reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND OPERATION OF MORTGAGE BROKERS › Section 645B.020 - Documentation required with application for license; conditional approval; effect of failure to respond to written request for information

Current through June 11, 2024
1. An applicant must submit with his or her
			 application for a license as a mortgage company pursuant to chapter 645B of
			 NRS:
(a) A copy of the applicant's state
			 business license, when applicable, the applicant's application for such a
			 license if the applicant has not obtained one or evidence that the applicant is
			 exempt from the requirement to obtain a state business license.
(b) If the applicant intends to operate under
			 an assumed or fictitious name, a copy of the certificate filed by the applicant
			 pursuant to chapter 602 of NRS indicating the assumed or fictitious name of the
			 applicant. An applicant may not use more than one assumed or fictitious
			 name.
(c) If the applicant is not a
			 natural person, a copy of the documents that formed the applicant and its
			 operating documents and any amendments thereto.
(d) Evidence that the applicant has met the
			 requirements imposed by the S.A.F.E. Mortgage Licensing Act.
(e) A current electronic mail address for the
			 applicant or the person designated by the applicant for contact with
			 regulators.
(f) The name of each
			 mortgage loan originator who will be employed by the applicant at the
			 location.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND OPERATION OF MORTGAGE BROKERS › Section 645B.030 - Branch office: Prerequisites and name for issuance of license; display of license; responsibilities of mortgage broker; conditional approval; effect of failure to respond to written request for information

Current through June 11, 2024
1. An applicant must submit with his or her
			 application for a license for a branch office:
(a) The name, residence address and telephone
			 number of the qualified employee designated to manage and supervise the branch
			 office;
(b) The name of each
			 mortgage loan originator who intends to work at the branch office;
			 and
(c) Evidence that the applicant
			 has met the requirements imposed by the S.A.F.E. Mortgage Licensing Act, if
			 applicable.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND OPERATION OF MORTGAGE BROKERS › Section 645B.031 - Corporate office: Filing of application with Office of Commissioner to fulfill requirements of S.A.F.E. Mortgage Licensing Act (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r
				of Mortgage Lending by R035-10, eff. 7-22-2010; R by
				R125-16A,
				eff. 1/27/2017
NRS
				645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND OPERATION OF MORTGAGE BROKERS › Section 645B.032 - Sharing office space with another business

Current through June 11, 2024
1. Except as
			 otherwise provided in subsection 2, a mortgage company may share office space
			 with any other business if each business has a designated space within the
			 office space and each business is separately identifiable by a sign or other
			 method of identification within the office space.
2. A mortgage company may share office space
			 with a business licensed pursuant to chapter 645 of NRS if:
(a) Each business has separate and distinct
			 office space and signs such that a reasonable customer would understand which
			 business he or she is transacting with at all times;
(b) Each business operates as a separate
			 legal entity;
(c) Each business
			 maintains separate accounts, books and records;
(d) Each business maintains separate
			 licenses; and
(e) The businesses
			 are subsidiaries of the same parent corporation or are otherwise affiliated
			 businesses.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND OPERATION OF MORTGAGE BROKERS › Section 645B.035 - Use of fictitious name

Current through June 11, 2024
1. A mortgage
			 company shall not conduct business using a fictitious name unless the mortgage
			 company:
(a) Complies with chapter 602 of
			 NRS;
(b) Files with the Division a
			 certified copy, issued by the appropriate county clerk, of the certificate
			 filed by the mortgage company pursuant to chapter 602 of NRS; and
(c) Receives from the Division a license or
			 certificate of exemption indicating the fictitious name.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND OPERATION OF MORTGAGE BROKERS › Section 645B.037 - Use of same name, confusingly similar name or name not approved by Division

Current through June 11, 2024
1. The Commissioner will not issue a license
			 or certificate of exemption with a name that is the same as or confusingly
			 similar to a name on a license or certificate of exemption previously issued by
			 the Commissioner.
2. A mortgage
			 company shall not advertise or conduct business as a mortgage company using a
			 name other than the name approved by the Commissioner and indicated on the
			 license or certificate of exemption issued by the Commissioner to the mortgage
			 company.
3. Each mortgage company
			 shall conspicuously display each license issued to the mortgage company
			 pursuant to chapter 645B of NRS at the address of the office location which is
			 identified on the license.
Added to NAC by Comm'r
				of Financial Institutions by R045-00, eff. 9-5-2000; A by
				R125-16A,
				eff. 1/27/2017;	A
				by
				R119-19A,
				eff. 11/9/2023
NRS 645B.020,
				  645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND OPERATION OF MORTGAGE BROKERS › Section 645B.038 - Insider loans: Limitations and conditions

