reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Standards of Practice › Section 645F.977 - Compliance with federal law and regulations

Current through June 11, 2024
1. A mortgage
						servicer shall comply with all applicable federal laws and regulations relating
						to mortgage servicing, including, without limitation, the Real Estate
						Settlement Procedures Act,
						12 U.S.C. §§
										2601 et seq., and the Truth in Lending Act,
						15 U.S.C.
						§§
										1601 et seq., as amended, and
						any regulations promulgated thereunder.
2. In addition to any other remedies provided
						by law, a violation of any such law or regulation shall be deemed a violation
						of this section and a basis upon which the Commissioner may impose discipline
						pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer
						Regulations.
Added to NAC by
						Comm'r of Mortgage Lending by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.
NRS
						645F.255 and section 86.4 of Assembly Bill
						No. 480, chapter 477, Statutes of Nevada 2015, at page
						2806
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Standards of Practice › Section 645F.978 - Transfer of mortgage servicing rights and obligations

Current through June 11, 2024
A person shall not
						transfer mortgage servicing rights or obligations to a person unless that
						person holds a license as a mortgage servicer or is a person otherwise exempt
						from holding a license pursuant to chapter 645F of NRS and the Nevada Mortgage
						Servicer Regulations.
Added to NAC by
						Comm'r of Mortgage Lending by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.
NRS
						645F.255 and section 86.4 of Assembly Bill
						No. 480, chapter 477, Statutes of Nevada 2015, at page
						2806
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Standards of Practice › Section 645F.979 - Mortgage servicing agreements

Current through June 11, 2024
A mortgage servicer that acts as a mortgage
						servicer for another party, or a mortgage servicer that contracts with another
						party to service mortgage loans on behalf of the mortgage servicer, shall have
						a written agreement with the other party specifying the terms of the mortgage
						servicing agreement.
Added to NAC by
						Comm'r of Mortgage Lending by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.
NRS
						645F.255 and section 86.4 of Assembly Bill
						No. 480, chapter 477, Statutes of Nevada 2015, at page
						2806
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Standards of Practice › Section 645F.981 - Reporting of disciplinary action or other similar action and filing of bankruptcy petition to Commissioner

Current through June 11, 2024
1. A mortgage
						servicer shall report to the Commissioner any disciplinary or enforcement
						action, denial of an application for a license or registration, settlement
						agreement or other similar action involving the mortgage servicer and another
						state or federal regulator. The mortgage servicer shall file a report with the
						Commissioner within 10 days after the action, in a manner prescribed by the
						Commissioner.
2. A mortgage
						servicer shall report to the Commissioner any bankruptcy petitions filed by or
						against the mortgage servicer. The mortgage servicer shall file the report with
						the Commissioner within 10 days after the bankruptcy petition is filed, in a
						manner prescribed by the Commissioner.
Added to NAC by
						Comm'r of Mortgage Lending by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.
NRS
						645F.255 and section 86.4 of Assembly Bill
						No. 480, chapter 477, Statutes of Nevada 2015, at page
						2806
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Standards of Practice › Section 645F.982 - Surrender of license; closure of principal office

Current through June 11, 2024
1. A
				licensee may not surrender his or her license or close his or her principal
				office until the Commissioner has approved the surrender or closure.
2. The request for approval of the surrender
				of the license or closure of the principal office must be submitted in the
				format prescribed by the Commissioner and contain the information prescribed by
				the Commissioner.
Added to NAC by
						Comm'r of Mortgage Lending by
						R120-15,
						effective upon the later of 1/1/2016or the date this regulation is filed with
						the Secretary of State;  A
				  by
				  R070-23A,
				  eff. 1/5/2024
NRS 645F.255,
					 645F.520
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Standards of Practice › Section 645F.983 - Maintenance of books, accounts, records and documents

