reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.575 - Instructors: Duties

Current through June 11, 2024
1. An instructor of
						an approved course shall ensure that:
(a)
						Class sessions are commenced in a timely manner and are conducted for the full
						amount of time that is approved; and
(b) Each approved course is taught according
						to the course plan and any instructor guide that was approved by the
						Commissioner, including the furnishing to students of appropriate student
						materials.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.580 - Evaluation of approved courses and instructors by students; provision of certificates of completion

Current through June 11, 2024
1. Each approved
						course and each instructor of an approved course must be evaluated by students
						on a form prescribed by the Commissioner and provided by the provider during
						every course offering.
2. The
						instructor shall provide to each student who successfully completes an approved
						course a certificate of completion, in a form satisfactory to the Commissioner,
						indicating that the student has successfully completed the applicable number of
						hours of instruction which may be used to satisfy the requirements of NAC
						645F.500 or 645F.505.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.585 - Certificates of completion of approved courses: Prerequisites for receipt; review of denial

Current through June 11, 2024
1. To receive a
						certificate of completion for an approved course, a student must:
(a) Direct his or her attention to the
						instruction being provided and refrain from engaging in activities unrelated to
						the instruction;
(b) Refrain from
						engaging in activities which are distracting to other students or the
						instructor, or which otherwise disrupt the orderly conduct of a class,
						including, without limitation, the use of text messages, voice pagers, beepers,
						smartphones and cellular phones; and
(c) Not be absent from the classroom for more
						than 18 minutes per every 3 hours of instruction, not including break
						periods.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.590 - Credit for approved course of continuing education: Prerequisites for receipt

Current through June 11, 2024
1. To receive
						credit for an approved course of continuing education, the course must be
						completed not more than 12 months immediately preceding the date on which the
						license of the licensee expires.
2.
						A licensee must complete at least 90 percent of an approved course to receive
						credit for continuing education for that course.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.600 - Advertising: Requirements; restrictions

Current through June 11, 2024
1. A licensee
						shall include his or her name, license number and street address in each
						advertisement that the licensee uses. The street address must be the physical
						address of the licensee and may not be the address of a mail processing
						business. An advertisement used by an associated licensee must include his or
						her name and license number as well as the name, address and license number of
						the independent licensee with whom the associated licensee is employed or
						associated.
2. Each advertisement
						that a licensee uses in conducting business must comply with the requirements
						of:
(a)NRS NRS
						NRS 598.0903 to
						598.0999,
						inclusive, concerning deceptive trade practices; and
(b) Any applicable federal statute or
						regulation concerning deceptive advertising and the advertising of interest
						rates.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.610 - Surety bonds: Independent licensee may deposit substitute form of security in lieu of bond; amount deposited must equal amount of bond; interest or dividends accrue to depositor

Current through June 11, 2024
1. As a substitute
						for the surety bond required by NAC 645F.605, an independent licensee may, in
						accordance with the provisions of this section, deposit with any bank or trust
						company authorized to do business in this State which is federally insured, in
						a form approved by the Commissioner:
(a) An
						obligation of a bank, savings and loan association, thrift company or credit
						union licensed to do business in this State which is federally
						insured;
(b) Bills, bonds, notes,
						debentures or other obligations of the United States or any agency or
						instrumentality thereof, or guaranteed by the United States; or
(c) Any obligation of this State or any city,
						county, town, township, school district or other instrumentality of this State,
						or guaranteed by this State.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.615 - Surety bonds: Cancellation of bond