Current through June 11, 2024
1. Insider
			 loans made or arranged by a mortgage company are subject to the following
			 limitations and conditions:
(a) The lending
			 limit must not exceed 25 percent of the total dollar amount of the outstanding
			 balances of investor-funded loans which were made or arranged by the mortgage
			 company or 100 percent of the mortgage company's net worth as described in NAC
			 645B.095, whichever is greater.
(b)
			 A private investor who provides money to invest in an insider loan may not
			 waive the provisions of subsection 1 of NAC 645B.080.
(c) The mortgage company shall specifically
			 identify on each monthly report required by NRS 645B.080  any insider loan made
			 by the mortgage company.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › EXEMPTIONS › Section 645B.043 - Application for certificate of exemption for purpose of fulfilling requirements of S.A.F.E. Mortgage Licensing Act (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r
				of Mortgage Lending by R035-10, eff. 7-22-2010; R by
				R125-16A,
				eff. 1/27/2017
NRS
				645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › EXEMPTIONS › Section 645B.044 - Provision of certain information to Commissione R by regulating entity or agency

Current through June 11, 2024
A person who claims an exemption from the provisions of chapter
				645B of NRS pursuant to NRS 645B.015 has the burden of demonstrating that the
				person qualifies for such an exemption.
Added to NAC by Comm'r
				of Mortgage Lending by R058-08, eff. 4-23-2009; A by R035-10, 7-22-2010; A by
				R125-16A,
				eff. 1/27/2017
NRS 645B.060, 645F.292 and
				645F.293
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › EXEMPTIONS › Section 645B.045 - Unexpired certificate of exemption (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r
				of Financial Institutions by R045-00, eff.
				9-5-2000;	R
				by
				R119-19A,
				eff. 11/9/2023
NRS 645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › General Provisions › Section 645B.055 - Qualified employee: Designation and approval

Current through June 11, 2024
1.
				Every person, other than a natural person, doing business as a mortgage company
				in this State shall designate a natural person as a qualified employee who may,
				upon approval of the Commissioner, act on behalf of the mortgage
				company.
2. The Commissioner will
				approve the qualified employee designated pursuant to subsection 1 if the
				qualified employee is a natural person who:
(a) Is licensed in good standing as a
				mortgage loan originator;
(b) Is
				designated by a mortgage company to act on behalf of the mortgage company and
				to supervise the conduct of the business of the mortgage company and the
				mortgage loan originators and other staff members employed by the mortgage
				company at the licensed office location;
(c) Will be present at the licensed office
				location for which he or she is the qualified employee the majority of the time
				that the office is open to the public; and
(d) In the immediately preceding 5 years, has
				at least 2 years of verifiable experience in the business of lending money for
				real estate or mortgages.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › General Provisions › Section 645B.057 - Change in ownership, control, management, principal employees or principal or branch office

Current through June 11, 2024
1. Any material
				change in the control persons of a mortgage company must be reported to the
				Commissioner at least 30 calendar days before the change. Each new control
				person must submit to a background investigation in the manner provided in
				NRS
				645B.020. A new control person may not
				participate in the management of a mortgage company until the person is
				approved by the Commissioner.
2. A
				change of control of a mortgage company is not effective until the change of
				control is approved by the Commissioner. A transfer, sale or conveyance of
				outstanding voting stock or ownership interest in a mortgage company that will
				result in the cumulative transfer, from the date upon which the license of the
				mortgage company was issued, of 25 percent or more of the outstanding voting
				stock or ownership interest in the mortgage company is deemed to constitute a
				change of control.
3. At least 15
				days before a person acquires stock or ownership in a mortgage company as a
				result of a transfer that constitutes a change of control, the mortgage company
				shall make a written application to the Commissioner for approval of the change
				of control. The application must include, without limitation:
(a) The name and percentage of ownership of
				each person who has obtained or is obtaining stock or ownership resulting in a
				cumulative transfer of 25 percent or more of the outstanding voting stock or
				ownership interest in the mortgage company; and
(b) A personal interrogatory and a complete
				set of fingerprints of each such person or, if the applicant is not a natural
				person, each control person of the applicant, in a form prescribed by the
				Commissioner, and written consent 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 in the
				manner provided in NRS
				645B.020.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › General Provisions › Section 645B.060 - Fee for supervision and related activities: Amount; collection; failure to pay; accounting of time billed

Current through June 11, 2024
1. Except as
				otherwise provided in subsection 2, the Commissioner will annually charge and
				collect a fee for supervision from each mortgage company. The amount of the fee
				for supervision will be calculated pursuant to subsection 2. The Commissioner
				will annually bill each mortgage company for the fee for supervision. The fee
				for supervision must be paid within 30 calendar days after the date of the
				invoice. Any payment received after that date must include a penalty of 10
				percent of the fee plus an additional 1 percent of the fee for each complete
				month, or portion of the last month, that the fee is not paid.
2. A mortgage company whose annual volume of
				loans reported to the Commissioner pursuant to NRS 645B.080  is:
(a) Less than $10,000,000 will not be
				assessed a fee for supervision pursuant to subsection 1.
(b) At least $10,000,000 shall pay a fee for
				supervision pursuant to subsection 1 at a rate of one-half cent per $1,000 of
				the annual volume of loans reported to the Commissioner pursuant to NRS 645B.080.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › General Provisions › Section 645B.061 - Grounds for denial of renewal of license