Current through June 11, 2024
1. Each mortgage servicer shall keep and
				maintain, and make available for examination by the Commissioner, at all times
				at the principal office of the mortgage servicer, complete and suitable books,
				accounts, records and documents of all business conducted by the mortgage
				servicer to enable the Commissioner to determine whether the business of the
				mortgage servicer is conducted in compliance with chapter 645F of NRS, the
				Nevada Mortgage Servicer Regulations or any other applicable law.
2. If a mortgage servicer does not maintain
				the books, accounts, records and documents described in subsection 1 in this
				State, the mortgage servicer shall provide such records to the Commissioner
				within 5 business days after the request or the mortgage servicer shall pay the
				reasonable travel, lodging and meal expenses of the examiner as provided in NAC
				645F.961.
3. The books, accounts,
				records and documents described in subsection 1 must include, without
				limitation:
(a) A loan history for each
				mortgage loan upon which payments are received or made by the mortgage
				servicer, itemizing the amount and date of each payment and the unpaid balance
				at all times.
(b) The original or
				an exact copy of each note, mortgage, deed of trust or other evidence of
				indebtedness and any assignment.
(c) The name and address of the lender and
				mortgage company, if any, involved in the mortgage loan transaction.
(d) Copies of any servicing
				agreements.
(e) Copies of any
				disclosures or notifications provided to a borrower required by state or
				federal law or regulation.
(f) A
				copy of any bankruptcy plan approved in a proceeding filed by a borrower or
				co-owner of real property subject to a mortgage loan.
(g) A communications log that documents all
				verbal or written communications with a borrower or borrower's
				representative.
(h) A copy of all
				notices sent to a borrower related to any foreclosure proceeding filed against
				the encumbered property.
(i) All
				checkbooks, check registers, bank statements, deposit and withdrawal slips,
				cancelled checks and any other record that relates to the business of the
				mortgage servicer.
(j) All records
				related to escrow or trust accounts.
(k) Copies of all reports, audits,
				examinations, inspections, reviews, investigations or other similar activities
				relating to the business of the mortgage servicer performed by any third party,
				including, without limitation, any regulatory or supervisory
				authority.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Standards of Practice › Section 645F.984 - Report of mortgage servicer's activities

Current through June 11, 2024
1.
						Upon request, a mortgage servicer shall submit to the Commissioner, on a date
						and in a form prescribed by the Commissioner, a report of the mortgage
						servicer's activity in this State. The report must specify:
(a) The total number of mortgage loans the
						mortgage servicer is servicing.
(b)
						The total dollar volume of mortgage loans the mortgage servicer is
						servicing.
(c) The type and
						characteristics of mortgage loans the mortgage servicer is servicing.
(d) The number of such mortgage loans in
						default, along with a breakdown of 30-, 60- and 90-day delinquencies.
(e) Information on foreclosures commenced by
						the mortgage servicer.
(f) Any other
						information required by the Commissioner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Enforcement › Section 645F.985 - Filing of complaint

Current through June 11, 2024
1. Any person may
						file a complaint with the Commissioner alleging that another person has
						violated any provision of chapter 645F of NRS, the Nevada Mortgage Servicer
						Regulations or any order of the Commissioner. If the complaint is made by the
						Commissioner, he or she must designate one or more employees of the Division to
						act as the person filing the complaint.
2. A complaint filed pursuant to this section
						must:
(a) Be in writing;
(b) Be signed by the person filing the
						complaint or the designee of the person filing the complaint;
(c) Contain an address and a telephone number
						for the person filing the complaint or the designee 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 chapter 645F of NRS, the Nevada Mortgage
						Servicer Regulations or an order of the
						Commissioner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Enforcement › Section 645F.986 - Investigation of complaint

Current through June 11, 2024
1. If the
						Commissioner conducts an investigation of a complaint filed pursuant to section
						46 of this regulation, the Commissioner will determine from the investigation
						whether there is reasonable cause to believe that the person committed the
						alleged violation.
2. If, upon
						investigation, the Commissioner determines that there is reasonable cause to
						believe that the person committed the alleged violation, the Commissioner may
						take any disciplinary action authorized by chapter 645F of NRS and the Nevada
						Mortgage Servicer Regulations.
Added to NAC by
						Comm'r of Mortgage Lending by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.
NRS
						645F.255 and section 86.4 of Assembly Bill
						No. 480, chapter 477, Statutes of Nevada 2015, at page
						2806
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Enforcement › Section 645F.987 - Authorized disciplinary action

