithstanding any other provision of law, a member of the Advisory Council:
(a) Is not disqualified from public employment or holding a public office because of his or her membership on the Advisory Council; and
(b) Does not forfeit his or her public office or public employment because of his or her membership on the Advisory Council.
(Added to NRS by 1999, 3766)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0191 - Chair and Vice Chair; meetings; quorum; subcommittees.

1. The members of the Advisory Council on Mortgage Investments and Mortgage Lending shall elect a Chair and a Vice Chair from among their membership. The Vice Chair shall perform the duties of the Chair during any absence of the Chair.
2. The Advisory Council may meet at least once each calendar quarter and at other times on the call of the Chair or a majority of its members.
3. The meetings of the Advisory Council may be held at any location designated by the Chair or a majority of its members.
4. A majority of the members of the Advisory Council constitutes a quorum for the transaction of all business.
5. The Chair may appoint subcommittees of the members of the Advisory Council to consider specific problems relating to mortgage investments or mortgage lending.
(Added to NRS by 1999, 3767)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0192 - Purpose.

The purpose of the Advisory Council on Mortgage Investments and Mortgage Lending is to:
1. Consult with, advise and make recommendations to the Commissioner in all matters relating to mortgage investments and mortgage lending.
2. Make recommendations to the Legislature concerning the enactment of any legislation relating to mortgage investments and mortgage lending.
3. Make recommendations to the Legislature and the Commissioner concerning educational requirements and other qualifications for persons who are engaged in any business, profession or occupation relating to mortgage investments and mortgage lending.
4. Conduct hearings, conferences and special studies on all matters relating to mortgage investments and mortgage lending.
5. Provide a forum for the consideration and discussion of all matters relating to mortgage investments and mortgage lending.
6. Gather and disseminate information relating to mortgage investments and mortgage lending.
7. Engage in other activities that are designed to promote, improve and protect the reliability and stability of mortgage investments and mortgage lending in this State.
(Added to NRS by 1999, 3767)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.021 - Mortgage company who is not natural person to designate natural person as qualified employee; regulations.

1. If a mortgage company is not a natural person, the mortgage company must designate a natural person as a qualified employee to act on behalf of the mortgage company.
2. The Division shall adopt regulations regarding a qualified employee, including, without limitation, regulations that establish:
(a) A definition for the term "qualified employee";
(b) Any duties of a qualified employee; and
(c) Any requirements regarding a qualified employee.
(Added to NRS by 2007, 950; A 2017, 3041)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0243 - Grounds for denial of license: Employing or associating with certain persons who are ineligible to be mortgage loan originators.

The Commissioner may refuse to issue a license to an applicant if the Commissioner has reasonable cause to believe that the applicant or any general partner, officer or director of the applicant has, after October 1, 1999, employed or proposed to employ a person as a mortgage loan originator or authorized or proposed to authorize a person to be associated with a mortgage company as a mortgage loan originator at a time when the applicant or the general partner, officer or director knew or, in light of all the surrounding facts and circumstances, reasonably should have known that the person has committed any act or omission that would be cause for refusing to issue a license to a mortgage loan originator.
(Added to NRS by 1999, 3768; A 2003, 2723; 2009, 2680; 2017, 3042)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0245 - Grounds for denial of license: Control by relative who would be ineligible to be licensed; act or omission of partner, officer or director.

1. If an applicant is a natural person, the Commissioner may refuse to issue a license to the applicant if the Commissioner has reasonable cause to believe that the applicant would be subject to control by a relative who would be ineligible to be licensed pursuant to this chapter.
2. If an applicant is a partnership, corporation or unincorporated association, the Commissioner may refuse to issue a license to the applicant if:
(a) Any member of the partnership or any officer or director of the corporation or unincorporated association has committed any act or omission that would be cause for refusing to issue a license to a natural person; or
(b) The Commissioner has reasonable cause to believe that any member of the partnership or any officer or director of the corporation or unincorporated association would be subject to control by a relative who would be ineligible to be licensed pursuant to this chapter.
(Added to NRS by 1999, 3769)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.0247 - Grounds for denial of license: Authority of Commissioner not limited.

The provisions of NRS 645B.0243 and 645B.0245 do not limit the authority of the Commissioner to refuse to issue a license to an applicant for any other lawful reason or pursuant to any other provision of law.
(Added to NRS by 1999, 3769)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.025 - Posting of license; restrictions on transfer or assignment of license.

1. A mortgage company shall post each license in a conspicuous place in the office to which it pertains.
2. A mortgage company may not transfer or assign a license to another person, unless the Commissioner gives written approval.
(Added to NRS by 1983, 1376; A 1983, 1843; 1987, 1877; 1999, 3782; 2017, 3042)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.042 - Duty of mortgage company to deposit surety bond with Commissioner; mortgage company and mortgage loan originators must be named as principals on bond; amount of bond; Commissioner to determine amount of initial deposit.

1. As a condition to doing business in this State, each mortgage company shall deposit with the Commissioner and keep in full force and effect a corporate surety bond payable to the State of Nevada, in the amount set forth in subsection 4, which is executed by a corporate surety satisfactory to the Commissioner and which names as principals the mortgage company and all mortgage loan originators employed by or associated with the mortgage company.
2. At the time of filing an application for a license as a mortgage loan originator and at the time of filing an application for the renewal of a license as a mortgage loan originator, the applicant shall file with the Commissioner proof that the applicant is named as a principal on the corporate surety bond deposited with the Commissioner by the mortgage company with whom the applicant is associated or employed.
3. The bond must be in a form prescribed by the Commissioner.
4. Each mortgage company shall deposit a corporate surety bond that complies with the provisions of this section in the following amounts:
(a) For an annual loan production of $20,000,000 or less, $50,000.
(b) For an annual loan production of more than $20,000,000, $75,000.
5. Except as otherwise required by federal law or regulation, for the purposes of subsection 4, the Commissioner shall determine the appropriate amount of the surety bond that must be deposited initially by a mortgage company based upon the expected annual loan production amount and shall determine the appropriate amount of the surety bond annually based upon the actual annual loan production.
(Added to NRS by 2009, 743; A 2011, 3610; 2017, 3042, 3044)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.046 - Cancellation of surety bond: Notices required; revocation of license unless equivalent bond furnished.

