reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.875 - Hearings: Disclosure of exhibits and list of witnesses; limitations on discovery

Current through June 11, 2024
1. If a hearing has
						been requested in a timely manner as set forth in the Nevada Covered Service
						Provider Regulations or chapter 645F of NRS, each party must provide to the
						opposing party and to the hearing officer, not less than 10 days before a
						hearing, a copy of all papers, records, data or documents expected to be used
						as exhibits at the hearing and a list of witnesses expected to testify at the
						hearing. Nothing in this subsection prohibits a party from calling a rebuttal
						witness or offering other rebuttal evidence which has not been disclosed if
						allowed by the hearing officer. The filing of a motion does not toll the time
						for providing information and documentation to an opposing party.
2. Not less than 10 days before a hearing,
						each party must provide to the hearing officer a copy of all papers, records,
						data or documents expected to be used as exhibits at the hearing and a list of
						witnesses expected to testify at the hearing.
3. If a party fails to provide any document
						required to be provided by the provisions of this section, the hearing officer
						may exclude the document.
4.
						Neither party may serve interrogatories on the other party or conduct
						depositions, and neither party may engage in any other discovery unless
						otherwise required by law and allowed by the hearing officer.
; 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 › Enforcement › Section 645F.880 - Hearings: Motions

Current through June 11, 2024
1. All motions,
						unless made to exclude a witness, must be in writing.
2. A written motion must be served on the
						opposing party and the hearing officer at least 15 days before the time set for
						the hearing on the motion unless good cause is shown to the hearing
						officer.
3. An opposing party may
						file a written response to a motion at least 7 days before the time set for the
						hearing on the motion by serving the written response on all parties and the
						hearing officer.
4. No motion for
						summary judgment will be allowed.
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 › Enforcement › Section 645F.885 - Hearings: Procedure

Current through June 11, 2024
1. The hearing
						officer shall:
(a) Ascertain whether all
						persons ordered to appear under subpoena are present and whether all documents,
						books, records and other evidence under subpoena are present in the hearing
						room.
(b) Administer the oath to
						all persons whose testimony will be taken as follows:
Do you and each of
						you solemnly swear or affirm to tell the truth and nothing but the truth in
						these proceedings?
(c)
						Ascertain whether either party desires to have a witness excluded from the
						hearing room until the witness is called. A witness may be excluded upon the
						motion of the hearing officer or upon the motion of either party. If a witness
						is excluded, the witness will be instructed not to discuss the case during the
						pendency of the proceeding. The respondent will be allowed to remain present at
						the hearing. The Commissioner may designate a person who is a member of the
						staff of the Division and who may also be a witness to act as its
						representative. Such a representative will be allowed to remain present at the
						hearing.
(d) Ascertain whether a
						copy of the complaint or decision to deny has been filed and whether an answer
						has been filed as part of the record in the proceedings.
(e) Hear any preliminary motions,
						stipulations or orders upon which the parties agree and address any
						administrative details.
(f) Request
						the Division to proceed with the presentation of its case.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.890 - Hearings: Effect of failure to appear

Current through June 11, 2024
If a person is alleged to have engaged in
						any conduct or committed any violation related to a trust account, or is
						alleged to have committed a violation of any other provision of the Nevada
						Covered Service Provider Regulations or chapter 645F of NRS or any order of the
						Commissioner, and the person fails to appear, without reasonable cause, at a
						hearing before the Commissioner concerning the alleged conduct or violation,
						the Commissioner may conduct the hearing in the person's absence, draw any
						conclusions that the Commissioner deems appropriate from the person's failure
						to appear and render a decision concerning the alleged conduct or
						violation.
; 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 › Enforcement › Section 645F.895 - Hearings: Burden and standard of proof

Current through June 11, 2024
The Division has the burden of proof in any
						hearing pursuant to the Nevada Covered Service Provider Regulations or chapter
						645F of NRS. The standard of proof in such a hearing is substantial
						evidence.
; 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 › Enforcement › Section 645F.900 - Hearings: Rules of evidence; informality of proceedings