Current through June 11, 2024
If the Commissioner finds that an applicant,
						licensee or mortgage servicer has violated, or directly or indirectly
						counseled, aided or abetted in a violation of, chapter 645F of NRS or the
						Nevada Mortgage Servicer Regulations, the Commissioner may take any of the
						following actions, either singly or in any combination:
1. Refuse to issue or renew an applicant's
						application for a license or renewal of a license pursuant to chapter 645F of
						NRS and the Nevada Mortgage Servicer Regulations.
2. Assess an administrative fine against the
						applicant of not more than $25,000 for each violation, whether or not the
						applicant is issued a license.
3.
						Assess an administrative fine against a mortgage servicer or a control person
						of not more than $25,000 for each violation, or not more than $50,000 for each
						violation if the violation involved activity requiring licensure pursuant to
						chapter 645F of NRS and the Nevada Mortgage Servicer Regulations at a time when
						the person did not hold a license.
4. Place conditions upon or suspend or revoke
						a license.
5. Require a mortgage
						servicer or control person of a mortgage servicer to make restitution to each
						person injured if the Commissioner finds that the violation resulted in an
						injury to one or more persons. Notwithstanding the provision of paragraph (m)
						of subsection 1 of
						NRS
						622A.120, payment of restitution must be done
						in a manner consistent with the provision of chapter 622A of NRS.
6. An order issued or administrative fine
						assessed under the Nevada Mortgage Servicer Regulations may be enforced or sued
						for and recovered by and in the name of the Commissioner and may be collected
						and enforced by summary proceedings by the Attorney General.
7. In determining the amount of an
						administrative fine levied pursuant to the Nevada Mortgage Servicer
						Regulations, whether to suspend or revoke a license, the amount of restitution
						or whether to deny an application for or renewal of a license, the Commissioner
						will consider, without limitation:
(a) The
						extent to which the violation was a knowing and willful violation;
(b) The extent of the injury suffered because
						of the violation;
(c) The
						corrective action taken by the person to ensure the violation will not be
						repeated;
(d) The record of the
						mortgage servicer in complying with chapter 645F of NRS and the Nevada Mortgage
						Servicer Regulations; and
(e) Any
						other factor the Commissioner considers
						relevant.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Enforcement › Section 645F.988 - Orders to cease and desist from certain activities

Current through June 11, 2024
1. If
						a person engages in an activity in violation of any provision of chapter 645F
						of NRS or the Nevada Mortgage Servicer Regulations, 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 served personally or sent by certified
						mail to the last known address of the person or by other means reasonably
						calculated to obtain service on the person 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 chapter 645F of NRS and the Nevada Mortgage Servicer
						Regulations; or
(b) In a manner
						that violates the provisions of chapter 645F of NRS or the Nevada Mortgage
						Servicer Regulations.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Enforcement › Section 645F.989 - Notice of disciplinary or other action; hearing; entry of final order

Current through June 11, 2024
1. The Commissioner will give notice to a
						licensee of his or her intention to enter an order suspending or revoking a
						license, or notice to an applicant of a refusal to issue a license, or notice
						to a mortgage servicer, licensee or applicant of intention to assess an
						administrative fine, in writing and served personally or sent by certified mail
						to the mortgage servicer, licensee or applicant or by other means reasonably
						calculated to obtain service.
2.
						Within 20 days after the notice of the intention to enter an order suspending
						or revoking a license, a refusal to issue a license, or intention to assess an
						administrative fine, pursuant to subsection 1, the mortgage servicer, licensee
						or applicant may request a hearing to contest the order or refusal. If a
						hearing regarding a suspension, revocation, refusal or fine is not requested,
						the Commissioner will enter a final order regarding the suspension, revocation,
						refusal or fine. A hearing must be conducted under the provisions of chapter
						233B of NRS and other applicable provisions of law.
Added to NAC by
						Comm'r of Mortgage Lending by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.
NRS
						645F.255 and section 86.4 of Assembly Bill
						No. 480, chapter 477, Statutes of Nevada 2015, at page
						2806
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Enforcement › Section 645F.990 - Disciplinary proceedings, fines and penalties not affected by expiration, revocation or suspension of license

Current through June 11, 2024
The expiration, revocation or suspension of a
						license by operation of law or by order or decision of the Commissioner or a
						court of competent jurisdiction, or the voluntary surrender of a license, does
						not:
1. Prohibit the Commissioner from
						initiating or continuing an investigation of, or action or disciplinary
						proceeding against, the licensee as authorized pursuant to the provisions of
						chapter 645F of NRS and the Nevada Mortgage Servicer Regulations;
2. Prevent the Commissioner from revoking the
						license or imposing or collecting any fine or penalty authorized pursuant to
						the provisions of chapter 645F of NRS or the Nevada Mortgage Servicer
						Regulations;
3. Affect the
						licensee's administrative, civil or criminal liability for acts committed
						before the surrender, revocation, expiration or suspension; or
4. Impair or affect the obligation of a
						preexisting contract between the licensee and another person, except as
						otherwise provided by law.
Added to NAC by
						Comm'r of Mortgage Lending by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.
NRS
						645F.255 and section 86.4 of Assembly Bill
						No. 480, chapter 477, Statutes of Nevada 2015, at page
						2806
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Enforcement › Section 645F.991 - Summary suspension of license: Issuance of order; hearing; record