Current through June 11, 2024
The Commissioner will not renew the license of a mortgage
				  company or mortgage loan originator if the mortgage company or mortgage loan
				  originator:
1. Has not paid all fees,
				fines and assessments owed to the Division or this State;
2. Is not properly registered with the
				Registry;
3. Fails to provide any
				required annual financial statements or reports of condition to the Division or
				Registry; or
4. Fails to provide
				any other item required by federal or state law or regulation.
Added to NAC by Comm'r
				  of Mortgage Lending by R058-08, eff. 4-23-2009; A by R035-10, 7-22-2010; A by
				  R125-16A,
				  eff. 1/27/2017;	A
				  by
				  R119-19A,
				  eff. 11/9/2023
NRS 645B.060, 645F.292,
					 645F.293
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › General Provisions › Section 645B.062 - Surety bonds (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r
				  of Mortgage Lending by R035-10, eff. 7-22-2010; R by
				  R125-16A,
				  eff. 1/27/2017
NRS
				  645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › General Provisions › Section 645B.063 - Submission of information or payment of fees by applicant or licensee (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r
				  of Mortgage Lending by R035-10, eff. 7-22-2010; R by
				  R125-16A,
				  eff. 1/27/2017
NRS
				  645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › Examinations, Audits and Investigations › Section 645B.064 - Assessment for costs related to audits and examinations

Current through June 11, 2024
1. Each mortgage company shall pay to the
				Division an annual assessment as required pursuant to NRS 645F.180  to cover the
				costs related to the employment of a certified public accountant and the
				performance of audits and examinations conducted by the Division.
2. The Division will bill each mortgage
				company for the assessment. The assessment must be paid within 30 calendar days
				after the date the bill is received.
3. A charge of 10 percent of the assessment
				will be imposed on any mortgage company whose assessment is received by the
				Division after the date on which the assessment is due. The Commissioner may
				waive the penalty for good cause.
Added to NAC by Comm'r
				  of Financial Institutions, eff. 12-17-87; A 5-27-92; R045-00, 9-5-2000; A by
				  Comm'r of Mortgage Lending by R087-04, 8-31-2004;	A
				  by
				  R119-19A,
				  eff. 11/9/2023
NRS 645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › Examinations, Audits and Investigations › Section 645B.066 - Authority of examiner, auditor or investigator

Current through June 11, 2024
For the purposes of conducting an examination, investigation
				  or periodic or special audit of a mortgage company pursuant to this chapter or
				  chapter 645B of NRS:
1. The
				Commissioner or his or her designee may:
(a)
				Require the mortgage company to produce, for the purposes of the examination,
				audit or investigation, all documents:
(1)
				Relating to business conducted by the mortgage company pursuant to this chapter
				or chapter 645B of NRS;
(2)
				Required to be kept by the mortgage company pursuant to any federal or state
				law or regulation; or
(3) Related
				to the operation of the business of the mortgage company or any affiliated
				business that conducts business activities which are directly related to the
				business of the mortgage company; and
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › Examinations, Audits and Investigations › Section 645B.0665 - Proof of adverse change in financial condition (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r
				  of Mortgage Lending by R035-10, eff. 7-22-2010;	R by
				  R119-19A,
				  eff. 11/9/2023
NRS 645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › Examinations, Audits and Investigations › Section 645B.068 - Results of examination: Preparation and review of draft report; final report; confidentiality; action by Commissioner

Current through June 11, 2024
1. Not more than 30 days after the completion
				of an examination of a mortgage company, the examiner that performed the
				examination shall prepare a draft report of the examination and provide the
				draft report to appropriate personnel of the Division. The draft report must
				include only:
(a) Facts that are contained in
				the files, books, records or other documents of the mortgage company that were
				examined by the examiner;
(b) Facts
				that are contained in statements made by officers or agents of the mortgage
				company or other persons that the examiner interviewed concerning the mortgage
				company; and
(c) Conclusions and
				recommendations that are reasonably supported by the facts that are included in
				the draft report, including, but not limited to, the rating given to the
				mortgage company pursuant to NAC 645B.067.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › Records and Reports › Section 645B.070 - Monthly reports