Current through June 11, 2024
1. The surety may
						cancel a surety bond upon giving 60 days' notice to the Commissioner by
						certified mail. Upon receipt by the Commissioner of such a notice, the
						Commissioner will immediately notify the independent licensee who is a
						principal on the surety bond of the effective date of cancellation of the
						surety bond, and that the license of the independent licensee will be revoked
						unless an equivalent surety bond or a substitute form of security authorized by
						NAC 645F.610 is furnished before the effective date of the cancellation. The
						notice must be sent to the independent licensee by certified mail to the
						independent licensee's last address of record filed in the office of the
						Commissioner.
2. If the independent
						licensee does not comply with the requirements set out in the notice from the
						Commissioner, the license of the independent licensee must be revoked as of the
						date the surety bond is cancelled.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.620 - Surety bonds: Action on bond

Current through June 11, 2024
1. Any person
						claiming against a surety bond may bring an action in a court of competent
						jurisdiction on the surety bond for damages to the extent covered by the surety
						bond. A person who brings an action on a surety bond shall notify the
						Commissioner in writing upon filing the action. An action may be commenced not
						more than 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 surety bond is required, the Commissioner
						will notify the person:
(a) That a surety bond
						is in effect and the amount of the surety bond; and
(b) If there is an action against the surety
						bond, the title, court and case number of the action and the amount sought by
						the plaintiff.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.625 - Surety bonds: Miscellaneous provisions

Current through June 11, 2024
1. The term of the
						surety bond or substitute for the surety bond, if applicable, must be not less
						than 1 year.
2. If the independent
						licensee deposits a surety bond, the independent licensee shall keep accurate
						records of the surety bond and the payments made on the premium. The records
						must be open to inspection by the Commissioner during business hours. The
						independent licensee shall notify the Commissioner not later than 30 days
						before the date of expiration of the surety bond and provide written proof of
						the renewal of the surety bond to the Commissioner.
3. The Commissioner may reject any surety
						bond or substitute for the surety bond which fails to conform to the
						requirements of the Nevada Covered Service Provider Regulations or chapter 645F
						of NRS.
4. An independent licensee
						may change the form of security deposited with the Commissioner. If the
						independent licensee changes the form of the security, the Commissioner may
						retain for not more than 1 year any portion of the security previously
						deposited by the independent licensee as security for claims arising during the
						time the previous security was in effect.
5. If the amount of the deposited security
						falls below the amount required by the Nevada Covered Service Provider
						Regulations or chapter 645F of NRS for that security, the license of the
						independent licensee must be revoked as of the date the deposited security
						falls below the amount required.
; A by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.Added to NAC by Comm'r of Mortgage Lending by R052-09,
						eff. 8-25-2009
NRS
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.630 - Contract to provide covered services: Required contents

Current through June 11, 2024
In addition to the
						requirements of the Nevada Covered Service Provider Regulations and chapter
						645F of NRS, before a licensee provides any covered service, the licensee shall
						provide a written contract to the homeowner, in simple English and in at least
						10-point type, that includes, without limitation:
1. A statement, on the top of the first page
						of the written contract and in at least 12-point boldface type, as follows:
The amount of fees you agree to pay to (here insert name of licensee) is
						not fixed by Nevada law, and is negotiable between you and (here insert name of
						licensee). You may be able to obtain the same services at no cost from a
						housing counselor or by doing them yourself.
2. Full disclosure of the exact nature of
						each of the services to be provided, the costs associated with each phase of
						the services, that the licensee may not take the fees associated for any phase
						of services until the phase of service has been fully completed and the total
						amount and terms of payment of all compensation. The percentage of the total
						payment collected, or to be collected, for each phase of service must be
						reasonable in relation to the work required to complete that phase.
3. The business address, telephone number,
						full name and license number of the independent licensee and each associated
						licensee, if any, who will be involved in the transaction.
4. The signature and date of the signature of
						the homeowner and the licensee. The originally signed contract must be given to
						the homeowner and a copy of the original retained by the licensee.
; A by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.Added to NAC by Comm'r of Mortgage Lending by R052-09,
						eff. 8-25-2009
NRS
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.635 - Contract to provide covered services: Rescission of contract by homeowner; notification of rescission