Current through June 11, 2024
1. After an investigation has been conducted
						pursuant to section 46 of this regulation and before conducting a hearing, the
						Commissioner may issue an order summarily suspending a license pursuant to
						subsection 3 of
						NRS
						233B.127, based upon an affidavit by a person
						familiar with the facts set forth in the affidavit or, if appropriate, based
						upon an affidavit, on information and belief that an imminent threat of
						financial loss or imminent threat to the public welfare exists.
2. Pursuant to a proceeding commenced under
						subsection 3 of
						NRS
						233B.127, an administrative law hearings
						examiner shall grant a request to dissolve a summary suspension order unless
						the examiner finds that an imminent threat of financial loss or imminent threat
						to the public welfare exists which requires emergency action and continuation
						of the summary suspension order.
3.
						The record created at the hearing of the summary suspension must become part of
						the record on the complaint at a subsequent hearing in a contested
						case.
Added to NAC by
						Comm'r of Mortgage Lending by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.
NRS
						645F.255 and section 86.4 of Assembly Bill
						No. 480, chapter 477, Statutes of Nevada 2015, at page
						2806
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Enforcement › Section 645F.992 - Appointment of receiver or conservator

Current through June 11, 2024
1. In addition to
						any other action that is required or permitted pursuant to chapter 645F of NRS
						and the Nevada Mortgage Servicer Regulations, if the Commissioner has
						reasonable cause to believe that:
(a) The
						assets or capital of a mortgage servicer are impaired;
(b) A mortgage servicer is negligently
						failing to service mortgage loans in accordance with the terms of chapter 645F
						of NRS and the Nevada Mortgage Servicer Regulations or the terms of the
						servicing contracts; or
(c) A
						mortgage servicer is conducting business in an unsafe and injurious manner that
						may result in danger to the public, the Commissioner may petition for an order
						appointing the Commissioner or some other competent disinterested person as
						receiver or conservator and directing the receiver or conservator to take sole
						control of the affairs of the mortgage servicer and possession of the books,
						records, contracts and property of the mortgage servicer. A person other than
						the Commissioner appointed as receiver or conservator may be required to supply
						a bond or other security as required by the Commissioner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Enforcement › Section 645F.993 - Rules of practice

Current through June 11, 2024
The hearing procedures set forth in the Nevada
						Mortgage Servicer Regulations apply to any hearing conducted under the Nevada
						Mortgage Servicer Regulations.
Added to NAC by
						Comm'r of Mortgage Lending by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.
NRS
						645F.255 and section 86.4 of Assembly Bill
						No. 480, chapter 477, Statutes of Nevada 2015, at page
						2806
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Enforcement › Section 645F.994 - Remedies cumulative

Current through June 11, 2024
A summary suspension order, cease and desist
						order or injunctive relief issued or granted in relation to a license are in
						addition to and not in place of an informal conference, or proceeding to deny,
						revoke or suspend a license, or any other legal action.
Added to NAC by
						Comm'r of Mortgage Lending by
						R120-15,
						effective upon the later of 1/1/2016 or the date this regulation is filed with
						the Secretary of State.
NRS
						645F.255 and section 86.4 of Assembly Bill
						No. 480, chapter 477, Statutes of Nevada 2015, at page
						2806
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.010 - Definitions

Current through June 11, 2024
As used in NAC 645G.010 to 645G.140, inclusive, unless the context otherwise requires:
1. "Agreement" means a written agreement between a qualified intermediary and a client in which the qualified intermediary agrees to act as an intermediary in an exchange of real property for the benefit of the client.
2. "Person" has the meaning ascribed to it in NRS 0.039.
Added to NAC by Real Estate Div., eff. 3-30-94-Substituted in revision for NAC 645.772
NRS 645.6065
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.020 - "Act as a qualified intermediary" interpreted