Current through June 11, 2024
1. In conducting any hearing, the hearing
						officer is not bound by the technical rules of evidence, and any informality in
						any proceeding or in the manner of taking testimony does not invalidate any
						order or decision of the hearing officer. The rules of evidence of courts of
						this State will be followed generally but may be relaxed at the discretion of
						the hearing officer if deviation from the technical rules of evidence will aid
						in determining the facts.
2. Any
						evidence offered at a hearing must be material and relevant to the issues of
						the hearing.
3. Sworn declarations
						may be introduced in lieu of testimony if a witness resides outside the State
						of Nevada.
4. The hearing officer
						may exclude inadmissible, incompetent, repetitious or irrelevant evidence or
						order that the presentation of that evidence be discontinued.
5. A party who objects to the introduction of
						evidence shall briefly state the grounds of the objection at the time the
						evidence is offered. The party who offers the evidence may present a rebuttal
						argument to the objection.
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 › Enforcement › Section 645F.905 - Hearings: Decision of hearing officer

Current through June 11, 2024
The hearing officer shall issue and serve
						upon all parties, personally or by certified mail, a written decision meeting
						the requirements of NRS
						NRS
						233B.125 within 30 days after the close of
						the hearing.
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 › Enforcement › Section 645F.910 - Posthearing motions

Current through June 11, 2024
1. A party may file
						a posthearing motion only to request a rehearing or to request a modification
						of the discipline, fine, costs or attorney's fees imposed against a
						respondent.
2. Any posthearing
						motion must be filed within 15 days after service of the decision by the
						hearing officer.
3. The opposing
						party may file an opposition within 10 days after a posthearing motion is
						filed, and the moving party may file a final reply within 5 days after an
						opposition is filed.
4. The hearing
						officer shall issue and serve upon all parties, personally or by certified
						mail, a written decision on any posthearing motion within 30 days after the
						posthearing motion is filed.
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 › Enforcement › Section 645F.915 - Informal disposition of contested cases; consent and settlement agreements

Current through June 11, 2024
1. The provisions
						of the Nevada Covered Service Provider Regulations or chapter 645F of NRS do
						not affect or limit the authority of the Commissioner, at any stage of a
						contested case, to make an informal disposition of the contested case pursuant
						to subsection 5 of NRS NRS NRS
						NRS
						233B.121 or to enter into a consent or
						settlement agreement pursuant to NRS NRS NRS
						NRS
						622.330.
2. Any action taken by the Commissioner
						pursuant to subsection 1:
(a) Is not subject
						to approval by the hearing officer; and
(b) May have its terms placed into the record
						at the discretion of the Commissioner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA COVERED SERVICE PROVIDER REGULATIONS › Enforcement › Section 645F.920 - Immunity from civil liability

Current through June 11, 2024
1. A person who
						provides a governmental entity, officer or employee with any information
						relating to a contested case is immune from any civil liability for providing
						that information if the person acted in good faith and without malicious
						intent.
2. A governmental entity,
						officer or employee is immune from any civil liability for:
(a) Any decision or action taken in good
						faith and without malicious intent in carrying out the provisions of the Nevada
						Covered Service Provider Regulations or chapter 645F of NRS or any law or
						regulation governing occupational licensing; or
(b) Communicating or cooperating with or
						providing any documents or other information to any other governmental entity,
						officer or employee conducting an investigation, disciplinary proceeding or
						civil or criminal prosecution.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › General Provisions › Section 645F.930 - Short title

Current through June 11, 2024
NAC 645F.930 to
						645F.994, inclusive, and
						sections 5, 6 and 7 may be referred to as 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; A by
						R180-18A,
						eff. 6/12/2019
NRS
						622.530,
						645F.255
						and
						645F.520
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › General Provisions › Section 645F.931 - Definitions

Current through June 11, 2024
As used
						in the Nevada Mortgage Servicer Regulations, unless the context otherwise
						requires, the words and terms defined in
						NRS 645F.010 to
						645F.065,
						inclusive, and sections 5 to 16, inclusive, of this regulation have the
						meanings ascribed to them in those sections.
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 › General Provisions › Section 645F.932 - "Applicant" defined