Current through June 11, 2024
1. A homeowner may
						rescind without penalty or obligation a contract at any time before midnight of
						the third business day after the date on which the homeowner signs a contract
						with a licensee.
2. Except as
						otherwise provided in this subsection, in the event a homeowner rescinds a
						contract in accordance with this section, the licensee shall immediately
						provide a full refund of all compensation paid by the homeowner. If the
						licensee deposited the homeowner's check before the homeowner rescinds the
						contract, the licensee may wait to provide the refund until the homeowner's
						check clears though the bank account used by the licensee.
3. The contract must contain in immediate
						proximity to the space reserved for the homeowner's signature a conspicuous
						statement in at least 12-point boldface type that the homeowner has the right
						to rescind the contract without penalty or obligation until midnight of the
						third business day after the date on which the homeowner signs the
						contract.
4. Rescission occurs when
						the homeowner gives written notice of rescission to the licensee at the address
						specified in the contract. For the purposes of this section, the notice may be
						given to the licensee by electronic mail, facsimile, regular mail or personal
						delivery.
5. Notice of rescission,
						if given by mail, is effective when deposited in the mail properly addressed
						with postage prepaid.
6. Notice of
						rescission given by the homeowner is not required to take the particular form
						as provided in the contract and, however expressed, is effective if the notice
						indicates the intention of the homeowner not to be bound by the
						contract.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.640 - Contract to provide covered services: Cancellation of contract by homeowner; notification of cancellation

Current through June 11, 2024
1. A homeowner may
						cancel a contract upon written notification at any time after the expiration of
						the rescission period that is provided for in NAC 645F.635. A homeowner may
						cancel a contract without penalty or obligation for payment of any phase of
						service that has not been fully completed. For the purposes of this section,
						the notice may be given to the licensee by electronic mail, facsimile, regular
						mail or personal delivery.
2.
						Except as otherwise provided in this subsection, in the event a homeowner
						cancels a contract in accordance with this section, the licensee must, within 5
						business days after receipt of the written notification, provide a full or
						partial refund of all compensation paid by the homeowner for phases of services
						not fully performed. If the licensee deposited the homeowner's check before the
						homeowner cancels the contract, the licensee may wait to provide the refund
						until the homeowner's check clears though the bank account used by the
						licensee.
3. The contract must
						clearly set forth the refund policy and procedure of the licensee in 12-point
						boldface type and provide the physical address, facsimile number and electronic
						mail address for providing notice of cancellation.
4. Notice of cancellation given by the
						homeowner is not required to take the particular form as provided in the
						contract and, however expressed, is effective if the notice indicates the
						intention of the homeowner not to be bound by the contract.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.645 - Contract to provide covered services: Translation into language other than English

Current through June 11, 2024
A licensee who negotiates in a language other
						than English in the course of entering into a contract for the provision of any
						covered service shall deliver to the homeowner at least 2 calendar days before
						the execution of the contract a translation in at least 10-point type of the
						material terms of the contract in the language in which the contract was
						negotiated, along with a statement indicating that the original contract will
						be in English.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.650 - Contract to provide covered services: Disclosure of certain business and professional relationships required

Current through June 11, 2024
1. If a licensee or
				a relative of the licensee is licensed as, conducts business as or holds a
				controlling interest or position in:
(a) An
				escrow agency, a title or escrow agent, a title insurer or an escrow officer of
				a title agent or title insurer; or
(b) A mortgage company, mortgage loan
				originator, or real estate broker or agent, the licensee shall fully disclose,
				in writing, his or her status as, connection to or relationship with such a
				person or entity to each homeowner before entering into a contract for the
				provision of covered services. The licensee shall not require as a condition to
				a homeowner entering into a contract for the provision of covered services that
				the homeowner transact business with or use the services of any such person or
				entity or that the homeowner authorize the licensee to transact business with
				or use the services of such person or entity on behalf of the
				homeowner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.655 - Contract to provide covered services: Waiver of provisions and limitation of liability of licensee prohibited; mandatory arbitration voidable by homeowner

