reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Licensing and Operation: Generally › Section 645F.265 - Use of same name, confusingly similar name or name not approved by Commissioner

Current through June 11, 2024
1. The Commissioner
						will not issue a license with a fictitious name that is the same as or
						confusingly similar to a name on a license previously issued by the
						Commissioner.
2. A licensee shall
						not conduct business using a name other than the name approved by the
						Commissioner and indicated on the license issued by the Commissioner to the
						licensee.
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 › Licensing and Operation: Generally › Section 645F.270 - Expiration of license; requirements for renewal of license; reinstatement of cancelled license

Current through June 11, 2024
1. A license issued
						pursuant to the Nevada Covered Service Provider Regulations and chapter 645F of
						NRS expires each year on July 1, unless it is renewed. The licensee may not
						renew the license until all fees, assessments and fines owed to the
						Commissioner are paid. To renew a license, the licensee must submit to the
						Commissioner on or before May 31 of each year:
(a) An application for renewal that includes
						all information required by the Commissioner to determine that the licensee
						complies with the applicable requirements of the Nevada Covered Service
						Provider Regulations and chapter 645F of NRS;
(b) If the licensee is a natural person,
						satisfactory proof that the licensee has attended at least the number of hours
						of approved courses of continuing education required by NAC 645F.505 in subject
						areas relevant to the Nevada Covered Service Provider Regulations and chapter
						645F of NRS, as determined by the Commissioner, during the 12 months
						immediately preceding the date on which the license expires; and
(c) The fee required to renew the license as
						set forth in NAC 645F.315.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Licensing and Operation: Generally › Section 645F.275 - Reinstatement of license without meeting requirements if licensee called into military service

Current through June 11, 2024
1. Any licensee who
						is a natural person and who is called into the military service of the United
						States will be, upon request, relieved from compliance with the provisions of
						the Nevada Covered Service Provider Regulations and
						NRS 645F.300 to
						645F.450,
						inclusive and placed on inactive status for the period of such military service
						and for a period of 6 months after discharge therefrom.
2. At any time within 6 months after
						termination of such service, if the licensee complies with the provisions of
						subsection 1, the licensee may be reinstated without having to meet any
						qualification or requirement other than the payment of the reinstatement fee as
						set forth in NAC 645F.315, as applicable, and the licensee is not required to
						make payment of the renewal fee for the current year.
3. Any licensee seeking to qualify for
						reinstatement, as provided in subsections 1 and 2, must present a certified
						copy of his or her honorable discharge or certificate of satisfactory service
						to the Commissioner.
; 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 › Licensing and Operation: Generally › Section 645F.280 - Conducting other business in same office or place of business

Current through June 11, 2024
A
						licensee is not prohibited from conducting any other business in the same
						office or place of business if each business has a designated space within the
						office and each business is separately identifiable by a prominent sign or
						other method of identification within the office and has a method to secure
						private and confidential information from the other business.
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 › Licensing and Operation: Generally › Section 645F.285 - Closure of principal or branch office

Current through June 11, 2024
1. A licensee may
				not surrender his or her license or close his or her principal office or a
				branch 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 or
				a branch office must be submitted in a format prescribed by the Commissioner
				and contain the following information:
(a) The
				status of any incomplete contracts for covered services and the manner in which
				they will be finalized;
(b) An
				accounting of any trust account maintained by the licensee and the plan for
				distribution of money in the account;
(c) If any person employed by or otherwise
				associated with the licensee has been terminated from such employment or
				association, evidence of the termination; and
(d) The location within or outside of this
				State where records of the licensee will be maintained.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Licensing and Operation: Independent and Associated Licenses › Section 645F.300 - Independent licensee who is natural person

Current through June 11, 2024
An independent licensee who is a
						natural person must be licensed and conduct business using a fictitious
						name.
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 › Licensing and Operation: Independent and Associated Licenses › Section 645F.305 - Independent licensee who is natural person: Required experience; restrictions on employment and other association