Current through June 11, 2024
As used in subsection 1 of NRS 645.6065, the Division will interpret "act as a qualified intermediary" to include:
1. Entering into an agreement with a client who wishes to:
(a) Relinquish real property located in Nevada in exchange for other real property in a tax-deferred exchange; or
(b) Acquire real property located in Nevada that the client identifies to replace relinquished property in a tax-deferred exchange.
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.030 - "Advertises or holds himself or herself out as prepared to facilitate a tax-deferred exchange of property in this State by acting as the custodian of money or other property" interpreted

Current through June 11, 2024
1. As used in subsection 2 of NRS 645.606, except as otherwise provided in subsection 2 of this section, the Division will interpret "advertises or holds himself or herself out as prepared to facilitate a tax-deferred exchange of property in this State by acting as the custodian of money or other property" to include a person making a statement that he or she is ready, willing, and able to act as a qualified intermediary, an escrow holder of a qualified escrow account, a trustee of a qualified trust, as those terms are defined in 26 C.F.R. § 1.1031(k) -1(g), or as a custodian of property in a tax-deferred exchange of real property as a part of:
(a) Advertising in printed publications which are published in Nevada, including telephone directories for locations in Nevada;
(b) Advertising by direct mail or circulating material to residents of Nevada;
(c) Telephone calls, electronic or telephonic transmissions to a facsimile machine or other electronic communications directed as solicitations to residents or other persons located in Nevada; or
(d) Advertising with a broadcast medium that initiates its broadcasts in Nevada.
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.040 - "Officer" interpreted

Current through June 11, 2024
As used in NRS 645.607, the Division will interpret "officer" to include the president and any vice president, secretary, or treasurer of the corporation.
Added to NAC by Real Estate Div., eff. 3-30-94-Substituted in revision for NAC 645.778
NRS 645.6065, 645.607
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.050 - Registration: Application; effective date; expiration; notice of denial

Current through June 11, 2024
1. An application for registration submitted pursuant to NRS 645.6065 is not effective until the application is accepted by the Division. Within 10 days after receipt of an application for registration, the Division will accept or deny the application.
2. In addition to the information required by NRS 645.6065, an application for registration must include:
(a) A list of all judgments that have been entered against the applicant by a court or administrative agency for which the applicant is liable, including judgments which are under appeal but for which enforcement has been stayed.
(b) A description of any litigation or matters referred to alternative methods of resolving disputes which involve the applicant and which could result in a judgment against the applicant. The description does not need to include a prediction of the possible outcome of the litigation or other matters.
(c) The name and address of the financial institution and current balance of all accounts in which the applicant is holding money for clients at the time the application is completed. The applicant does not need to identify the clients or the specific amounts being held for any client.
(d) A statement of whether the applicant or any of its owners, directors, officers, or employees have been convicted of racketeering or any offense involving fraud, theft, embezzlement, fraudulent conversion, or misappropriation of property, and, if so, a certified copy of the record of conviction must be provided.
(e) A statement of whether the applicant or any of its owners, directors, officers, or employees have had entered against them a final judgment or order, including a stipulated judgment or order, in any civil or administrative action involving racketeering, fraud, theft, embezzlement, fraudulent conversion, misappropriation of property, the use of any untrue or misleading representation in an attempt to sell property or services, or the use of any unfair, unlawful, or deceptive trade practice, and, if so, a certified copy of each judgment or order, including the findings of fact and conclusions of law, must be provided.
(f) A statement of whether a receiver has been appointed to take control of any of the assets of the applicant or whether the applicant is in the process of corporate dissolution, reorganization, merger, sale of assets, or any other business combination.
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.060 - Rejection of application

Current through June 11, 2024
1. The Division will reject an application which:
(a) Does not conform with the requirements of NRS 645.6065;
(b) Does not include information sufficient for the Division to determine the minimum amount of the bond or other deposit to be posted pursuant to NRS 645.608; or
(c) Contains information which is false, misleading or incomplete.
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.070 - Renewal of registration

Current through June 11, 2024
1. A registrant must file annually with the Division an application for the renewal of his or her registration on forms supplied by the Division. For renewal of his or her registration, a registrant must submit any information or fingerprint cards necessary to make current the information contained in his or her original application for registration.
2. To avoid a lapse in registration, the Division must receive a registrant's application for the renewal of registration accompanied by the appropriate fee required by NRS 645.6065 at least 10 days before expiration of the registration.
Added to NAC by Real Estate Div., eff. 3-30-94-Substituted in revision for NAC 645.784
NRS 645.6065
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.080 - Revocation of registration; procedure