Current through June 11, 2024
1. Each mortgage
				company shall submit, for each month, on a form approved by the Commissioner, a
				report on the volume of loans arranged in that month, unless the Commissioner
				waives the requirement pursuant to subsection 3 of NRS 645B.080. If the
				mortgage company is performing loan servicing and maintains any accounts
				described in subsection 4 of NRS 645B.175, the monthly report must include the
				information required pursuant to subsections 2 and 3. Unless the requirement to
				submit a monthly report is waived by the Commissioner pursuant to subsection 3
				of NRS 645B.080, the monthly report must be submitted to the Commissioner by
				the 15th day of the month following the month for which the report was made. If
				no loans were arranged in that month, the report must state that
				fact.
2. If, on the last day of any
				month, a debtor has failed to make two or more consecutive payments in
				accordance with the terms of the loan, a mortgage company who is performing
				loan servicing and maintains any accounts described in subsection 4 of NRS 645B.175  shall:
(a) Include in his or her
				report to the Commissioner:
(1) The name,
				address and telephone number of the debtor;
(2) The total number and amount of any
				payments made on the current delinquency;
(3) The outstanding balance of the loan and
				any accrued interest on the last day of the month for which the report is
				submitted;
(4) A statement of
				whether the loan has been declared to be in default and, if so, the nature of
				any actions that have been taken because of the default;
(5) The date on which the mortgage company
				sent the notice to investors required pursuant to paragraph (b) of this
				subsection and paragraph (b) of subsection 1 of NRS 645B.260; and
(6) If the loan is an insider loan, a
				statement disclosing that fact.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › Records and Reports › Section 645B.072 - "Complete and suitable records" interpreted for purposes of NRS 645B.080

Current through June 11, 2024
As used in NRS 645B.080, the Commissioner interprets
				  "complete and suitable records" to mean all books, accounts, records and
				  documents of the business conducted by the mortgage company which enable the
				  Commissioner to determine whether the business of the mortgage company is
				  conducted in compliance with this chapter, chapter 645B of NRS and any other
				  applicable law. The term includes, without limitation:
1. For a loan secured by a dwelling, a file
				that includes, but is not limited to, the following documents, if applicable to
				the type and purpose of the loan:
(a) The real
				estate sales contract;
(b) Escrow
				instructions;
(c) The preliminary
				title report;
(d) The loan
				application, including, but not limited to, any attachments or
				supplements;
(e) An appraisal
				report or any other independent assessment of the value of the mortgaged
				property;
(f) Any verification of
				representations made by the consumer on the application for a
				mortgage;
(g) A credit
				report;
(h) Any commitments made by
				the lender to the consumer, including, but not limited to, a commitment to
				guarantee the consumer a certain interest rate and a commitment to fund the
				loan; and
(i) Any disclosures
				required by state or federal law.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › Records and Reports › Section 645B.073 - Documentation for action on behalf of investors when beneficial interest belongs to more than one natural person (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r
				  of Financial Institutions by R045-00, eff. 9-5-2000; A by Comm'r of Mortgage
				  Lending by R058-08, 4-23-2009; R by
				  R125-16A,
				  eff. 1/27/2017
NRS
				  645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › Records and Reports › Section 645B.077 - Retention and maintenance of certain records

Current through June 11, 2024
1. The
				mortgage company shall retain records of all his or her completed mortgage
				transactions for a period of at least 4 years after the date of the last
				activity relating to the transaction.
2. The mortgage company shall retain
				applications for mortgages that were denied or withdrawn for a period of at
				least 1 year or as otherwise required by federal law.
3. The mortgage company may maintain in an
				electronic format the records required to be maintained by this section if:
(a) The records are maintained and made
				available to the Commissioner or his or her designee in a software format that
				allows the Commissioner or his or her designee complete access to all
				records;
(b) The mortgage company
				ensures that the Commissioner or his or her designee has the ability to
				download and print, from all office locations of the mortgage company, any or
				all of the records maintained in electronic format;
(c) The mortgage company provides, within 24
				hours after a request for a record and in printed form, any or all of the
				records maintained in an electronic format upon request of the Commissioner or
				his or her designee; and
(d) The
				records are maintained on a medium that:
(1)
				Is not erasable;
(2) Does not allow
				changes to a document stored on the medium;
(3) Is consistent with the minimum standards
				of quality approved by the National Institute of Standards and Technology of
				the United States Department of Commerce or the Association for Intelligent
				Information Management; and
(4)
				Contains written authentication identifying the electronic record as an exact,
				unaltered copy of the document which the record purports to
				be.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › Records and Reports › Section 645B.080 - Provision and retention of certain documents

Current through June 11, 2024
1.
				Except as otherwise provided in NAC 645B.038, before a private investor makes a
				loan for which a licensed mortgage company is acting as a broker, the mortgage
				company must provide, unless specifically waived in writing, to the private
				investor:
(a) A written application for the
				loan which is signed by the prospective borrower and which contains the
				borrower's address, a history of his or her employment and income, details of
				monthly payments he or she is obliged to pay and any other information
				requested by the private investor.
(b) Evidence of the history of employment of
				the prospective borrower and income, such as a tax return or an employer's
				statement of the borrower's past yearly income.
(c) A report on the history of credit of the
				prospective borrower issued by a credit reporting agency, including an
				explanation by the borrower of any material derogatory item in the report and
				evidence that the report has been compared for accuracy to the borrower's
				application for the loan.
(d) An
				analysis by the mortgage company of the ability of the prospective borrower to
				pay his or her monthly debts.
(e) A
				preliminary report on the status of the title of the property which is proposed
				as security for the loan.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › SUPERVISION BY COMMISSIONER › Net Worth › Section 645B.095 - Determination by Commissioner