Current through June 11, 2024
An independent licensee who is a natural
						person:
1. Must have at least 2 years
						of verifiable experience working in the real estate, mortgage, foreclosure or
						loan modification industries or applicable financial or legal fields.
2. If the independent licensee is a loan
						modification consultant, shall not employ or otherwise associate with an
						associated licensee who is licensed as a covered service provider or a
						foreclosure consultant.
3. If the
						independent licensee is a foreclosure consultant, shall not employ or otherwise
						associate with an associated licensee who is licensed as a covered service
						provider.
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 › Licensing and Operation: Independent and Associated Licenses › Section 645F.310 - Independent licensee which is not natural person: Restrictions on employment and other association

Current through June 11, 2024
An independent licensee which is not a natural
						person:
1. If the independent licensee
						is a loan modification consultant, shall not employ or otherwise associate with
						an associated licensee who is licensed as a covered service provider or a
						foreclosure consultant.
2. If the
						independent licensee is a foreclosure consultant, shall not employ or otherwise
						associate with an associated licensee who is licensed as a covered service
						provider.
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 › Licensing and Operation: Independent and Associated Licenses › Section 645F.315 - Fees

Current through June 11, 2024
1. The Commissioner will charge and collect
						the following nonrefundable fees from an independent licensee or from an
						applicant for a license who will be an independent licensee:
(a) To file an original application for a
						license, $750 for the principal office and $100 for each branch office, and
						such additional expenses incurred in the process of investigation as the
						Commissioner deems necessary.
(b)
						To be issued a license, $500 for the principal office and $150 for each branch
						office.
(c) To renew a license,
						$500 for the principal office and $100 for each branch office.
(d) To reinstate a cancelled license,
						$100.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Licensing and Operation: Independent and Associated Licenses › Section 645F.320 - Prohibited acts; restriction on employment and other association of associated licensee

Current through June 11, 2024
1. An independent
						licensee shall not:
(a) Employ or otherwise
						associate with a person as a covered service provider, foreclosure consultant
						or loan modification consultant if that other person is not licensed with the
						Commissioner pursuant to the Nevada Covered Service Provider Regulations and
						chapter 645F of NRS; or
(b)
						Authorize a person to be employed by or otherwise associated with the
						independent licensee as a covered service provider, foreclosure consultant or
						loan modification consultant if that other person is not licensed with the
						Commissioner pursuant to the Nevada Covered Service Provider Regulations and
						chapter 645F of NRS.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Licensing and Operation: Independent and Associated Licenses › Section 645F.330 - Statements required if independent licensee terminates employment of or association with associated licensee

Current through June 11, 2024
If an independent licensee terminates the employment of or
				  association with an associated licensee for any reason, the independent
				  licensee shall, not later than the third business day following the date of
				  termination:
1. Deliver to the
				associated licensee or send by certified mail to the last known residence
				address of the associated licensee a written statement which advises the
				associated licensee:
(a) Of the termination of
				the associated licensee's employment by or association with the independent
				licensee; and
(b) That the
				termination is being reported to the Commissioner; and
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Licensing and Operation: Independent and Associated Licenses › Section 645F.335 - Statements required if associated licensee terminates employment by or association with independent licensee

Current through June 11, 2024
If an associated licensee terminates his or her employment by
				  or association with an independent licensee for any reason, the associated
				  licensee shall, not later than the third business day following the date of
				  termination:
1. Deliver to the
				independent licensee or send by certified mail to the last known business
				address of the independent licensee a written statement which advises the
				independent licensee:
(a) Of the termination
				of the associated licensee's employment by or association with the independent
				licensee; and
(b) That the
				termination is being reported to the Commissioner; and
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Generally › Section 645F.400 - Qualified employee: Designation and approval