Current through June 11, 2024
1. A licensee shall
						not attempt to induce a homeowner to waive any of the provisions of NAC
						645F.630 to 645F.650, inclusive, or otherwise attempt to limit the liability of
						the licensee for the licensee's conduct. Any waiver by a homeowner of the
						provisions of NAC 645F.630 to 645F.650, inclusive, or limitation of liability,
						is void and unenforceable.
2. Any
						provision in a contract which attempts or purports to require mandatory
						arbitration of any dispute arising under NAC 645F.630 to 645F.650, inclusive,
						is voidable at the option of the homeowner.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.660 - Prohibition against guarantee or warranty

Current through June 11, 2024
A licensee shall not:
1. In any advertisement; or
2. Before, during or after solicitation or
						receipt of money from a homeowner,
make, or cause or encourage to be
						made, any explicit or implicit statement, representation or promise, oral or
						written, which a reasonable person would construe as a guarantee or warranty
						that the homeowner will be successful in obtaining a loan modification or that
						the homeowner will be able to successfully avoid or stop foreclosure.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.665 - Prohibited acts by licensee

Current through June 11, 2024
1. A licensee shall
						not advise or instruct a homeowner to:
(a)
						Stop making any mortgage loan or other loan payment or cease communication with
						any mortgage lender, any mortgage loan servicer or any other lender or loan
						servicer.
(b) Make a home loan
						payment to the licensee or any person not otherwise authorized by the mortgage
						lender or loan servicer to receive such payment, and the licensee shall not
						accept such payment from a homeowner unless otherwise required by court
						order.
(c) Designate the licensee
						as the exclusive recipient of notices or other communications sent from a
						lender or servicer to a homeowner, or otherwise have written communication from
						or on behalf of the lender redirected or sent directly to the
						licensee.
(d) Transfer or encumber
						or purport to transfer or encumber the residence of the homeowner to or for the
						benefit of the licensee or any third party, and the licensee shall not accept
						any interest in the residence of the homeowner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.670 - Fiduciary obligation of licensee

Current through June 11, 2024
1. In addition to
						any other duties set forth in the Nevada Covered Service Provider Regulations
						or chapter 645F of NRS, any person licensed pursuant to the Nevada Covered
						Service Provider Regulations and chapter 645F of NRS 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
						obtain access to products or services for a client other than those that are
						available to 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 services which are suitable for the client's needs;
(c) Disclose any financial, business,
						professional or personal interest the person has in conducting a 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 a
						transaction;
(e) Provide an
						accounting to the client that lists all money received from the client;
						and
(f) Exercise reasonable care in
						performing any other duty relating to the provision of services as a covered
						service provider, foreclosure consultant or loan modification consultant, as
						applicable.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.675 - Foreclosure purchases: Written contract required

Current through June 11, 2024
1.
						Before purchasing a residence in foreclosure, a foreclosure purchaser shall
						provide a written contract to the homeowner, in simple English and in at least
						10-point type.
2. The written
						contract must be fully completed and signed and dated by the homeowner and the
						foreclosure purchaser before the execution of any instrument of conveyance of
						the residence in foreclosure.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, 8-25-2009, eff. 10-1-2009
NRS
						645F.255
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.680 - Foreclosure purchases: Terms to be included in contract

Current through June 11, 2024
Every contract entered
						into between a homeowner and a foreclosure purchaser must contain the entire
						agreement of the parties and must include the following terms:
1. The name, business address and telephone
						number of the foreclosure purchaser;
2. The address of the residence;
3. The total consideration to be given by the
						foreclosure purchaser in connection with or incident to the sale of the
						residence;
4. A complete
						description of the terms of payment or other consideration, including, but not
						limited to, any services of any nature that the foreclosure purchaser
						represents will be performed for the foreclosed homeowner before or after the
						sale;
5. The date on which
						possession of the residence is to be transferred to the foreclosure purchaser;
						and
6. A complete description of
						the terms of any related agreement designed to allow the homeowner to remain in
						the residence, such as a rental agreement, repurchase agreement, contract for
						deed, or lease with option to buy.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, 8-25-2009, eff. 10-1-2009
NRS
						645F.255
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.685 - Foreclosure purchases: Translation of contract into language other than English