Current through June 11, 2024
For the purpose of determining the net worth of a mortgage
				  company pursuant to NRS 645B.115, the Commissioner will interpret the term "net
				  worth" to mean the amount by which the assets of a mortgage company exceed his
				  or her liabilities, as calculated by the Commissioner in accordance with
				  generally accepted accounting principles. The calculation:
1. Must exclude any intangible and any amount
				receivable by the mortgage company that is related to the intangible;
				and
2. May exclude any shareholder
				debt that is subordinated.
Added to NAC by Comm'r
				  of Financial Institutions by R045-00, eff. 9-5-2000; A by Comm'r of Mortgage
				  Lending by R035-10, 7-22-2010;	A
				  by
				  R119-19A,
				  eff. 11/9/2023
NRS 645B.060,
					 645B.115
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › ESCROW AND TRUST ACCOUNTS › Section 645B.150 - Money received to acquire loans: Required statements and ledgers

Current through June 11, 2024
A licensed mortgage company maintaining any accounts described
				in subsection 1 of NRS 645B.175  shall:
1. Provide to the Commissioner a financial
			 statement of the account or accounts in accordance with NAC 645B.165.
2. Maintain a subsidiary ledger for each
			 investor which must include:
(a) The name and
			 address of the investor;
(b) The
			 amount of the initial investment and the amount of any subsequent
			 investment;
(c) The date of any
			 investment placed with the licensee by the investor;
(d) Each specific loan invested in,
			 including:
(1) The number of the
			 loan;
(2) The name of the
			 borrower;
(3) The closing date of
			 the loan; and
(4) The percentage of
			 the loan owned by the investor, if the loan is owned by more than one
			 person;
(e) The date of
			 the investment;
(f) The amount of
			 money invested;
(g) The maturity
			 date of the loan or loans made;
(h)
			 Any change in the investment made on behalf of the investor; and
(i) The status of each loan, including
			 whether the loan is current or delinquent, and if the loan is delinquent, the
			 number of months it is past due.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › ESCROW AND TRUST ACCOUNTS › Section 645B.160 - Money received to repay loans: Required statements and records

Current through June 11, 2024
A licensed mortgage company maintaining any accounts described
				in subsection 4 of NRS 645B.175  shall:
1. Provide to the Commissioner a statement of
			 the account or accounts in accordance with NAC 645B.165.
2. Keep monthly records reconciling all
			 payments received on loans made by investors to such accounts and any
			 subsequent disbursement to the investors.
3. At least annually, provide to each
			 investor:
(a) A statement indicating all money
			 collected and disbursed; and
(b)
			 The amortized balance of each loan in which the investor has an interest.
The statement, if annual, must be provided to the investor not
				later than 120 days after the end of the licensee's fiscal
				year.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › ESCROW AND TRUST ACCOUNTS › Section 645B.165 - Money received to acquire or repay loans: Required financial statements

Current through June 11, 2024
1. A licensed mortgage company maintaining
			 any accounts described in subsection 1 or 4 of NRS 645B.175  shall, not later
			 than 120 days after the end of the fiscal year for the mortgage company,
			 provide to the Commissioner an annual financial statement of the account or
			 accounts, which has been:
(a) Prepared from
			 the books and records of the mortgage company by an independent public
			 accountant who holds an active permit to engage in the practice of public
			 accounting in this State; and
(b)
			 Audited in accordance with generally accepted auditing
			 standards.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › ESCROW AND TRUST ACCOUNTS › Section 645B.170 - Money received to acquire or repay loans: Period for retention of records

Current through June 11, 2024
A licensed mortgage company shall retain all records of
				accounts maintained pursuant to subsections 1 and 4 of NRS 645B.175  for at
				least 2 years after the date of the last transaction with the
				investor.
Added to NAC by Comm'r
				of Financial Institutions, eff. 5-27-92; A by R045-00,
				9-5-2000;	A
				by
				R119-19A,
				eff. 11/9/2023
NRS 645B.060, 645B.080,
				  645B.175
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › DISCLOSURES AND ADVERTISING › Section 645B.210 - Disclosure of involvement