Current through June 11, 2024
1. If
						a licensee is not a natural person, the licensee must designate a natural
						person as a qualified employee to act on behalf of the licensee.
2. The Commissioner may approve the qualified
						employee designated pursuant to subsection 1 if the qualified employee is a
						natural person who:
(a) Is licensed in good
						standing pursuant to the Nevada Covered Service Provider Regulations and
						chapter 645F of NRS;
(b) Is
						designated by the licensee to act on behalf of the licensee and to supervise
						the conduct of the business of the licensee and any associated licensee
						employed by or otherwise associated with the licensee;
(c) Will be present at the licensed office
						location for which that person is the qualified employee for the majority of
						the time that the office is open to the public;
(d) Has at least 2 years of verifiable
						experience working in the real estate, mortgage, foreclosure or loan
						modification industries or applicable financial or legal fields; and
(e) Meets the requirements of subsection
						3.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Generally › Section 645F.405 - Change in ownership, control, management, principal employees or principal or branch office

Current through June 11, 2024
1. If a licensee is
						not a natural person:
(a) Any material change
						in the ownership, management or principal employees of the licensee at its
						principal office or a branch office must be reported to the Commissioner on a
						form prescribed by the Commissioner within 30 calendar days before the change;
						and
(b) Any material change in the
						ownership or any change of control of the licensee at its principal office or a
						branch office must be approved by the Commissioner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Generally › Section 645F.410 - Fee for supervision and related activities: Amount; collection; failure to pay; accounting of time billed

Current through June 11, 2024
1. Except as
						otherwise provided in this subsection, the Commissioner will charge and collect
						a fee of $60 per hour from each licensee for any supervision, examination,
						audit, investigation or hearing conducted pursuant to the Nevada Covered
						Service Provider Regulations or chapter 645F of NRS. The Commissioner may
						charge a fee equivalent to the estimated or actual fee charged to the
						Commissioner for the time of an attorney required in any examination,
						investigation or hearing conducted pursuant to the Nevada Covered Service
						Provider Regulations or chapter 645F of NRS.
2. The Commissioner will bill each licensee
						upon the completion of the activity for the fee established in subsection 1.
						The fee must be paid within 30 calendar days after the date the bill is
						received by the licensee. Except as otherwise provided in this subsection, any
						payment received after that date must include a penalty of 10 percent of the
						fee plus an additional 1 percent of the fee for each complete month, or portion
						of the last month, that the fee is not paid. The Commissioner may waive the
						penalty for good cause.
3. The
						failure of a licensee to pay the fee required in subsection 1 constitutes
						grounds for the imposition of any discipline authorized pursuant to the Nevada
						Covered Service Provider Regulations or
						NRS 645F.300 to
						645F.450,
						inclusive, including, without limitation, revocation of his or her
						licens
4. Upon written request by a
						licensee, the Commissioner will provide an accounting of the time billed to the
						licensee pursuant to this section.
; 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 › Supervision by Commissioner: Generally › Section 645F.415 - Transfer of voting stock: Notification and approval; investigation; waiver of investigation

Current through June 11, 2024
1. If a licensee is
						not a natural person and has voting stock:
(a) The Commissioner must be notified of a
						transfer of 5 percent or more of the outstanding voting stock of the licensee;
						and
(b) Any transfer of voting
						stock of the licensee which constitutes a change of control must be approved by
						the Commissioner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Generally › Section 645F.420 - Assessment for costs related to legal services

Current through June 11, 2024
Each licensee shall pay to the
						Commissioner an annual assessment as required by NRS NRS
						NRS
						645F.290 to cover the costs related to legal
						services rendered by the Attorney General.
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 › Supervision by Commissioner: Examinations, Audits and Investigations › Section 645F.430 - Assessment for costs related to audits and examinations