Current through June 11, 2024
A foreclosure purchaser who negotiates a
						contract with a homeowner in a language other than English shall deliver to the
						homeowner at least 2 calendar days before the execution of the contract a
						translation in at least 10-point type of the material terms of the contract in
						the language in which the contract was negotiated, along with a statement
						indicating that the original contract will be in English.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, 8-25-2009, eff. 10-1-2009
NRS
						645F.255
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.690 - Foreclosure purchases: Cancellation of contract; notification of cancellation; restriction on signing of deed

Current through June 11, 2024
1. A homeowner may
						cancel a contract with a foreclosure purchaser without penalty or obligation at
						any time before midnight of the third business day after the date on which the
						homeowner signs the contract.
2.
						The contract must contain in immediate proximity to the space reserved for the
						homeowner's signature a conspicuous statement in at least 12-point boldface
						type that the homeowner has the right to cancel the contract without penalty or
						obligation until midnight of the third business day after the date on which the
						homeowner signs the contract.
3.
						Unless waived as provided for in subsection 1 of NAC 645F.695, cancellation
						occurs when the homeowner gives written notice of cancellation to the
						foreclosure purchaser at the address specified in the contract.
4. Notice of cancellation, if given by mail,
						is effective when deposited in the mail properly addressed with postage
						prepaid.
5. Notice of cancellation
						given by the homeowner is not required to take the particular form as provided
						with the contract and, however expressed, is effective if the notice indicates
						the intention of the homeowner not to be bound by the contract.
6. Within 7 business days following receipt
						of a notice of cancellation given in accordance with subsection 3, the
						foreclosure purchaser shall return without condition any original contract and
						any other documents signed by the homeowner.
7. Until the period for cancellation that is
						provided in subsection 1 has expired, a foreclosure purchaser cannot ask a
						homeowner to sign, or have a homeowner sign, any deed or other
						document.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, 8-25-2009, eff. 10-1-2009
NRS
						645F.255
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.695 - Foreclosure purchases: Waiver of provisions and limitation of liability of licensee prohibited; mandatory arbitration voidable by homeowner

Current through June 11, 2024
1. A foreclosure purchaser shall not attempt
						to induce a homeowner to waive any of the provisions of NAC 645F.675 to
						645F.690, inclusive, or otherwise attempt to limit the liability of the
						foreclosure purchaser. Except as otherwise provided in this subsection, any
						waiver by a homeowner of the provisions of NAC 645F.675 to 645F.690, inclusive,
						or limitation of liability, is void and unenforceable. A waiver of the right to
						cancel is not void and unenforceable if the residence is subject to a
						foreclosure sale within the 3 business days provided for cancellation in NAC
						645F.690 and the homeowner agrees to waive the right to cancel in a handwritten
						statement signed by the homeowner.
2. Any provision in a contract which attempts
						or purports to require arbitration of any dispute arising under NAC 645F.675 to
						645F.690, inclusive, is voidable at the option of the homeowner.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, 8-25-2009, eff. 10-1-2009
NRS
						645F.255
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.700 - Foreclosure purchases: Prohibited acts

Current through June 11, 2024
1. A
						foreclosure purchaser shall not represent, directly or indirectly, that the
						foreclosure purchaser is:
(a) Acting as an
						advisor or consultant to the homeowner, or in any other manner represent that
						the foreclosure purchaser is acting on behalf of the homeowner;
(b) Licensed or certified by any entity or
						organization unless the foreclosure purchaser has such a license or
						certification; or
(c) Assisting the
						homeowner to "save the home" or use a substantially similar phrase.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.800 - Unlawful to conduct business of covered service provider, foreclosure consultant or loan modification consultant without being licensed or exempt from licensing