Current through June 11, 2024
"Applicant" means a person that has made
						application for 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 › General Provisions › Section 645F.933 - "Borrower" defined

Current through June 11, 2024
"Borrower" means a person that is a debtor on a
						mortgage loan.
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 › General Provisions › Section 645F.934 - "Branch office" defined

Current through June 11, 2024
"Branch office" means any place of business,
						other than the principal office, from which a person engages in the activities
						of a mortgage servicer related to a dwelling located in this
						State.
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 › General Provisions › Section 645F.935 - "Control person" defined

Current through June 11, 2024
1. "Control person"
						means:
(a) An executive officer, director,
						general partner, trustee, member, qualified employee or shareholder of a
						mortgage servicer, licensee or applicant; or
(b) A person who is authorized to participate
						in direct or indirect control of the management or policies of a mortgage
						servicer, licensee or applicant.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › General Provisions › Section 645F.936 - "Dwelling" defined

Current through June 11, 2024
"Dwelling" means a structure that contains one
						to four residential units, whether or not that structure is attached to real
						property. The term includes, without limitation, an individual condominium
						unit, cooperative unit, mobile home and trailer, if it is used as a
						residence.
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 › General Provisions › Section 645F.937 - "License" defined

Current through June 11, 2024
"License" means a license or other authority
						granted by the Commissioner 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 › General Provisions › Section 645F.938 - "Licensee" defined

Current through June 11, 2024
"Licensee" means a person who is licensed
						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 › General Provisions › Section 645F.939 - "Mortgage loan" defined

Current through June 11, 2024
1. "Mortgage loan"
				includes, without limitation:
(a) Any loan
				that is secured by a mortgage, deed of trust or other consensual security
				interest on a dwelling located in this State or real property located in this
				State upon which is constructed or intended to be constructed a dwelling;
				or
(b) Any loan made or arranged by
				a mortgage company under chapter 645B of NRS that is secured by a mortgage,
				deed of trust or other consensual security interest on commercial property
				located in this State that is funded by one or more private
				investors.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › General Provisions › Section 645F.940 - "Mortgage servicer" defined

Current through June 11, 2024
"Mortgage Servicer" means a person who engages
						in any activity for which a license is required.
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 › General Provisions › Section 645F.941 - "Person" defined

Current through June 11, 2024
"Person" means a natural person, any form of
						business or social organization, governmental entity or political subdivision
						of a governmental entity, and any other legal entity, including, without
						limitation, a corporation, partnership, limited-liability company, association,
						trust or unincorporated organization.
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 › General Provisions › Section 645F.942 - "Principal office" defined

Current through June 11, 2024
"Principal office" means the office where the
						principal executive offices of a mortgage servicer, licensee or applicant are
						located.
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 › General Provisions › Section 645F.943 - "Shareholder" defined

Current through June 11, 2024
"Shareholder" includes, without
						limitation:
1. Any person that owns,
						or is authorized to vote directly or indirectly, any percentage of a class of
						voting securities or voting interests of a mortgage servicer, applicant or
						licensee if the mortgage servicer, applicant or licensee has fewer than 20
						stockholders or owners.
2. Any
						person that owns, or is authorized to vote directly or indirectly, 10 percent
						or more of a class of voting securities or voting interests of a mortgage
						servicer, applicant or licensee if the mortgage servicer, applicant or licensee
						has 20 or more stockholders or owners.
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 › Licensing and Operation › Section 645F.950 - License required

Current through June 11, 2024
Except as otherwise provided in section 86.7 of
						Assembly Bill No. 480, chapter 477, Statutes of Nevada 2015, at page 2807, a
						person shall not advertise services as, provide any of the services of, act as
						or conduct business as a mortgage servicer or otherwise engage in, carry on or
						hold himself or herself out as engaging in or carrying on the activities of a
						mortgage servicer unless the person has a license issued 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 › Licensing and Operation › Section 645F.951 - Exemption

Current through June 11, 2024
A person
						claiming an exemption pursuant to section 86.7 of Assembly Bill No. 480,
						chapter 477, Statutes of Nevada 2015, at page 2807, has the burden of
						demonstrating that the person qualifies for such an
						exemption.
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 › Licensing and Operation › Section 645F.952 - Supplemental mortgage servicer license