Current through June 11, 2024
1. Each licensee shall pay to the
						Commissioner an annual assessment to cover the costs related to the employment
						of a certified public accountant and the performance of audits and examinations
						conducted by the Commissioner.
2.
						The Commissioner will bill each licensee for the assessment. The assessment
						must be paid within 30 calendar days after the date the bill is received by the
						licensee.
3. A charge of 10 percent
						of the assessment will be imposed on any licensee whose assessment is received
						by the Commissioner after the date on which the assessment is due. The
						Commissioner may waive the penalty for good cause.
Added to NAC by Comm'r of 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 › Supervision by Commissioner: Examinations, Audits and Investigations › Section 645F.435 - Duties of Commissioner; fee

Current through June 11, 2024
1. In addition to
						the other duties imposed upon the Commissioner by law for the general
						supervision of licensees, the Commissioner will:
(a) Conduct such investigations as may be
						necessary to determine whether any person has violated any provision of the
						Nevada Covered Service Provider Regulations or chapter 645F of NRS or any order
						of the Commissioner.
(b) Conduct an
						examination of each independent licensee doing business in this State within 3
						months after the independent licensee commences business in this State and at
						least annually thereafter. The examination must include, without limitation, a
						formal exit review with the independent licensee.
(c) Conduct such other examinations, periodic
						or special audits, investigations and hearings as may be necessary for the
						efficient administration of the laws of this State regarding
						licensees.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Examinations, Audits and Investigations › Section 645F.440 - Authority of Commissioner

Current through June 11, 2024
1. In the conduct
						of any examination, periodic or special audit, investigation or hearing, the
						Commissioner may:
(a) Compel the attendance
						of any person by subpoena.
(b)
						Compel any person to produce records related to the activity of a
						licensee.
(c) Compel the production
						of any document by subpoena.
(d)
						Administer oaths.
(e) Examine any
						person under oath concerning the business and conduct of affairs of any person
						subject to the provisions of the Nevada Covered Service Provider Regulations or
						chapter 645F of NRS and, in connection therewith, require the production of any
						books, records or papers relevant to the inquiry.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Examinations, Audits and Investigations › Section 645F.445 - Authority of examiner, auditor or investigator

Current through June 11, 2024
An examiner, auditor or
						investigator conducting an examination, periodic or special audit, or
						investigation of a licensee pursuant to the Nevada Covered Service Provider
						Regulations or chapter 645F of NRS may:
1. Require the licensee to produce, for the
						purposes of the examination, audit or investigation, all documents:
(a) Related to business conducted by the
						licensee pursuant to the Nevada Covered Service Provider Regulations or chapter
						645F of NRS;
(b) Required to be
						kept by the licensee pursuant to any federal or state law or regulation;
						or
(c) Related to the operation of
						the business of the licensee or any affiliated business that conducts business
						activities which are directly related to the business of the
						licensee.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Examinations, Audits and Investigations › Section 645F.455 - Results of examination: Preparation and review of draft report; final report; confidentiality; action by Commissioner

Current through June 11, 2024
1. Not more than 30 days after the completion
						of an examination of a licensee, the examiner that performed the examination
						shall prepare a draft report of the examination and provide the draft report to
						the Commissioner. The draft report must include only:
(a) Facts that are contained in the files,
						books, records or other documents of the licensee that were examined by the
						examiner;
(b) Facts that are
						contained in statements made by the licensee or officers or agents of the
						licensee, if any, or other persons that the examiner interviewed concerning the
						licensee; and
(c) Conclusions and
						recommendations that are reasonably supported by the facts that are included in
						the draft report, including, but not limited to, the rating given to the
						licensee pursuant to NAC 645F.450.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Records and Reports › Section 645F.460 - Annual financial statement

Current through June 11, 2024
1. Except as
						otherwise provided in this section, not later than 120 days after the last day
						of each fiscal year for an independent licensee, the independent licensee shall
						submit to the Commissioner a financial statement that:
(a) Is dated not earlier than the last day of
						the fiscal year; and
(b) Has been
						prepared from the books and records of the independent licensee by an
						independent certified public accountant who holds a permit to engage in the
						practice of certified public accounting in this State or another
						state.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Records and Reports › Section 645F.465 - "Separate trust account" interpreted for purpose of compliance with NRS 645F.394