1. The surety may cancel a bond upon giving 60 days’ notice to the Commissioner by certified mail. Upon receipt by the Commissioner of such a notice, the Commissioner immediately shall notify the licensee who is the principal on the bond of the effective date of cancellation of the bond, and that his or her license will be revoked unless the licensee furnishes an equivalent bond before the effective date of the cancellation. The notice must be sent to the licensee by certified mail to his or her last address of record filed in the office of the Division.
2. If the licensee does not comply with the requirements set out in the notice from the Commissioner, the license must be revoked on the date the bond is cancelled.
(Added to NRS by 2009, 745; A 2011, 3611)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.048 - Action on surety bond: Procedure; limitation of time; duties of Commissioner; preliminary payment by surety; action for interpleader; payment.

1. Any person claiming against a bond may bring an action in a court of competent jurisdiction on the bond for damages to the extent covered by the bond. A person who brings an action on a bond shall notify the Commissioner in writing upon filing the action. An action may not be commenced after the expiration of 3 years following the commission of the act on which the action is based.
2. Upon receiving a request from a person for whose benefit a bond is required, the Commissioner shall notify the person:
(a) That a bond is in effect and of the amount of the bond; and
(b) If there is an action against the bond, the title, court and case number of the action and the amount sought by the plaintiff.
3. If a surety wishes to make payment without awaiting action by a court, the amount of the bond must be reduced to the extent of any payment made by the surety in good faith under the bond. Any payment must be based on written claims received by the surety before any action is taken by a court.
4. The surety may bring an action for interpleader against all claimants upon the bond. If it does so, it shall publish notice of the action at least once each week for 2 weeks in every issue of a newspaper of general circulation in the county where the mortgage company has its principal place of business. The surety may deduct its costs of the action, including attorney’s fees and publication, from its liability under the bond.
5. Claims against a bond have equal priority, and if the bond 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 mortgage company for the unpaid balance.
(Added to NRS by 2009, 745; A 2017, 3044)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.051 - Continuing education required for renewal of license.

1. Except as otherwise provided in subsection 2, in addition to the requirements set forth in NRS 645B.050, to renew a license as a mortgage company:
(a) If the licensee is a natural person, the licensee must submit to the Commissioner satisfactory proof that the licensee attended at least 8 hours of certified courses of continuing education during the 12 months immediately preceding the date on which the license expires.
(b) If the licensee is not a natural person, the licensee must submit to the Commissioner satisfactory proof that each natural person who supervises the daily business of the licensee attended at least 8 hours of certified courses of continuing education during the 12 months immediately preceding the date on which the license expires.
2. In lieu of the continuing education requirements set forth in paragraph (a) or (b) of subsection 1, a licensee or any natural person who supervises the daily business of the licensee who, pursuant to subsection 1 of NRS 645F.267, is not required to register or renew with the Registry and who has not voluntarily registered or renewed with the Registry must submit to the Commissioner satisfactory proof that he or she attended at least 5 hours of certified courses of continuing education during the 12 months immediately preceding the date on which the license expires. The hours of continuing education required by this subsection must include at least 2 hours relating to ethics.
3. As used in this section, "certified course of continuing education" means a course of continuing education which relates to the mortgage industry or mortgage transactions and which meets the requirements set forth by the Commissioner by regulation pursuant to NRS 645B.0138.
(Added to NRS by 2001, 2464; A 2003, 3551; 2007, 954; 2009, 1852; 2011, 1389; 2017, 3046, 3592)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.070 - Subpoenas; oaths; examination of witnesses; penalty; assessment of costs.

1. In the conduct of any examination, periodic or special audit, investigation or hearing, the Commissioner may:
(a) Compel the attendance of any person by subpoena.
(b) Compel the production of any document by subpoena.
(c) Administer oaths.
(d) Examine any person under oath concerning the business and conduct of affairs of any person subject to the provisions of this chapter and in connection therewith require the production of any books, records or papers relevant to the inquiry.
2. Any person subpoenaed under the provisions of this section who willfully refuses or willfully neglects to appear at the time and place named in the subpoena or to produce books, records or papers required by the Commissioner, or who refuses to be sworn or answer as a witness, is guilty of a misdemeanor and shall be punished as provided in NRS 645B.950.
3. In addition to the authority to recover attorney’s fees and costs pursuant to any other statute, the Commissioner may assess against and collect from a person all costs, including, without limitation, reasonable attorney’s fees, that are attributable to any examination, periodic or special audit, investigation or hearing that is conducted to examine or investigate the conduct, activities or business of the person pursuant to this chapter.
(Added to NRS by 1973, 1538; A 1981, 1789; 1983, 1703; 1987, 1879; 1999, 3785; 2003, 3468; 2009, 1555)
2023 Nevada Revised Statutes › Chapter 645B - Mortgage Companies and Mortgage Loan Originators › NRS 645B.075 - Payment of statutory assessment by mortgage company; duty of mortgage company and loan originators to cooperate fully with audits and examinations.

Each mortgage company shall pay the assessment levied pursuant to NRS 645F.180. Each mortgage company and mortgage loan originator shall cooperate fully with the audits and examinations performed pursuant thereto.
(Added to NRS by 1987, 826; A 1999, 3799; 2003, 3552; 2017, 3047)