Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Standards of Practice › Section 645F.605 - Surety bonds: Duty of independent licensee to deposit bond with Commissioner; persons to be named as principals on bond; form and amount of bond

Current through June 11, 2024
1. As a condition to doing business in this
						State, each independent licensee shall deposit with the Commissioner and keep
						in full force and effect a surety bond payable to the State of Nevada, in the
						amount set forth in subsection 4, which is executed by a corporate surety
						satisfactory to the Commissioner and which names as principals the independent
						licensee and all associated licensees employed by or otherwise associated with
						the independent licensee.
2. At the
						time of filing an application for a license as a covered service provider,
						foreclosure consultant or loan modification consultant and at the time of
						filing an application for the renewal of such a license, an applicant who is or
						who will be an independent licensee shall file with the Commissioner proof that
						the applicant is named as a principal and all associated licensees employed by
						or otherwise associated with the independent licensee are named as principals
						on the surety bond deposited with the Commissioner by the independent
						licensee.
3. The surety bond must
						be in substantially the following form:
Know All Persons by These
						Presents, that ...................., as principal, and ...................., as
						surety, are held and firmly bound unto the State of Nevada for the use and
						benefit of any person who suffers damages because of a violation of any of the
						provisions of chapter 645F of NRS and the regulations promulgated thereunder,
						in the sum of ..................., lawful money of the United States, to be
						paid to the State of Nevada for such use and benefit, for which payment well
						and truly to be made, and that we bind ourselves, our heirs, executors,
						administrators, successors and assigns, jointly and severally, firmly by these
						presents.
The condition of that obligation is such that:
Whereas, the principal has been issued a license as a covered service
						provider, foreclosure consultant or loan modification consultant by the
						Commissioner of Mortgage Lending and is required to furnish a bond, which is
						conditioned as set forth in this bond:
Now, therefore, if the
						principal, the principal's agents and employees, strictly, honestly and
						faithfully comply with the provisions of chapter 645F of NRS and the
						regulations promulgated thereunder, and pay all damages suffered by any person
						because of a violation of any of the provisions of chapter 645F of NRS and the
						regulations promulgated thereunder, or by reason of any fraud, dishonesty,
						misrepresentation or concealment of material facts growing out of any
						transaction governed by the provisions of chapter 645F of NRS or the
						regulations promulgated thereunder, then this obligation is void; otherwise it
						remains in full force.
This bond becomes effective on the .....
						(day) of .......... (month) of ...... (year), and remains in force until the
						surety is released from liability by the Commissioner of Mortgage Lending or
						until this bond is cancelled by the surety. The surety may cancel this bond and
						be relieved of further liability hereunder by giving 60 days' written notice to
						the principal and to the Commissioner of Mortgage Lending.
In
						Witness Whereof, the seal and signature of the principal hereto is affixed, and
						the corporate seal and the name of the surety hereto is affixed and attested by
						its authorized officers at ...................., Nevada, this ..... (day) of
						.......... (month) of ...... (year).
............................................(Seal)
Principal
............................................(Seal)
Surety
By.................................................
Attorney-in-fact
......................................................
Licensed resident agent
4.
						Except as otherwise provided in subsection 5, each independent licensee shall
						deposit a surety bond in the amount of $75,000 that complies with the
						provisions of this section or a substitute form of security that complies with
						the provisions of NAC 645F.610.
5.
						If an independent licensee maintains any accounts described in NAC 645F.465,
						and the 6-month average balance in those accounts exceeds $50,000, the
						independent licensee shall deposit a surety bond in the amount of $100,000 that
						complies with the provisions of this section or a substitute form of security
						that complies with the provisions of NAC 645F.610.
Added to NAC by Comm'r of Mortgage
						Lending by R052-09, eff. 8-25-2009
NRS
						645F.255,
						645F.390