Current through June 11, 2024
For the purpose of compliance with NRS NRS
						645F.394, a "separate trust account" means a trust account maintained with a
						federally insured depository institution located in this State that is separate
						from accounts belonging to the independent licensee. The trust account:
1. May include money collected from various
						homeowners. However, the independent licensee must maintain separate internal
						subsidiary ledgers for each homeowner which include:
(a) The name, address and telephone number of
						the homeowner;
(b) The address and
						assessor parcel number for the property securing the loan for which the
						licensee is providing services;
(c)
						The account number of each loan;
(d) The lender or loan servicer contact
						information related to each loan;
(e) The amount and date of the initial and
						each subsequent payment received from the homeowner or other parties noted with
						separate entries;
(f) The amount
						and date of each deposit into the trust account maintained with the federally
						insured depository institution; and
(g) The amount and date of each withdrawal
						from the trust account and the name of each recipient of each withdrawal with
						the contact information for each recipient separately maintained.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Records and Reports › Section 645F.470 - Required financial statements for separate trust accounts

Current through June 11, 2024
1. An independent licensee maintaining any
						account described in NAC 645F.465 shall, not later than 120 days after the end
						of the fiscal year for the independent licensee, provide to the Commissioner an
						annual financial statement of the account or accounts. A financial statement of
						the account or accounts required by this subsection must include, if
						applicable:
(a) A statement of the asset
						balance and liabilities of each trust account;
(b) A statement of all receipts for,
						disbursements from and changes in cash balances of each trust
						account;
(c) A supplementary
						schedule of the liabilities of each trust account; and
(d) A reconciliation of the cash balance of
						each trust account to the supplementary schedule of the liabilities of each
						trust account.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Records and Reports › Section 645F.480 - Records of Commissioner: General provisions governing public inspection, confidentiality and disclosure of information relating to investigations, examinations and disciplinary actions

Current through June 11, 2024
1. Except as
						otherwise provided in this section or by specific statute, all papers,
						documents, reports and other written instruments filed with the Commissioner
						pursuant to the Nevada Covered Service Provider Regulations or chapter 645F of
						NRS are open to public inspection.
2. Except as otherwise provided in subsection
						3, the Commissioner may withhold from public inspection or refuse to disclose
						to a person, for such time as the Commissioner considers necessary, any
						information that, in the Commissioner's judgment, would:
(a) Impede or otherwise interfere with an
						investigation or examination that is currently pending against a
						licensee;
(b) Have an undesirable
						effect on the welfare of the public; or
(c) Reveal personal information in violation
						of NRS NRS NRS
						NRS
						239B.030.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Records and Reports › Section 645F.485 - Confidentiality of certain records and information

Current through June 11, 2024
1.
						Except as otherwise provided in subsection 2, the Commissioner may classify as
						confidential certain records and information obtained by the Commissioner when
						those matters are obtained from a governmental agency upon the express
						condition that they remain confidential. This subsection does not limit
						examination by:
(a) The Legislative Auditor;
						and
(b) The Department of Taxation,
						if necessary, to carry out the provisions of chapter 363A of NRS and sections 2
						to 61, inclusive, of Senate Bill No. 483, chapter 487, Statutes of Nevada 2015,
						at page 2878 (chapter 363C of NRS).
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.500 - Requirements for initial licensure

Current through June 11, 2024
1. A natural person
						who is an applicant for an initial license as a covered service provider,
						foreclosure consultant or loan modification consultant must complete at least:
(a) If the applicant is applying for a
						license as a covered service provider, 25 hours of instruction.
(b) If the applicant is applying for a
						license as a foreclosure consultant, 20 hours of instruction.
(c) If the applicant is applying for a
						license as a loan modification consultant, 15 hours of instruction.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.505 - Requirements for continuing education