Current through June 11, 2024
1. A person
						that holds a license issued pursuant to chapter 645B or 645E of NRS must file
						an application for and obtain a supplemental mortgage servicer license pursuant
						to this section before acting as, offering to act as or providing the services
						of, a mortgage servicer on one or more mortgage loans that the person did not
						make or arrange under a license issued pursuant to chapter 645B or 645E of NRS,
						as applicable.
2. An application
						for a supplemental mortgage servicer license must be made to the Commissioner
						through the Registry and must include:
(a) All
						content and information required to be included in the application by the
						Commissioner.
(b) The fee required
						pursuant to section 33 of this regulation.
(c) A financial statement which is compliant
						with the requirements of section 25 of this regulation and which demonstrates
						that the applicant meets the minimum net worth set forth in section 26 of this
						regulation.
(d) Evidence of a
						surety bond that meets the requirements of section 27 of this
						regulation.
(e) A list of the
						locations of the principal office and each branch office, if any, and the name,
						telephone number and electronic mail address for a contact person for each such
						office.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Licensing and Operation › Section 645F.953 - Application for license

Current through June 11, 2024
An application for a license as a mortgage
						servicer must be made to the Commissioner through the Registry and must
						include:
1. The fee required pursuant
						to section 33 of this regulation.
2.
						All content and information required to be included in the application by the
						Commissioner.
3. Written consent
						authorizing the Commissioner to conduct a background investigation of the
						applicant and, if applicable, each control person of the applicant, including,
						without limitation, authorization to obtain:
(a) An independent credit report from a
						consumer reporting agency described in section 603(f) of the Fair Credit
						Reporting Act,
						15 U.S.C. §
											1681 a(f);
(b) A criminal history report from the
						Federal Bureau of Investigation or any criminal history repository of any
						state, national or international governmental agency or entity; and
(c) Information related to any
						administrative, civil or criminal proceedings in any jurisdiction in which the
						applicant, or a control person of the applicant, is or has been a
						party.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Licensing and Operation › Section 645F.954 - Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner; suspension of license for failure to pay or comply with certain subpoenas or warrants; reinstatement of license. [Effective until the date of the repeal of 42 U.S.C.Section 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings

Current through June 11, 2024
1. In addition to any other requirements set
						forth in chapter 645F of NRS and the Nevada Mortgage Servicer Regulations
(a) A natural person who applies for the
						issuance or renewal of a license as a mortgage servicer or, if the applicant is
						not a natural person, each control person of the applicant, shall include the
						social security number of the applicant or control person, as applicable, in
						the application submitted to the Commissioner.
(b) A natural person who applies for the
						issuance or renewal of a license as a mortgage servicer or, if the applicant is
						not a natural person, each control person of the applicant, shall submit to the
						Commissioner the statement prescribed by the Division of Welfare and Supportive
						Services of the Department of Health and Human Services pursuant to NRS
						NRS
						425.520.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Licensing and Operation › Section 645F.955 - Qualifications for license