Current through June 11, 2024
It is unlawful for any person to provide or
						offer to provide any of the services of a covered service provider, foreclosure
						consultant or loan modification consultant or otherwise to engage in, carry on
						or hold himself or herself out as engaging in or carrying on the business of a
						covered service provider, foreclosure consultant or loan modification
						consultant without first obtaining the applicable license issued pursuant to
						the Nevada Covered Service Provider Regulations and chapter 645F of NRS, unless
						the person:
1. Is exempt from the
						provisions of the Nevada Covered Service Provider Regulations and chapter 645F
						of NRS; and
2. Complies with the
						requirements for that exemption.
; A by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.Added to NAC by Comm'r of Mortgage Lending by R052-09,
						eff. 8-25-2009
NRS
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.805 - Complaint alleging violation

Current through June 11, 2024
1. A person may
						file with the Commissioner a complaint alleging that another person has
						violated a provision of the Nevada Covered Service Provider Regulations or
						chapter 645F of NRS or an order of the Commissioner.
2. A complaint filed pursuant to this section
						must:
(a) Be in writing;
(b) Be signed by the person filing the
						complaint or the authorized representative of the person filing the
						complaint;
(c) Contain an address
						and a telephone number for the person filing the complaint or the authorized
						representative of the person filing the complaint;
(d) Describe the nature of the alleged
						violation in as much detail as possible;
(e) Include as exhibits copies of all
						documentation supporting the complaint; and
(f) Include any other information or
						supporting materials required by the Commissioner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.810 - Investigation of alleged violation by Commissioner; determination

Current through June 11, 2024
1. If a person properly files a complaint
						with the Commissioner pursuant to the Nevada Covered Service Provider
						Regulations or chapter 645F of NRS, the Commissioner may investigate each
						violation alleged in the complaint, unless the Commissioner has previously
						investigated the alleged violation.
2. If the Commissioner does not conduct an
						investigation of an alleged violation pursuant to subsection 1 because he or
						she previously has investigated the alleged violation, the Commissioner may
						provide to the person who filed the complaint a written summary of the previous
						investigation and the nature of any disciplinary action that was taken as a
						result of the previous investigation.
3. If the Commissioner conducts an
						investigation of an alleged violation pursuant to subsection 1, the
						Commissioner may determine from the investigation whether there is reasonable
						cause to believe that the person committed the alleged violation.
4. If, upon investigation, the Commissioner
						determines that there is not reasonable cause to believe that the person
						committed the alleged violation, the Commissioner may provide the reason for
						the determination, in writing, to the person who filed the complaint and to the
						person alleged to have committed the violation.
5. If it is determined that a violation has
						occurred, the Commissioner may take any actions within his or her
						authority.
; A by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.Added to NAC by Comm'r of Mortgage Lending by R052-09,
						eff. 8-25-2009
NRS
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.815 - Investigation of unprofessional conduct by Commissioner

Current through June 11, 2024
1. Whether or not a complaint has been filed,
						the Commissioner may investigate a licensee or other person if, for any reason,
						it appears that:
(a) The licensee or other
						person is conducting business in an unsafe and injurious manner or in violation
						of any provision of the Nevada Covered Service Provider Regulations or chapter
						645F of NRS or any order of the Commissioner;
(b) The licensee or other person is offering
						or providing any of the services of a covered services provider, foreclosure
						consultant or loan modification consultant or otherwise engaging in, carrying
						on or holding himself or herself out as engaging in or carrying on the business
						of a covered services provider, foreclosure consultant or loan modification
						consultant without being appropriately licensed or exempt from licensing
						pursuant to the provisions of the Nevada Covered Service Provider Regulations
						or chapter 645F of NRS; or
(c) The
						licensee or other person is violating any other provision of the Nevada Covered
						Service Provider Regulations or chapter 645F of NRS or any order of the
						Commissioner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.820 - Duties of Commissioner when unsafe condition or practice is suspected; seizure of property and assets of licensee; duties of Attorney General