Current through June 11, 2024
1. A licensee who
						is a natural person must complete, during the 12 months immediately preceding
						the date on which his or her license expires, at least:
(a) If the licensee is a covered service
						provider, 10 hours of instruction in approved courses of continuing
						education.
(b) If the licensee is a
						foreclosure consultant, 7 hours of instruction in approved courses of
						continuing education.
(c) If the
						licensee is a license as a loan modification consultant, 5 hours of instruction
						in approved courses of continuing education.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.510 - Course material for initial licensure and continuing education: Approved subjects

Current through June 11, 2024
The following subjects are approved as course material for
				  initial licensing and continuing education:
1. Federal and Nevada state laws and
				regulations relating to mortgage lending or the activities of covered service
				providers, foreclosure consultants and loan modification consultants.
2. The provisions of:
(a) The Nevada Covered Service Provider
				Regulations or chapter 645F of NRS governing covered service providers,
				foreclosure consultants and loan modification consultants;
(b) Chapter 645B of NRS governing mortgage
				companies and mortgage loan originators;
(c) Chapter 598D of NRS governing unfair
				lending practices;
(d) Chapter 645A
				of NRS governing escrow agencies and agents; and
(e) Chapter 107 of NRS governing deeds of
				trust.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.515 - Approval of provider: Application; appeal of denial of approval

Current through June 11, 2024
1. A provider that wishes to offer approved
						courses to meet the educational requirements for licensure or continuing
						education under the Nevada Covered Service Provider Regulations and chapter
						645F of NRS must apply to the Commissioner before offering any approved courses
						and annually thereafter on or before December 31 for approval on a form
						prescribed by the Commissioner. The application must include, without
						limitation:
(a) The name and address of the
						provider;
(b) The type of provider
						and a description of its facilities;
(c) Any information requested by the
						Commissioner concerning the ownership of the provider, including the business
						organization and the names and addresses of all directors, principals, officers
						and others having interests as owners;
(d) A list of the instructors;
(e) A list of the courses to be offered and a
						hard copy of course materials for each course;
(f) The allotment of time for each
						subject;
(g) A tentative schedule
						of courses;
(h) The titles, authors
						and publishers of all required textbooks;
(i) A copy of each examination to be used and
						the correct answer for each question;
(j) A statement of:
(1) The purpose of the provider;
(2) The fees to be charged;
(3) The days, times and locations of
						classes;
(4) The number of quizzes
						and examinations for each course;
(5) The grading systems, including the
						methods of testing and standards of grading for each course;
(6) The requirements for attendance;
						and
(7) The location of the
						students' records;
(k) A
						statement as to whether the provider or any instructor employed by the provider
						has been disciplined by any governmental agency in this State or any other
						state; and
(l) A statement that
						educational courses will not be provided free of charge as an inducement for
						students or their employers to use the services of the provider for any
						activities related to covered service providers, foreclosure consultants or
						loan modification consultants.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.520 - Approval of provider: Notice of material change in information provided in application for approval; qualification for and denial of renewal of approval

Current through June 11, 2024
1. Within 15 days after the occurrence of any
						material change in the information provided by a provider in its application
						pursuant to NAC 645F.515 which would affect its approval by the Commissioner,
						the provider shall give the Commissioner written notice of that
						change.
2. To qualify for annual
						renewal of approval by the Commissioner, a provider must submit to the
						Commissioner on or before December 31 of each year:
(a) A written certification, in a form
						prescribed by the Commissioner, declaring that the provider has met all
						applicable requirements of the Nevada Covered Service Provider Regulations and
						chapter 645F of NRS; and
(b) A
						sworn statement, in a form prescribed by the Commissioner, declaring that the
						information contained in the original application is current or, if it is not
						current, a list of all material changes.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.525 - Approval of individual courses; appeal of denial of approval; restricted attendance; policy of provider concerning cancellations and refunds

