Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Supervision by Commissioner: Examinations, Audits and Investigations › Section 645F.450 - Rating of licensee upon completion of examination

Current through June 11, 2024
Upon completion of an
						examination of a licensee, the examiner shall rate the licensee on a scale of
						"1" to "5," as follows:
1. A rating of
						"1" indicates that the licensee and the management of the licensee, if any,
						have demonstrated a high degree of compliance with applicable laws and
						regulations. A rating of "1" may be given if there is a minor violation or
						deficiency, but only if the licensee acted to correct the violation or
						deficiency immediately and the action taken by the licensee is likely to
						prevent future violations or deficiencies.
2. A rating of "2" indicates that the
						licensee and the management of the licensee, if any, have demonstrated
						substantial compliance with applicable laws and regulations and that any
						deficiencies noted in the report made by the examiner pursuant to NAC 645F.455
						can be corrected by the licensee with a minimum of regulatory supervision. A
						rating of "2" may be given if there is more than one minor violation or
						deficiency, but only if the licensee acted to correct the violations or
						deficiencies immediately and the action taken by the licensee is likely to
						prevent future violations or deficiencies.
3. A rating of "3" indicates that the
						licensee and the management of the licensee, if any, have demonstrated less
						than satisfactory compliance with applicable laws and regulations and that
						regulatory supervision is required for the correction of the violations and
						deficiencies noted in the report made by the examiner pursuant to NAC 645F.455.
						A rating of "3" may be given if there were minor violations or deficiencies
						from a previous examination that were not corrected.
4. A rating of "4" indicates that the
						licensee and the management of the licensee, if any, have demonstrated
						substantial lack of compliance with applicable laws and regulations and that
						immediate remedial action is required for the correction of the violations and
						deficiencies noted in the report made by the examiner pursuant to NAC 645F.455.
						The licensee will be subject to close regulatory supervision, and the examiner
						will recommend disciplinary action against the licensee to the
						Commissioner.
5. A rating of "5"
						indicates that the licensee and the management of the licensee, if any, have
						demonstrated unsatisfactory compliance with applicable laws and regulations and
						that immediate remedial action is required for the correction of the violations
						and deficiencies noted in the report made by the examiner pursuant to NAC
						645F.455 and may include action by the Commissioner to take possession of the
						business and assets of the licensee. The examiner will recommend disciplinary
						action against the licensee to the Commissioner.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390