Current through June 11, 2024
The Commissioner may issue a license to an applicant for a
				  license as a mortgage servicer if, after investigation, the Commissioner finds
				  that the applicant and, if applicable, any control persons of the
				  applicant:
1. Meet the requirements of
				chapter 645F of NRS and the Nevada Mortgage Servicer Regulations.
2. Have demonstrated experience, financial
				responsibility, character and general fitness so as to command the confidence
				of the community and warrant a determination that the applicant and, if
				applicable, any control person of the applicant will operate honestly, fairly
				and efficiently for the purposes of chapter 645F of NRS and the Nevada Mortgage
				Servicer Regulations.
3. Have never
				had a license or registration as a mortgage agent, mortgage broker, mortgage
				banker, mortgage company, mortgage loan originator or mortgage servicer revoked
				in this State or any other jurisdiction or had any financial services license
				or registration, as defined in NRS 645B.0119, revoked within the immediately
				preceding 10 years. For purposes of this subsection, a license or registration
				shall not be considered revoked if the revocation was subsequently
				vacated.
4. Have not been convicted
				of, or entered or agreed to enter a plea of guilty or nolo contendere to, a
				felony in a domestic, foreign or military court within the past 7 years
				immediately preceding the date of the application, or at any time if such
				felony involved an act of fraud, dishonesty or a breach of trust, moral
				turpitude or money laundering. For the purposes of this subsection, a person
				shall not be considered to have been convicted, or entered or agreed to enter a
				plea of guilty or nolo contendere if the conviction or plea has been pardoned
				or vacated.
5. Have designated a
				qualified employee for each principal and branch office, if any, pursuant to
				NAC 645F.957  and each qualified employee has been approved by the
				Commissioner.
6. Have deposited the
				surety bond required pursuant to NAC 645F.970.
7. Have provided the financial statements
				required pursuant to NAC 645F.973  and 645F.974.
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
				  R119-19A,
				  eff. 11/9/2023
NRS 645F.255,
					 645F.520
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Licensing and Operation › Section 645F.956 - Principal office, branch offices and assumed names

Current through June 11, 2024
1. An applicant for a license shall obtain a
						license for its principal office.
2. An applicant for a license that will
						engage in the activities of a mortgage servicer related to any dwelling located
						in this State:
(a) From one or more branch
						offices must include in all its applications a list of the location of any
						branch office and the name, telephone number and electronic mail address for a
						contact person for each branch office.
(b) Under one or more assumed names must
						apply for and obtain a separate license for each assumed
						name.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Licensing and Operation › Section 645F.957 - Qualified employee: Designation and approval

Current through June 11, 2024
1. A
				licensee must designate a natural person to serve as a qualified employee for
				each principal or branch office, if any, licensed pursuant to chapter 645F of
				NRS and the Nevada Mortgage Servicer Regulations. A natural person may not be
				designated to serve as a qualified employee unless such person:
(a) Has at least 2 years of verifiable
				experience in the business of servicing mortgage loans within the immediately
				preceding 5 years.
(b) Is
				designated by the licensee to act on behalf of the licensee and to supervise
				and control the conduct of the business of the licensee at only one
				location.
(c) Will be employed and
				present at the location.
(d) Has
				submitted to and successfully passed a background investigation pursuant to NAC
				645F.955  or is a mortgage loan originator licensed pursuant to chapter 645B of
				NRS.
(e) Has been approved by the
				Commissioner to act as the qualified employee for the licensee at the
				location.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Licensing and Operation › Section 645F.958 - Transfer or assignment of license; change in ownership or control

Current through June 11, 2024
1. A license issued pursuant to chapter 645F
						of NRS and the Nevada Mortgage Servicer Regulations may not be transferred or
						assigned without the prior written consent and approval of the
						Commissioner.
2. A transfer, sale
						or conveyance of outstanding voting stock or ownership interest that will
						result in the cumulative transfer of 25 percent or more of a licensee's
						outstanding voting stock or ownership interest from the date upon which the
						original license was issued is deemed to be a change of control. A licensee
						shall make prior written application to the Commissioner for the approval of a
						change of control. The application must include:
(a) The transfer fee required by section 33
						of this regulation.
(b) The name
						and percentage of ownership of each person who has obtained or is obtaining
						ownership resulting in a cumulative transfer of 25 percent or more of the
						licensee's outstanding voting stock or ownership interest.
(c) A personal interrogatory and a complete
						set of fingerprints of each person or, if the applicant is not a natural
						person, each control person of the applicant, in a form prescribed by the
						Commissioner, and written consent authorizing the Commissioner to conduct an
						investigation of the person's background in the same manner as provided for in
						section 20 of this regulation.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Licensing and Operation › Section 645F.959 - Mortgage servicer must conduct business in accordance with license; application to amend name or address of principal office or to add or remove branch office