Current through June 11, 2024
1. After acceptance of a registration, the Division may revoke a registration if:
(a) The Division discovers that a registrant supplied information in his or her application for registration which is false, materially misleading or incomplete;
(b) Any portion of the amount of the bond or deposit that the registrant posted pursuant to NRS 645.608 has been drawn upon, terminated or is otherwise no longer available;
(c) The Division demands an increase in the minimum amount of the bond or other deposit pursuant to NAC 645G.090 during the period of registration and the registrant fails to post the additional amount; or
(d) A registrant fails to inform the Division of a change of address or telephone number as required by NRS 645.6075.
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.090 - Bond or deposit: Minimum amount; increase of minimum amount; objection by applicant; procedural requirements

Current through June 11, 2024
1. Except as otherwise provided in subsection 2, the minimum amount of a bond or other deposit required by NRS 645.608 must be $50,000.
2. The Division may, as appropriate, increase the minimum amount of the bond or other deposit to not more than:
(a) The amount of any outstanding judgments or tax assessments against the applicant;
(b) Fifty percent of the amount in controversy reported to the Division in accordance with paragraph (b) of subsection 2 of NAC 645G.050; or
(c) The amount specified in paragraph (c) of subsection 2 of NAC 645G.050 if the information supplied pursuant to paragraph (d), (e), or (f) of subsection 2 of NAC 645G.050 is in the affirmative.
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.100 - Purposes and restrictions of bond

Current through June 11, 2024
1. Except as otherwise provided in subsection 2, a bond posted pursuant to NRS 645.608, must, to the satisfaction of the Division:
(a) Assure payment to all clients up to the amount of the bond in all covered transactions for losses suffered by clients because the principal misappropriates, embezzles, converts, wrongfully encumbers, loses, or fails to convey or cause to be conveyed to the intended party any property which comes into the principal's possession or control;
(b) Cover losses incurred as a result of actions or inactions by the principal during the period of the bond; and
(c) Be effective for a period not less than 18 months after the date of the application for registration or the renewal of registration.
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.110 - Deposit of security in lieu of bond

Current through June 11, 2024
1. If, in accordance with subsection 2 of NRS 645.608, an applicant posts a letter of credit with the Division, the letter of credit must:
(a) Be irrevocable and be effective for a period not less than 18 months after the date of the application for registration or renewal of registration.
(b) State that the issuer will honor multiple drafts for payment upon compliance with the terms of the credit;
(c) Be in a form acceptable to the Division; and
(d) Name the Division as the beneficiary for the benefit of the clients of the qualified intermediary.
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.120 - Claim for reimbursement of financial losses caused by qualified intermediary; exceptions

Current through June 11, 2024
1. To obtain reimbursement for financial losses caused by the illegal conduct of a qualified intermediary pursuant to NRS 645.6085, a person must file a claim with the Division in writing on forms supplied by the Division. The claimant must provide information satisfactory to the Division to demonstrate that his or her loss is properly recoverable.
2. The Division will approve a claim if:
(a) The claimant was a resident of Nevada at the time of the loss;
(b) The loss was caused by a qualified intermediary, regardless of whether the qualified intermediary was registered in Nevada;
(c) The loss to the claimant was caused by:
(1) The misappropriation, embezzlement, conversion, wrongful encumbrance, or failure by the qualified intermediary to convey any property to the claimant or to the party intended by the claimant;
(2) The permanent loss of possession of the property by the qualified intermediary as a result of:
(I) A bankruptcy proceeding involving the qualified intermediary or the property which was the subject of the exchange; or
(II) A foreclosure of a judgment lien, tax lien, or other lien against the qualified intermediary; or
(3) The payment by the claimant to creditors of the qualified intermediary to relieve liens against the property placed by creditors of the qualified intermediary;
(d) The claimant made a claim against the bond or other deposit, unless the Division determines that making such a claim was impracticable under the circumstances; and
(e) If the loss was a result of a voluntary act of the qualified intermediary, the claimant obtained a judgment against the qualified intermediary. As used in this paragraph, "a voluntary act of the qualified intermediary" includes willful misappropriation, embezzlement or conversion and wrongful encumbrance and conveyance of property to a person other than its intended beneficiary.
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.130 - Approval and payment of claim

