Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › EDUCATIONAL REQUIREMENTS FOR LICENSURE › Section 645B.Sec. 2 - NEW

Current through June 11, 2024
The Commissioner may issue a license by endorsement as a
				mortgage company or mortgage loan originator to a natural person who holds a
				corresponding valid and unrestricted license to engage in the activities of a
				mortgage company or mortgage loan originator, as applicable, in the District of
				Columbia or any state or territory of the United States if the natural
				person:
1. Submits to the Commissioner
			 all of the following:
(a) An application on a
			 form prescribed by the Commissioner. The applicant shall include in the
			 application his or her social security number.
(b) Proof satisfactory to the Commissioner
			 that he or she:
(1) Holds a corresponding
			 valid and unrestricted license to engage in the activities of a mortgage
			 company or mortgage loan originator, as applicable, in the District of Columbia
			 or any state or territory of the United States and has held such a license for
			 a period of at least 5 continuous years immediately preceding the date on which
			 the application is submitted;
(2)
			 Possesses qualifications that are equal to or substantially similar to the
			 qualifications required for issuance of a license as a mortgage company or
			 mortgage loan originator, as applicable, in this State, including, without
			 limitation, proof satisfactory to the Commissioner that the applicant has
			 successfully completed the education and training required for the issuance of
			 the applicant's license to engage in the activities of a mortgage company or
			 mortgage loan originator, as applicable, in the District of Columbia or any
			 state or territory of the United States and that such education and training
			 provided instruction that is, as determined by the Commissioner, equivalent to
			 the instruction required for initial licensure pursuant to NAC 645B.363  and
			 645B.367;
(3) Has at least 2 years
			 of verifiable experience in the business of lending money for real estate or
			 mortgages, as defined in NAC 645B.016, in the District of Columbia or any state
			 or territory of the United States within the 5 years immediately preceding the
			 date on which the application is submitted;
(4) Has passed the National S.A.F.E. Mortgage
			 Loan Originator Test with Uniform State Content developed by the Nationwide
			 Mortgage Licensing System and Registry pursuant to and in the manner provided
			 for in section 1505(b)(5) of the S.A.F.E. Mortgage Licensing Act;
(5) Has met the requirements imposed by the
			 S.A.F.E. Mortgage Licensing Act;
(6) Is a citizen of the United States or
			 otherwise has the legal right to work in the United States;
(7) Has not been disciplined by the
			 corresponding regulatory authority of the District of Columbia or any state or
			 territory of the United States in which the applicant currently holds or has
			 held a license to engage in the activities of a mortgage company or mortgage
			 loan originator, as applicable;
(8)
			 Has not been held civilly or criminally liable in the District of Columbia or
			 any state or territory of the United States for misconduct relating to his or
			 her license to engage in the activities of a mortgage company or mortgage loan
			 originator, as applicable;
(9) Has
			 not had a license to engage in the activities of a mortgage company or mortgage
			 loan originator, as applicable, suspended or revoked in the District of
			 Columbia or any state or territory of the United States;
(10) Has not been refused a license to engage
			 in the activities of a mortgage company or mortgage loan originator, as
			 applicable, in the District of Columbia or any state or territory of the United
			 States for any reason; and
(11)
			 Does not have pending any disciplinary action concerning his or her license to
			 engage in the activities of a mortgage company or mortgage loan originator, as
			 applicable, in the District of Columbia or any state or territory of the United
			 States.
(c) A complete
			 set of his or her fingerprints, submitted directly or through the Registry, and
			 written permission authorizing the Commissioner to forward the fingerprints to
			 the Central Repository for Nevada Records of Criminal History for submission to
			 the Federal Bureau of Investigation for its report or proof that the applicant
			 has previously passed a comparable criminal background check within the 6
			 months immediately preceding the date on which the application is
			 submitted.
(d) The statement
			 required by NRS 645B.023  or 645B.420, as applicable.
(e) If the applicant is applying for a
			 license as a mortgage loan originator, proof that the applicant is named as a
			 principal on any corporate surety bond deposited with the Commissioner pursuant
			 to NRS 645B.042  by the mortgage company with whom he or she is associated or
			 employed.
(f) If the applicant is
			 applying for a license as a mortgage company:
(1) An audited financial statement that is
			 prepared using the records of the activities of a mortgage company engaged in
			 by the applicant in the District of Columbia or any state or territory of the
			 United States by a certified public accountant who holds a certificate to
			 engage in the practice of public accounting;
(2) Proof satisfactory to the Commissioner
			 that the applicant is in such financial condition that the applicant can
			 continue in business with safety to his or her customers;
(3) If the mortgage company maintains or
			 intends to maintain any accounts described in NRS 645B.175, proof satisfactory
			 to the Commissioner that the applicant is in such financial condition that the
			 applicant can maintain continuously the minimum net worth required by NRS 645B.115; and
(4) Proof that the
			 applicant is named as a principal on a corporate surety bond deposited with the
			 Commissioner pursuant to NRS 645B.042  that is in full force and effect and
			 satisfies all of the requirements of NRS 645B.042.
(g) An affidavit stating that the information
			 contained in the application and any accompanying material is true and
			 complete.
(h) Any other information
			 required by the Commissioner.