Current through June 11, 2024
1. A mortgage
						servicer shall not conduct the business of a mortgage servicer in any name
						other than what appears on its license or from any address that has not been
						filed with the Commissioner.
2. To
						amend its name or the address of its principal office, or to add or remove a
						branch office, a mortgage servicer must make written application to the
						Commissioner.
3. An application
						submitted pursuant to subsection 2 must:
(a)
						Be submitted to the Commissioner not less than 30 days before the anticipated
						effective date of the proposed name change or not more than 10 days after any
						change of address or opening or closing of a principal or branch
						office.
(b) Be in a form prescribed
						by the Commissioner.
(c) Include the
						fee required by section 33 of this regulation.
(d) Include any other information required by
						the Commissioner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Licensing and Operation › Section 645F.960 - Expiration of license; application for renewal

Current through June 11, 2024
1.
						Each license issued pursuant to chapter 645F of NRS and the Nevada Mortgage
						Servicer Regulations expires on December 31 of the year in which it is issued
						unless it is renewed pursuant to this section.
2. To renew a license, a licensee must submit
						to the Commissioner an application for renewal not earlier than November 1 and
						not later than December 31 of the year in which the license will
						expire.
3. An application for
						renewal must:
(a) Be in a form prescribed by
						the Commissioner;
(b) Include the
						annual renewal fee required by section 33 of this regulation;
(c) Provide satisfactory proof that the
						applicant is in compliance with the applicable requirements of chapter 645F of
						NRS and the Nevada Mortgage Servicer Regulations; and
(d) Include any other information required by
						the Commissioner.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Licensing and Operation › Section 645F.961 - Fees

Current through June 11, 2024
1. The following fees will be assessed and
						collected pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer
						Regulations:
(a) To file an initial
						application for a license as a mortgage servicer, not more than $2,500 for the
						principal office.
(b) To file an
						initial application for a supplemental mortgage servicer license, not more than
						$1,000 for the principal office.
(c) To obtain a duplicate copy of a license
						or to amend the name of the business or the address of the principal office,
						not more than $50.
(d) To transfer
						the ownership or change control of a license, not more than $500, and any
						expenses or costs incurred to conduct the investigation.
(e) To renew a license, not more than $1,000
						for the principal office.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Supervision by Commissioner › Section 645F.966 - 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 the Nevada Mortgage Servicer Regulations or by specific
						statute, all papers, documents, reports and other written instruments filed
						with the Commissioner pursuant to chapter 645F of NRS and the Nevada Mortgage
						Servicer Regulations are public records and open to public inspection.
						Notwithstanding the foregoing, 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 mortgage
						servicer;
(b) Have an undesirable
						effect on the welfare of the public or result in an unfair competitive
						advantage in the mortgage industry; or
(c) Reveal personal information in violation
						of
						NRS
						239B.030.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Standards of Practice › Section 645F.970 - Surety bonds: Duty of mortgage servicer to deposit bond with Commissioner; form and amount of bond

Current through June 11, 2024
1. Each mortgage
						servicer shall deposit with the Commissioner and maintain in full force and
						effect a corporate surety bond payable to the State of Nevada, in the amount
						set forth in subsection 3, which is executed by a corporate surety satisfactory
						to the Commissioner and which names as principals the mortgage servicer and the
						employees or agents of the mortgage servicer.
2. The bond must be in a form prescribed by
						the Commissioner.
3. Each mortgage
						servicer shall deposit a corporate surety bond that complies with the provision
						of this section as follows:
(a) For an annual
						mortgage loan servicing volume of less than $50,000,000, the mortgage servicer
						must maintain a corporate surety bond of not less than $100,000.
(b) For an annual mortgage loan servicing
						volume of $50,000,000 but less than $500,000,000, the mortgage servicer must
						maintain a corporate surety bond of not less than $200,000.
(c) For an annual mortgage loan servicing
						volume of $500,000,000 or more, the mortgage servicer must maintain a corporate
						surety bond of not less than $300,000.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Standards of Practice › Section 645F.971 - Surety bonds: Cancellation of bond