Current through June 11, 2024
1. In addition to any other action that is
						required or allowed pursuant to the Nevada Covered Service Provider Regulations
						or chapter 645F of NRS, if the Commissioner has reasonable cause to believe
						that:
(a) The assets or capital of a licensee
						are impaired; or
(b) A licensee is
						conducting business in an unsafe and injurious manner that may result in danger
						to the public, the Commissioner may immediately take possession of all the
						property, business and assets of the licensee that are located in this State
						and may retain possession of them.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.825 - Persons entitled to correct unsafe conditions and practices; effect of failure to correct; receivership and liquidation of assets

Current through June 11, 2024
1. If the Commissioner takes possession of
						the property of a licensee as set forth in NAC 645F.820, the licensee or any
						officers, directors, partners, associates or stockholders of the licensee may,
						within 60 days after the date on which the Commissioner takes possession of the
						property, make good any deficit in the assets or capital of the licensee or
						remedy any unsafe and injurious conditions or practices of the
						licensee.
2. At the expiration of
						the 60-day period, if the deficiency in assets or capital has not been made
						good or the unsafe and injurious conditions or practices remedied, the
						Commissioner may apply to the court to be appointed receiver and proceed to
						liquidate the assets of the licensee which are located in this State in the
						same manner as now provided by law for liquidation of a private corporation in
						receivership.
3. No other person
						may be appointed receiver by any court without first giving the Commissioner
						ample notice of his or her application.
4. The inventory made by the Commissioner and
						all claims filed by creditors are open at all reasonable times for inspection,
						and any action taken by the receiver upon any of the claims is subject to the
						approval of the court before which the case is pending.
5. The expenses of the receiver and
						compensation of counsel, as well as all expenditures required in the
						liquidation proceedings, must be fixed by the Commissioner subject to the
						approval of the court and, upon certification of the Commissioner, must be paid
						out of the money in the Commissioner's hands as the receiver.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.830 - Confidentiality of complaint and related materials

Current through June 11, 2024
1.
						Except as otherwise provided in this section, NAC 645F.485 and NRS NRS
						NRS
						239.0115, a complaint filed with the
						Commissioner, all documents and other information filed with the complaint and
						all documents and other information compiled as a result of an investigation
						conducted to determine whether to initiate disciplinary action are
						confidential.
2. The complaint or
						other document filed by the Commissioner to initiate disciplinary action and
						all documents and information considered by the Commissioner when determining
						whether to impose discipline are public records.
3. An order that imposes discipline and the
						findings of fact and conclusions of law supporting that order are public
						records.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.835 - Authorized disciplinary action; grounds for disciplinary action

Current through June 11, 2024
1. For each violation committed by an
						applicant for a license issued pursuant to the Nevada Covered Service Provider
						Regulations and chapter 645F of NRS, whether or not the applicant is issued a
						license, the Commissioner may impose upon the applicant an administrative fine
						of not more than $10,000 if the applicant:
(a) Has knowingly made or caused to be made
						to the Commissioner any false representation of material fact;
(b) Has suppressed or withheld from the
						Commissioner any information which the applicant possesses and which, if
						submitted by the applicant, would have rendered the applicant ineligible to be
						licensed pursuant to the provisions of the Nevada Covered Service Provider
						Regulations and chapter 645F of NRS; or
(c) Has violated any provision of the Nevada
						Covered Service Provider Regulations or chapter 645F of NRS or any order of the
						Commissioner in completing and filing the application for a license or during
						the course of the investigation of the application for a license.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.840 - Authorized disciplinary action against independent licensees; hearing

