Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › GENERAL PROVISIONS › Section 645F.Sec. 2 - NEW

Current through June 11, 2024
The Commissioner may issue a license by endorsement as a
						covered service provider, foreclosure consultant or loan modification
						consultant to a natural person who holds a corresponding valid and unrestricted
						license to engage in the activities of a covered service provider, foreclosure
						consultant or loan modification consultant, as applicable, in the District of
						Columbia or any state or territory of the United States if the natural
						person:
1. Submits to the Commissioner
					all of the following:
(a) An application on a
					form prescribed by the Commissioner. The applicant shall include in the
					application his or her social security number.
(b) Proof satisfactory to the Commissioner
					that he or she:
(1) Holds a corresponding
					valid and unrestricted license to engage in the activities of a covered service
					provider, foreclosure consultant or loan modification consultant, as
					applicable, in the District of Columbia or any state or territory of the United
					States and has held such a license for a period of at least 5 continuous years
					immediately preceding the date on which the application is submitted;
(2) Possesses qualifications that are equal
					to or substantially similar to the qualifications required for issuance of a
					license as a covered service provider, foreclosure consultant or loan
					modification consultant in this State, as applicable, including, without
					limitation, proof satisfactory to the Commissioner that the applicant has
					successfully completed the education and training required for the issuance of
					the applicant's license to engage in the activities of a covered service
					provider, foreclosure consultant or loan modification consultant, as
					applicable, in the District of Columbia or any state or territory of the United
					States and that such education and training provided instruction that is, as
					determined by the Commissioner, equivalent to the instruction required for
					initial licensure pursuant to NAC
					645F.500 to
					645F.590, inclusive;
(3) Has at least 2 years of verifiable
					experience in the real estate, mortgage, foreclosure or loan modification
					industries or applicable financial or legal fields in the District of Columbia
					or any state or territory of the United States within the 5 years immediately
					preceding the date on which the application is submitted;
(4) Is a citizen of the United States or
					otherwise has the legal right to work in the United States;
(5) Has not been disciplined by the
					corresponding regulatory authority of the District of Columbia or any state or
					territory of the United States in which the applicant currently holds or has
					held a license to engage in the activities of a covered service provider,
					foreclosure consultant or loan modification consultant, as
					applicable;
(6) Has not been held
					civilly or criminally liable in the District of Columbia or any state or
					territory of the United States for misconduct relating to his or her license to
					engage in the activities of a covered service provider, foreclosure consultant
					or loan modification consultant, as applicable;
(7) Has not had a license to engage in the
					activities of a covered service provider, foreclosure consultant or loan
					modification consultant, as applicable, suspended or revoked in the District of
					Columbia or any state or territory of the United States;
(8) Has not been refused a license to engage
					in the activities of a covered service provider, foreclosure consultant or loan
					modification consultant, as applicable, in the District of Columbia or any
					state or territory of the United States for any reason; and
(9) Does not have pending any disciplinary
					action concerning his or her license to engage in the activities of a covered
					service provider, foreclosure consultant or loan modification consultant, as
					applicable, in the District of Columbia or any state or territory of the United
					States.
(c) A complete
					set of his or her fingerprints and written permission authorizing the
					Commissioner to forward the fingerprints to the Central Repository for Nevada
					Records of Criminal History for submission to the Federal Bureau of
					Investigation for its report or proof that the applicant has previously passed
					a comparable criminal background check within the 6 months immediately
					preceding the date on which the application is submitted.
(d) The statement required by NAC
					645F.215.
(e) If the applicant is applying for
					licensure as a covered service provider, foreclosure consultant or loan
					modification consultant in the capacity of an independent licensee:
(1) Proof satisfactory to the Commissioner
					that the applicant and each associated licensee who will be employed by or
					otherwise associated with the applicant are named as principals on a surety
					bond deposited with the Commissioner by the applicant pursuant to NAC
					645F.605 that is in full force
					and effect and satisfies all of the requirements of NAC
					645F.605, or that the applicant
					has deposited a substitute form of security pursuant to NAC
					645F.610;
(2) An audited financial statement of the
					applicant that is prepared using the records of the activities of a covered
					service provider, foreclosure consultant or loan modification consultant, as
					applicable, engaged in by the applicant in the capacity of an independent
					licensee in the District of Columbia or any state or territory of the United
					States, by a certified public accountant who holds a certificate to engage in
					the practice of public accounting; and
(3) Proof satisfactory to the Commissioner
					that the applicant is in such financial condition that the applicant can
					continue in business with safety to his or her customers.
(f) An affidavit stating that the information
					contained in the application and any accompanying material is true and
					complete.
(g) Any other information
					required by the Commissioner.