Current through June 11, 2024
1. A provider must submit an application for
						the approval of each course the provider intends to offer on a form provided by
						the Commissioner and include with the submission all applicable information
						prescribed in NAC 645F.515.
2. The
						Commissioner will not grant retroactive approval of a course.
3. If a course offered by a provider that is
						a professional organization has been approved for continuing education, the
						provider shall not restrict attendance at the course to only members of that
						organization.
4. Any advertising,
						promotional brochure or form for registration for an approved course must
						contain, in writing, the policy of the provider concerning cancellations and
						refunds.
5. If the application of
						the provider for a course is denied, the provider may appeal the decision of
						the Commissioner to deny approval of the provider's course by filing an appeal
						with the Commissioner not later than 20 days after the date on which the denial
						of the approval of the provider's course becomes effective, and the provider
						will have a right to a hearing.
6.
						The Commissioner has the right to be awarded and recover costs and attorney's
						fees from the provider related to a hearing in which the hearing officer
						affirms the denial or withdrawal of approval of a 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 › Educational Requirements for Licensure › Section 645F.530 - Annual approval and content of courses; unacceptable courses

Current through June 11, 2024
1. A course must:
(a) Be approved annually by the Commissioner;
						and
(b) Relate to the subject
						matters prescribed in NAC 645F.510.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.535 - Prerequisites to approval of computer-based distance education course

Current through June 11, 2024
A
						provider seeking approval of a computer-based distance education course must
						submit a complete copy of the course to the Commissioner in the medium to be
						used and, if requested, must make available, at a date and time satisfactory to
						the Commissioner and at the provider's expense, all equipment and software
						necessary to enable the Commissioner to review the course. In the case of an
						Internet-based course, the provider shall provide the Commissioner access to
						the course via the Internet at no charge at a date and time satisfactory to the
						Commissioner.
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.540 - Renewal of approval of approved courses; review and audit of approved courses and instructors by Commissioner

Current through June 11, 2024
1. A provider
						must apply annually for the renewal of approval of a course on a form
						prescribed by the Commissioner. An application for renewal must be submitted to
						the Commissioner at least 5 weeks before the previous approval expires. If the
						provider does not timely submit the application for renewal, the provider must
						apply for an original approval as provided in NAC 645F.525.
2. Each approved course and instructor is
						subject to review and audit by the Commissioner. If the Commissioner conducts
						such a review or audit, the provider shall make available to the Commissioner
						all records and materials requested which are necessary to the
						review.
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.545 - Withdrawal of approval of approved courses

Current through June 11, 2024
1. If the
						Commissioner determines, through an audit or otherwise, that an approved course
						does not meet the standards for such a course set forth in the Nevada Covered
						Service Provider Regulations or chapter 645F of NRS, the Commissioner will
						notify the provider of the approved course of the Commissioner's intent to
						withdraw approval of the course. The notice must include the specific reasons
						upon which the Commissioner is basing the decision to withdraw approval of the
						course. Not later than 20 days after the date on which the provider receives
						the notice, the provider may provide a written response to the Commissioner
						that clearly sets forth the reasons why approval of the course should not be
						withdrawn and outlining any corrective measures that the provider will
						undertake. After the 20-day period has elapsed, the Commissioner will review
						the notice and any response submitted by the provider and:
(a) Withdraw approval of the
						course;
(b) Allow the course to
						remain approved if certain specific enumerated conditions are met; or
(c) Allow the continued approval of the
						course.
If the Commissioner decides to withdraw approval of the course,
						the withdrawal of approval of the course becomes effective upon the mailing of
						the Commissioner's decision to withdraw approval to the provider by certified
						mail, return receipt requested, to the provider's last known business
						address.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.550 - Approved providers: Maintenance and availability of certain records; provision of evidence of licensure to Commissioner