Current through June 11, 2024
1. If a licensee violates any provision of
						NAC 645F.460, 645F.465 and 645F.470 and the licensee fails, without reasonable
						cause, to remedy the violation within 20 business days after being ordered by
						the Commissioner to do so or within such later time as prescribed by the
						Commissioner, or if the Commissioner orders a licensee to provide information,
						make a report or permit an examination of the licensee's books or affairs
						pursuant to the Nevada Covered Service Provider Regulations or chapter 645F of
						NRS and the licensee fails, without reasonable cause, to comply with the order
						within 20 business days or within such later time as prescribed by the
						Commissioner, the Commissioner may:
(a)
						Suspend or revoke the license of the licensee; and
(b) Conduct a hearing to determine whether
						the licensee is conducting business in an unsafe and injurious manner that may
						result in danger to the public and whether it is necessary for the Commissioner
						to take possession of the property of the licensee pursuant to NAC
						645F.820.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.845 - Authority of Commissioner to order summary suspension of license and take other action to protect public before hearing

Current through June 11, 2024
Before conducting a hearing, the
						Commissioner may, to the fullest extent allowed by the Constitution of the
						United States and the Constitution of this State:
1. Order a summary suspension of a license
						pursuant to subsection 3 of NRS NRS
						NRS
						233B.127; and
2. Take any other action against a licensee
						or other person that is necessary to protect the health, safety or welfare of
						the public.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.850 - Orders to cease and desist from certain activities

Current through June 11, 2024
1. If
						a person engages in an activity in violation of the provisions of the Nevada
						Covered Service Provider Regulations or chapter 645F of NRS or an order of the
						Commissioner, the Commissioner may issue an order to the person directing the
						person to cease and desist from engaging in the activity.
2. The order to cease and desist must be in
						writing and must state that, in the opinion of the Commissioner, the person has
						engaged in an activity:
(a) For which the
						person has not received a license as required by the Nevada Covered Service
						Provider Regulations or chapter 645F of NRS; or
(b) In a manner that violates the provisions
						of the Nevada Covered Service Provider Regulations or chapter 645F of NRS or an
						order of the Commissioner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.855 - Notice of and hearing on certain orders of Commissioner; entry of final order; appeal of final order taking disciplinary action

Current through June 11, 2024
1. If
						the Commissioner enters an order taking any disciplinary action against a
						person, denying a person's application for a license, denying a provider the
						right to teach approved courses, denying the approval of a provider's course or
						denying the right of an instructor of a provider to teach an approved course or
						approved courses, the Commissioner will cause a written notice of the order to
						be served personally or sent by certified mail or telegram to the
						person.
2. Unless a hearing has
						already been conducted concerning the matter, the person, upon application, is
						entitled to a hearing. If the person does not make such an application within
						20 days after the date of the initial order, the Commissioner will enter a
						final order concerning the matter.
3. A person may appeal a final order of the
						Commissioner taking any disciplinary action against the person in accordance
						with the provisions of chapter 233B of NRS that apply to a contested
						case.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.860 - Hearings: Coordination and notice of time and location

Current through June 11, 2024
The hearing officer
						shall:
1. Attempt to coordinate the
						time and location of the hearing with the parties before setting the matter;
						and
2. Advise the Commissioner in
						writing of the time and location of the hearing in such a manner as to allow
						the Commissioner to comply with the notice requirements of NRS NRS
						NRS
						233B.121.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.865 - Hearings: Continuances

Current through June 11, 2024
1. The time of a
						hearing may be continued by the hearing officer upon the written petition of a
						party only for good cause shown.
2.
						The party requesting a continuance must serve the written petition upon the
						opposing party at the time that the request is made, and the opposing party may
						file an objection to the request for a continuance within 3 days after receipt
						of the written petition.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.870 - Hearings: Representation of respondent

Current through June 11, 2024
A respondent may represent himself or
						herself at the hearing or be represented by an attorney.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390