Current through June 11, 2024
1. If a control
			 person, manager or employee of a licensed mortgage company, or a relative of a
			 control person, manager or employee of a licensed mortgage company:
(a) Has any personal involvement in a lending
			 or borrowing transaction of the mortgage company which is authorized under
			 chapter 645B of NRS; or
(b) Is
			 licensed as, conducts business as or holds a controlling interest or position
			 in:
(1) A construction control;
(2) An escrow agency or escrow agent;
			 or
(3) A title agent, a title
			 insurer or an escrow officer of a title agent or title insurer, the involvement
			 must be disclosed to the borrower and the investor before the date that the
			 loan is consummated. Such a disclosure must be separate from the documents of
			 the transaction and must clearly and concisely state the nature of the
			 involvement. The statement of disclosure must be signed by the borrower and the
			 investor as an acknowledgment of the involvement. The mortgage company shall
			 not act as the attorney in fact or the agent of an investor with respect to
			 signing the acknowledgment.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › DISCLOSURES AND ADVERTISING › Section 645B.215 - Disclosures to purchaser of note secured by deed of trust; retention of documents

Current through June 11, 2024
1. Before a person
			 purchases an existing note secured by a deed of trust or an interest therein
			 for which a licensed mortgage company is acting as a broker or as an investor
			 selling his or her interest, the mortgage company must provide to the
			 purchaser, unless specifically waived in writing by that person:
(a) A copy of the promissory note;
(b) A record of the history of payments on
			 the note or a document signed by the seller and borrower stating the existing
			 balance of the note;
(c) The policy
			 of title insurance for the original beneficiaries of the note; and
(d) The original appraisal or any other
			 independent assessment of the value of the mortgaged property securing the
			 note, if available.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › DISCLOSURES AND ADVERTISING › Section 645B.220 - Disclosure form

Current through June 11, 2024
The disclosure form given to a private investor pursuant to NRS
				645B.185 must be the form prescribed by the Commissioner.
Added to NAC by Comm'r
				of Financial Institutions by R045-00, eff. 9-5-2000; A by Comm'r of Mortgage
				Lending by R087-04, 8-31-2004; R058-08, 4-23-2009; A by
				R125-16A,
				eff. 1/27/2017
NRS 645B.060 and
				645B.185
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › DISCLOSURES AND ADVERTISING › Section 645B.230 - Provision to Division of financial statement for investors

Current through June 11, 2024
1. A mortgage company may submit to the
			 Division a financial statement to be provided to a private investor pursuant to
			 subsection 3 of NRS 645B.185  that:
(a) Is
			 dated not earlier than the last day of the most recently completed fiscal year;
			 and
(b) Has been prepared from the
			 books and records of the mortgage company by an independent public accountant
			 who holds a permit to engage in the practice of public accounting in this State
			 that has not been revoked or suspended.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › DISCLOSURES AND ADVERTISING › Section 645B.235 - Disclosures to borrowers by certain persons acting in dual capacity

Current through June 11, 2024
1. A mortgage company or mortgage loan
			 originator who is also licensed as a real estate broker or real estate
			 salesperson and who acts in both capacities in a single transaction must make
			 to the borrower the disclosures set forth on the form prescribed by the
			 Division pursuant to subsection 2, including, but not limited to:
(a) Whether the mortgage company or mortgage
			 loan originator will be receiving compensation for acting as a mortgage company
			 or mortgage loan originator and as a real estate broker or real estate
			 salesperson in the same transaction;
(b) That the borrower is under no obligation
			 to allow the real estate broker or real estate salesperson to submit the loan
			 package of the borrower to a mortgage company or mortgage loan originator;
			 and
(c) That the borrower may
			 contact other mortgage companies or mortgage loan originators to determine if
			 the borrower is receiving the best services related to the loan and the best
			 prices for those services.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › DISCLOSURES AND ADVERTISING › Section 645B.240 - Representation of activity as licensed; advertisements; disclosure to investors; Internet links

Current through June 11, 2024
1. A licensed
			 mortgage company or mortgage loan originator shall not represent an activity
			 which is not licensed pursuant to chapter 645B of NRS as being licensed
			 pursuant to that chapter.
2. Except
			 as otherwise provided in subsection 3, an advertisement for an activity which
			 is licensed pursuant to chapter 645B of NRS must be separate and distinct from
			 an advertisement for an activity which is not licensed pursuant to that
			 chapter.
3. A mortgage company or
			 mortgage loan originator may advertise jointly with a company licensed pursuant
			 to chapter 624 or 645 of NRS if each business is disclosed separately in the
			 advertisement and each business incurs a pro rata share of the cost associated
			 with the advertisement.
4. A
			 licensed mortgage company or mortgage loan originator must include in his or
			 her advertisements, including any advertising material available on the
			 Internet:
(a) The complete name of the
			 mortgage company or mortgage loan originator that appears on the license of the
			 mortgage company or mortgage loan originator issued pursuant to this chapter
			 and chapter 645B of NRS. Any advertisement for a mortgage loan originator must
			 also include the name of the mortgage company, with whom the mortgage loan
			 originator is associated.
(b) The
			 address, telephone number and either the license number or unique identifier
			 that the mortgage company and, if applicable, mortgage loan originator has on
			 file with the Division. Additional telephone or cellular phone numbers of the
			 mortgage company or mortgage loan originator may also be included.
(c) A description of any licensed activity
			 mentioned in the advertisement, written in nontechnical terms.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › CONDITIONS AND LIMITATIONS ON CERTAIN MORTGAGE TRANSACTIONS › Section 645B.250 - Prohibition against acting as trustee or substitute trustee under certain circumstances; exception