Current through June 11, 2024
1. A
						provider approved by the Commissioner to offer courses to meet the requirements
						for licensure or continuing education under the Nevada Covered Service Provider
						Regulations or chapter 645F of NRS shall maintain a record of each student's
						attendance and certification in any of those courses for 4 years after the
						student's enrollment and shall have such records open to inspection by the
						Commissioner, upon request, during the provider's business hours.
2. A provider that is licensed to operate by
						the Commission on Postsecondary Education shall provide evidence of such
						licensure to the Commissioner.
; 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 › Educational Requirements for Licensure › Section 645F.555 - Approved providers: Misrepresentation in advertising prohibited

Current through June 11, 2024
A
						provider approved by the Commissioner shall not make any misrepresentation in
						its advertising about any approved course which it offers to fulfill
						requirements for licensing or continuing education under the Nevada Covered
						Service Provider Regulations or chapter 645F of NRS.
; 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 › Educational Requirements for Licensure › Section 645F.560 - Providers of approved courses: Employment of instructors; miscellaneous duties and restrictions

Current through June 11, 2024
A provider that conducts approved
						courses:
1. May employ as instructors
						of the approved courses only persons who meet the qualifications set forth in
						NAC 645F.565.
2. Shall limit guest
						lecturers who are experts in related fields, excluding Division personnel, to
						25 percent of the total hours of instruction per approved course.
3. Shall include a statement that the
						provider is approved by the Commissioner on all advertisements of the
						provider.
4. Shall require each
						student to attend the entire approved course as a condition of receiving
						certification for the approved course.
5. Shall certify the completion of only the
						number of hours for which the approved course has been approved by the
						Commissioner. Except as otherwise provided in subsection 2 of NAC 645F.590,
						completion of a portion of an approved course does not satisfy the requirements
						for certification.
6. Shall update
						its course materials at least annually to reflect changes in the law and the
						marketplace.
7. Shall not allow a
						student to pass an approved course by taking an examination without having the
						required attendance. In addition, an owner, instructor, affiliate or other
						person associated with the provider may not take an examination administered by
						the provider to meet the requirements for initial licensure or continuing
						education under the Nevada Covered Service Provider Regulations and chapter
						645F of NRS.
8. Shall admit the
						Commissioner to audit and evaluate the presentation of the approved course
						without prior notice by the Commissioner or cost to the Commissioner.
9. Shall not present an approved course for
						the main purpose of selling products or services and shall limit the
						announcement of products or services during the approved course to not more
						than 1 minute for each credit hour.
10. Shall not provide, distribute,
						disseminate or otherwise make available to students the answers to examination
						questions.
; 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 › Educational Requirements for Licensure › Section 645F.565 - Instructors: Requirements for and restrictions on approval; periodic review and evaluation; credit for continuing education

Current through June 11, 2024
1. An
						instructor must have written approval from the Commissioner before teaching an
						approved course. No retroactive approval for instructors will be
						granted.
2. An applicant for
						approval as an instructor must apply on a form prescribed by the
						Commissioner.
3. The Commissioner
						will not approve a person as an instructor if the person:
(a) Has been disciplined by the Commissioner:
(1) Within the immediately preceding 5 years;
						or
(2) More than one time;
						or
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Educational Requirements for Licensure › Section 645F.570 - Instructors: Denial or withdrawal of approval; appeal

Current through June 11, 2024
1. The Commissioner may deny or withdraw the
						approval of an instructor who:
(a) Does not
						meet the standards prescribed in NAC 645F.565;
(b) Does an inadequate job of teaching the
						subject matter of an approved course, as evidenced by student evaluations or an
						audit conducted by the Commissioner;
(c) Has been determined in any administrative
						or judicial proceeding to have violated any statute, rule, regulation or order
						pertaining to mortgage lending or real estate or the practice of covered
						service providers, foreclosure consultants or loan modification
						consultants;
(d) Has been convicted
						of, or entered a plea of guilty or nolo contendere to, any crime involving
						fraud, deceit, misrepresentation or moral turpitude; or
(e) Engages in inappropriate behavior in the
						classroom as evidenced by an audit conducted by the Commissioner.