Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › Section 645A.Sec. 2 - NEW

Current through June 11, 2024
The Commissioner may issue a license by endorsement as an escrow
			 agent or escrow agency to a natural person who holds a corresponding valid and
			 unrestricted license to engage in the activities of an escrow agent or escrow
			 agency, 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 an escrow agent
		  or escrow agency, 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 for issuance of a license as an escrow agent or escrow agency,
		  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 an escrow agent or escrow agency, 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
		  645A.055 to
		  645A.160, inclusive;
(3) Has at least 2 years of verifiable
		  experience in the business of administering escrows, as defined in
		  NRS 645A.010, 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) Is a citizen of the
		  United States or otherwise has the legal right to work in the United
		  States;
(5) 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 an escrow
		  agent or escrow agency, as applicable;
(6) 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 an escrow agent or escrow agency, as applicable;
(7) Has not had a license to engage in the
		  activities of an escrow agent or escrow agency, as applicable, suspended or
		  revoked in the District of Columbia or any state or territory of the United
		  States;
(8) Has not been refused a
		  license to engage in the activities of an escrow agent or escrow agency, as
		  applicable, in the District of Columbia or any state or territory of the United
		  States for any reason; and
(9) Does
		  not have pending any disciplinary action concerning his or her license to
		  engage in the activities of an escrow agent or escrow agency, 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
		  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
		  645A.025.
(e) If the applicant is applying for a
		  license as an escrow agent, proof that the applicant is named as principal in
		  any corporate surety bond deposited with the Commissioner pursuant to
		  NRS
		  645A.041 by the escrow agency with whom he or
		  she is associated or employed.
(f)
		  If the applicant is applying for a license as an escrow agency:
(1) An audited financial statement that is
		  prepared using the records of the activities of an escrow agency 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; and
(3) Proof that the applicant is named as a
		  principal on a corporate surety bond deposited with the Commissioner pursuant
		  to
		  NRS
		  645A.041 that is in full force and effect and
		  satisfies all of the requirements of
		  NRS
		  645A.041 or that the applicant has deposited
		  a substitute form of security pursuant to
		  NRS
		  645A.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.