Current through June 11, 2024
1. If the Division approves a claim, it will inform the claimant of the amount of the claim approved, and will explain the procedures for payment of claims set forth in subsection 2.
2. If the Division allows a claim, it will hold the claim for 2 years and pay against the claim as money becomes available pursuant to NRS 645.6085. As money becomes available, the Division will pay claims on a pro rata and equal priority basis.
3. Payments on a claim will cease when the claim has been satisfied or 2 years after the date on which the Division made the first payment on the claim, whichever occurs first.
Added to NAC by Real Estate Div., eff. 3-30-94-Substituted in revision for NAC 645.796
NRS 645.6065, 645.6085
Nevada Administrative Code › Chapter 645G - Qualified Intermediaries for Tax-Deferred Exchanges of Property › Section 645G.140 - Denial of claim; appeal

Current through June 11, 2024
1. If the Division denies a claim, it will inform the claimant of its decision in writing and explain the claimant's rights of appeal set forth in subsection 2.
2. If a claimant is not satisfied with the amount of a claim approved by the Division or if the Division denies a claim, the claimant may appeal the decision to the Commission. The appeal must be in writing and received by the Division within 30 days after the claimant is notified of the Division's decision. The Division will schedule a hearing with the Commission within 90 days after receipt of the request for a hearing from the claimant. At the hearing, the claimant has the burden of proving to the satisfaction of the Commission that the claimant qualifies for reimbursement in the amount of his or her claim.
Added to NAC by Real Estate Div., eff. 3-30-94-Substituted in revision for NAC 645.798
NRS 645.6065, 645.6085
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › GENERAL PROVISIONS › Section 645H.010 - Definitions

Current through June 11, 2024
As used in this chapter, unless the context otherwise requires, the words and terms defined in NAC 645H.020 and 645H.030 have the meanings ascribed to them in those sections.
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013
NRS 645H.290
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › GENERAL PROVISIONS › Section 645H.020 - "Certificate of registration" and "certificate" defined

Current through June 11, 2024
"Certificate of registration" or "certificate" means a certificate of registration as an asset management company issued by the Division pursuant to this chapter and chapter 645H of NRS.
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013
NRS 645H.290
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › GENERAL PROVISIONS › Section 645H.030 - "Permit" defined

Current through June 11, 2024
"Permit" means a permit to engage in asset management issued by the Division pursuant to this chapter and chapter 645H of NRS.
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013
NRS 645H.290
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › GENERAL PROVISIONS › Section 645H.040 - Confidentiality of records of Division

Current through June 11, 2024
Except as otherwise provided in NRS 239.0115 and 645H.320, the Division will, unless otherwise ordered by a court, keep confidential the criminal and financial records, social security number and photograph of each person who holds or applies for a certificate of registration or permit or who will have an interest in an asset management company as a principal, partner, officer, director or trustee.
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013
NRS 645H.290, 645H.320
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › GENERAL PROVISIONS › Section 645H.050 - Disclosure of certain information on Division website

Current through June 11, 2024
The Division may post on its Internet website:
1. Any disciplinary action it takes against an asset management company or asset manager; and
2. Any denial of an application for a certificate of registration or permit.
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013
NRS 645H.290, 645H.320
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › GENERAL PROVISIONS › Section 645H.060 - Check or draft returned for lack of payment

Current through June 11, 2024
1. If a person submits a check or draft to the Division to obtain a certificate of registration or permit and the check or draft is returned to the Division because the person had insufficient money or credit with the drawee to pay the check or draft or because the person stopped payment on the check or draft:
(a) The certificate or permit obtained by the person from the Division is automatically invalidated; or
(b) If the person has not obtained the certificate or permit, the Division may refuse to issue or reinstate the certificate or permit.
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › CERTIFICATES OF REGISTRATION AND PERMITS › Application › Section 645H.100 - Application for certificate of registration as asset management company

Current through June 11, 2024
An application for registration as an asset management company filed with the Division pursuant to NRS 645H.480 must be accompanied by:
1. The social security number of the applicant or, if the applicant is not a natural person, the social security number of each natural person identified in the application as a person who will have an interest in the asset management company as a principal, partner, director, officer or trustee;
2. A recent photograph of the applicant or, if the applicant is not a natural person, a recent photograph of each natural person who will have an interest in the asset management company as a principal, partner, director, officer or trustee;
3. The statement required by NRS 645H.550;
4. The fees required by NRS 645H.560;
5. If the applicant is not a natural person, the name of the qualified employee designated by the applicant to act on behalf of the asset management company; and
6. Such other pertinent information as the Division may require.
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013
NRS 645H.290, 645H.480, 645H.550, 645H.560
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › CERTIFICATES OF REGISTRATION AND PERMITS › Application › Section 645H.110 - Application for permit to engage in asset management