Current through June 11, 2024
1. Except as
			 otherwise provided in subsection 3, a mortgage company and any partnership,
			 corporation or limited-liability company in which the mortgage company or any
			 officer, director, employee or relative of the mortgage company has a
			 controlling interest shall not act as a trustee or substitute trustee for any
			 deed of trust for which the mortgage company acted at any time as an investor,
			 mortgage company or holder of a beneficial interest if the loan for which the
			 deed of trust was executed was funded in whole or in part by a person other
			 than the mortgage company or has been assigned in whole or in part to one or
			 more natural persons.
2. Except as
			 otherwise provided in subsection 3, an officer, director or employee of a
			 mortgage company, a relative of any officer, director or employee of a mortgage
			 company, or an officer, director or employee of any corporation, partnership or
			 limitedliability company that has a controlling interest in a mortgage company
			 shall not act as a trustee or substitute trustee for any deed of trust for
			 which the mortgage company acted at any time as an investor, mortgage company
			 or holder of a beneficial interest if the loan for which the deed of trust was
			 executed was funded in whole or in part by a person other than the mortgage
			 company or has been assigned in whole or in part to one or more natural
			 persons.
3. A mortgage company may
			 act as substitute trustee in a deed of trust for the purpose of reconveying
			 title to the trustor upon payment in full of the note if the mortgage company
			 receives a signed and notarized statement from each person holding a beneficial
			 interest in the note, or the agent of that person, authorizing the mortgage
			 company to so act and directing the disposition of the share of the money
			 received for that person to pay the loan in full. The statement must be
			 executed within 45 days before the execution of the deed of reconveyance. The
			 mortgage company and his or her officers, directors and employees shall not act
			 as the agent for that person for the purpose of executing the statement
			 required by this section.
Added to NAC by Comm'r
				of Financial Institutions, eff. 6-20-97; A by R045-00, 9-5-2000-Substituted in
				revision for NAC 645B.145;	A
				by
				R119-19A,
				eff. 11/9/2023
NRS 645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › CONDITIONS AND LIMITATIONS ON CERTAIN MORTGAGE TRANSACTIONS › Section 645B.255 - Minimum financial requirement for certain investors

Current through June 11, 2024
1. Except as otherwise provided in subsection
			 5, before a private investor enters into a transaction with a mortgage company
			 or mortgage loan originator to acquire ownership of or a beneficial interest in
			 a loan secured by a lien on real property by investing money, the private
			 investor must provide a statement on a form prescribed by the Division which
			 verifies that the private investor meets one or more of the following financial
			 requirements:
(a) The private investor's
			 household net worth is more than $250,000, excluding any equity in any real
			 property used as the investor's primary residence at the time of the
			 investment; or
(b) The private
			 investor's household net annual income was more than $70,000 for each of the
			 previous 2 tax years, and there is a reasonable expectation of attaining or
			 exceeding the same income for the current year.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › CONDITIONS AND LIMITATIONS ON CERTAIN MORTGAGE TRANSACTIONS › Section 645B.260 - Decisions regarding investments

Current through June 11, 2024
All decisions regarding the funding of investments in mortgages
				must be made by the investor.
Comm'r of Savings
				Associations, Mortgage Reg. § 10, eff. 6-29-82-NAC A by Comm'r of
				Financial Institutions by R045-00, 9-5-2000-Substituted in revision for NAC
				645B.100
NRS
				  645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › CONDITIONS AND LIMITATIONS ON CERTAIN MORTGAGE TRANSACTIONS › Section 645B.270 - Standards for appraisals (Repealed)

Current through June 11, 2024
Comm'r of Savings
				Associations, Mortgage Reg. § 12, eff. 6-29-82-NAC A by Comm'r of
				Financial Institutions by R045-00, 9-5-2000; A by Comm'r of Mortgage Lending by
				R058-08, 4-23-2009; R by
				R125-16A,
				eff. 1/27/2017
NRS
				645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › CONDITIONS AND LIMITATIONS ON CERTAIN MORTGAGE TRANSACTIONS › Section 645B.280 - Power of attorney: Submission to and action by Commissioner; maintenance of written communications; extension of term; inclusion of date of approval