Current through June 11, 2024
1. The surety may
						cancel a bond upon giving 60 days' notice, by certified mail, to the
						Commissioner and to the mortgage servicer who is the principal on the bond.
						Upon receipt by the Commissioner of such a notice, the Commissioner will
						immediately notify the mortgage servicer who is the principal on the bond of
						the effective date of cancellation of the bond, and that the license will be
						summarily suspended on that date and thereafter revoked unless an equivalent
						bond is furnished before the effective date of the cancellation. The notice
						must be sent to the mortgage servicer by certified mail to the last address of
						record filed in the office of the Division.
2. If the mortgage servicer does not comply
						with the requirements set out in the notice from the Commissioner, the license
						of the mortgage servicer must be revoked in accordance with the Nevada Mortgage
						Servicer Regulations and the requirements of chapter 233B of NRS. During the
						pendency of the revocation proceedings, the license must be summarily suspended
						in accordance with chapter 233B of NRS.
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.972 - Surety bonds: Action on bond

Current through June 11, 2024
1. Subject to the
						requirements of this section, any person claiming against a surety bond may
						bring an action in a court of competent jurisdiction on the bond for damages to
						the extent covered by the bond.
2. A
						claim filed pursuant to subsection 1 may only be filed against a mortgage
						servicer by the loan servicing customers of the mortgage servicer or the
						Commissioner.
3. Claims against a
						bond by a loan servicing customer may only involve mortgage loans secured by a
						mortgage loan in this State. The amount of the claim must not exceed the actual
						fees paid by the loan servicing customer, overcharges or misapplication of
						principal and interest, and excess escrow collections charged by the mortgage
						servicer and paid by the claimant to the mortgage servicer or the agent of the
						mortgage servicer.
4. A claim on a
						bond may not be commenced after the expiration of 3 years following the
						commission of the act upon which the claim is based.
5. The Commissioner may file a claim against
						a bond for the payment of fines or fees due and payable to the Commissioner. A
						claim filed by the Commissioner is subordinate to any claim filed by a loan
						servicing customer of the mortgage servicer.
6. As used in this section, "loan servicing
						customer" has the same meaning ascribed to "borrower" in section 6 of this
						regulation.
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.973 - Annual financial statement

Current through June 11, 2024
1. Each applicant
						and licensee shall submit to the Commissioner an independently audited
						financial statement:
(a) At the time of
						application; and
(b) Not later than
						90 days after the end of each fiscal year of the mortgage servicer.
Nevada Administrative Code › Chapter 645F - Mortgage Lending and Related Professions › NEVADA MORTGAGE SERVICER REGULATIONS › Standards of Practice › Section 645F.974 - Minimum net worth

Current through June 11, 2024
1. An applicant
						must demonstrate a minimum net worth of $100,000.
2. Each mortgage servicer shall continuously
						maintain a minimum net worth of $100,000.
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.975 - Supervision of employees and agents

Current through June 11, 2024
1. A mortgage
						servicer shall exercise reasonable supervision and control over the activities,
						and be responsible for the actions or inactions, of his or her employees or
						agents.
2. The Commissioner may
						prescribe standards for determining whether a mortgage servicer has exercised
						reasonable supervision and control over the activities of his or her employees
						or agents pursuant to this section.
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.976 - Fiduciary obligation

Current through June 11, 2024
1. A mortgage
						servicer has a duty of good faith and fair dealing in its communications,
						transactions and course of dealings with each borrower in connection with the
						servicing of the borrower's mortgage loan.
2. In addition to any duties imposed by other
						statutes or at common law, a mortgage servicer shall:
(a) Safeguard and account for any money
						handled for the borrower or lender.
(b) Follow reasonable and lawful instructions
						from the borrower or lender.
(c)
						Act with reasonable skill, care and diligence.
(d) File with the Commissioner a complete and
						current schedule of the ranges of costs and fees the mortgage servicer charges
						a borrower for its servicing-related activities with its application and
						renewal and with any of its supplemental filings.
(e) At the time a mortgage servicer accepts
						assignment of servicing rights for a mortgage loan, the mortgage servicer shall
						disclose to the borrower:
(1) Any notice
						required by federal law or regulation.
(2) A schedule of the ranges and categories
						of its costs and fees for its servicing-related activities, which must comply
						with state and federal law and which must not exceed those reported to the
						Commissioner pursuant to paragraph
						(d).