Current through June 11, 2024
An application for a permit to engage in asset management submitted to the Division pursuant to NRS 645H.530 must be submitted on a form provided by the Division and accompanied by:
1. The social security number of the applicant;
2. A photograph of the applicant, measuring approximately 2 inches by 2 inches, taken within the 2 years immediately preceding the date of the application;
3. A cashier's check or money order payable to the Department of Public Safety in the amount required for payment of the fees to submit the applicant's fingerprints to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation or, if the fingerprints of the applicant were taken and directly forwarded to the Central Repository, evidence of such payment;
4. A statement declaring whether the applicant has been convicted of, or entered a plea of guilty, guilty but mentally ill or nolo contendere to, forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud or possessing for the purpose of sale any controlled substance or any crime involving moral turpitude;
5. The statement required by NRS 645H.550; and
6. Such other pertinent information as the Division may require.
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013
NRS 645H.290, 645H.530, 645H.550, 645H.560
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › CERTIFICATES OF REGISTRATION AND PERMITS › Application › Section 645H.120 - Fee for application nonrefundable

Current through June 11, 2024
The fee for an application for a certificate of registration or permit is nonrefundable.
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013
NRS 645H.290
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › CERTIFICATES OF REGISTRATION AND PERMITS › Application › Section 645H.130 - Grounds for denial of application; appeal of denial

Current through June 11, 2024
1. The Division may deny any application for a certificate of registration or permit when one or more of the following conditions exist:
(a) The application is not in the proper form;
(b) The proper fees are not enclosed;
(c) The accompanying forms are incomplete or otherwise unsatisfactory;
(d) The application contains a false statement;
(e) Any other deficiencies appear in the application;
(f) The applicant does not possess the qualifications for the issuance of a certificate of registration set forth in NRS 645H.480 and 645H.490 or for a permit set forth in NRS 645H.530 and 645H.540, as applicable;
(g) The applicant has willfully acted or attempted to act in violation of any provision of this chapter or chapter 645H of NRS or has willfully aided and abetted another person to act or attempt to act in violation of any provision of those chapters or regulations;
(h) The applicant has had a professional license, registration or permit suspended or revoked in another state; or
(i) The check or other negotiable instrument used in paying a fee to the Division is not honored by the financial institution upon which it was drawn.
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › CERTIFICATES OF REGISTRATION AND PERMITS › Application › Section 645H.140 - Personal completion required

Current through June 11, 2024
1. Each application for a certificate of registration or permit must be completed personally by the applicant.
2. An employee of the Division shall not help a person to prepare an application for a certificate of registration or permit.
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013
NRS 645H.290
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › CERTIFICATES OF REGISTRATION AND PERMITS › Application › Section 645H.150 - Minimum age

Current through June 11, 2024
The Administrator shall not:
1. Accept an application for a certificate of registration or permit from a person under 17 years of age; or
2. Issue a certificate of registration or permit to a person under 18 years of age.
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013
NRS 645H.290
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › CERTIFICATES OF REGISTRATION AND PERMITS › Issuance and Renewal › Section 645H.200 - Unlawful to engage in certain activities without certificate of registration, permit or other authorization

Current through June 11, 2024
A person who has applied to the Division for a certificate of registration, permit or other authorization to engage in an activity for which the certificate, permit or other authorization is required pursuant to this chapter or chapter 645H of NRS shall not engage in any such activity until the person receives from the Division the required certificate, permit or other authorization.
Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013
NRS 645H.290
Nevada Administrative Code › Chapter 645H - Asset Management Companies and Asset Managers › CERTIFICATES OF REGISTRATION AND PERMITS › Issuance and Renewal › Section 645H.210 - Issuance of certificate of registration or permit by Division; authority of certificate

Current through June 11, 2024
1. The Division will issue a certificate of registration or permit to each eligible person in the form and size prescribed by the Division. A certificate or permit will:
(a) Indicate the name and address of the asset management company or asset manager and the location of each place where he or she transacts business as an asset management company or asset manager; and
(b) Contain any additional matter prescribed by the Division.