Current through June 11, 2024
1. Before a
			 mortgage company or mortgage loan originator engages in any act or transaction
			 on behalf of a private investor pursuant to a power of attorney, the power of
			 attorney must first be submitted to the Commissioner for approval. The
			 Commissioner will, within 15 business days after receiving a request for
			 approval of a power of attorney:
(a) Approve
			 the power of attorney;
(b) Approve
			 the power of attorney on the condition that the mortgage company amend the
			 power of attorney as directed by the Commissioner;
(c) Reject the power of attorney;
			 or
(d) Provide notice in writing to
			 the person who requested the power of attorney that an additional period of
			 time, not to exceed 15 business days, is needed by the Commissioner to act on
			 the request for approval of the power of attorney.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › CONDITIONS AND LIMITATIONS ON CERTAIN MORTGAGE TRANSACTIONS › Section 645B.290 - Power of attorney: Form

Current through June 11, 2024
The power of attorney required pursuant to NRS 645B.330  must be
				in substantially the following form:
Special Power of Attorney
The undersigned, ________________________, does hereby appoint
				(name of mortgage
company
) my true and lawful attorney, to
				perform services related to the following loan in which I own a beneficial
				interest: _______________________. The services to be performed are described
				below:
(Describe services here)
This power of attorney shall not be effective to authorize any
				transaction that subordinates the priority of the recorded deed of trust that
				secures this loan unless accompanied by a writing issued by the undersigned
				that consents to such subordination.
This power of attorney shall not be effective to authorize the
				use or release of money in which the undersigned owns a beneficial interest for
				any purpose except for the provision of the services described above relating
				to the loan described above unless accompanied by written authorization by the
				undersigned for the use or release of money for the other purpose.
This power of attorney is effective only for the term of the
				specific loan described above unless the mortgage company obtains written
				approval from the undersigned to extend the term of the power of attorney to
				provide services for not more than one other loan. The written approval must
				identify the loan for which the power of attorney was executed and the loan for
				which the power of attorney is being given.
I give and grant to my said attorney full power to execute in
				my name contracts, escrow instructions, conveyances, mortgages, deeds of trust,
				and all other documents necessary to carry out the services described herein as
				fully to all intents and purposes as the undersigned might or could do if
				personally present, hereby ratifying and confirming all that my said attorney
				shall lawfully do, or cause to be done, by virtue of these presents.
Witness my hand this _______day of _____________________,
				________.
________________________________________
State of ______________
County of ____________
This instrument was acknowledged before me on
(date)
, by
(name(s) of
				person(s)
_______________________________
(Signature of notarial officer)
(Seal if any)
_____________________________
(Title and rank (optional))
(My commission expires (optional) _____)
Approved by the Commissioner of Mortgage Lending on
				_________________.
A
				by
				R119-19A,
				eff. 11/9/2023
NRS 645B.060,
				  645B.330
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND REGULATION OF MORTGAGE AGENTS › Section 645B.300 - Application for licensing; association with or employment by mortgage broker or mortgage banker; investigation of background; confidentiality of certain documents; termination of association or employment

Current through June 11, 2024
1. In addition to the requirements set forth
			 in NRS 645B.410, an applicant for a license as a mortgage loan originator must
			 include with the application for a license:
(a) Evidence that the applicant is 18 years
			 of age or older;
(b) Evidence that
			 the applicant has satisfied the educational and examination requirements set
			 forth in applicable federal or state law or regulation, including, without
			 limitation, the S.A.F.E. Mortgage Licensing Act and any regulation adopted
			 pursuant thereto; and
(c) A record
			 of personal history and experience in a form prescribed by the
			 Division.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND REGULATION OF MORTGAGE AGENTS › Section 645B.305 - Qualifications of applicant: Requirements for licensure pursuant to NRS 645B.410

Current through June 11, 2024
1. Pursuant to
			 subsection 3 of NRS 645B.410, the Commissioner is not required to and will not
			 issue a license as a mortgage loan originator unless the requirements of that
			 subsection have been fulfilled.
2.
			 For the purposes of subparagraph (1) of paragraph (b) of subsection 3 of NRS 645B.410, a person shall not be considered to have been convicted or entered a
			 plea of guilty or nolo contendere if the conviction or plea has been pardoned
			 or vacated.
3. For the purposes of
			 subparagraph (2) of paragraph (b) of subsection 3 of NRS 645B.410, a license
			 shall not be considered to be revoked or suspended if the revocation or
			 suspension was subsequently vacated.
4. For the purposes of subparagraph (5) of
			 paragraph (b) of subsection 3 of NRS 645B.410, a person has not demonstrated
			 financial responsibility if the person's personal credit history indicates any
			 lien, judgment or disciplinary action which results from fraud,
			 misrepresentation, dishonest business practices or the mishandling of trust
			 funds.
Added to NAC by Comm'r
				of Mortgage Lending by R035-10, eff. 7-22-2010;	A
				by
				R119-19A,
				eff. 11/9/2023
NRS 645B.060