reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › EDUCATIONAL REQUIREMENTS FOR LICENSURE › Section 645A.155 - Certificates of completion of approved courses: Prerequisites to receipt; review of denial

Current through June 11, 2024
1. To receive a
			 certificate of completion for an approved course, a student must:
(a) Direct his or her attention to the
			 instruction being provided and refrain from engaging in activities unrelated to
			 the instruction;
(b) Refrain from
			 engaging in activities which are distracting to other students or the
			 instructor, or which otherwise disrupt the orderly conduct of a class,
			 including, without limitation, the use of text messages, voice pagers, beepers,
			 smartphones and cellular phones; and
(c) Not be absent from the classroom for more
			 than 18 minutes per every 3 hours of instruction, not including break
			 periods.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › EDUCATIONAL REQUIREMENTS FOR LICENSURE › Section 645A.160 - Credit for approved course of continuing education: Prerequisites to receipt

Current through June 11, 2024
1. To receive
			 credit for an approved course of continuing education, an escrow agent shall
			 complete the course not more than 12 months immediately preceding the date on
			 which the license of the escrow agent expires.
2. An escrow agent must complete at least 90
			 percent of an approved course to receive credit for continuing education for
			 that course.
Added to NAC by Comm'r
				of Mortgage Lending by R143-08, eff. 4-20-2010
NRS
				  645A.039,
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › STANDARDS OF PRACTICE › Section 645A.210 - Surety bond: Requirements for deductible

Current through June 11, 2024
A surety bond required by
				NRS
				645A.041 may contain a deductible if the
				escrow agency deposits with the Commissioner a surety bond or substitute form
				of security satisfactory to the Commissioner in the amount of the
				deductible.
Added to NAC by Comm'r
				of Mortgage Lending by R143-08, eff. 4-20-2010
NRS
				  645A.041,
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › STANDARDS OF PRACTICE › Section 645A.215 - Qualified employee: Designation and approval

Current through June 11, 2024
1. An
			 escrow agency shall designate a natural person to serve as the qualified
			 employee for each office designated in a license issued to the escrow agency
			 pursuant to chapter 645A of NRS.
2.
			 A person may not be designated to serve as the qualified employee of an escrow
			 agency unless the person:
(a) Is licensed in
			 good standing as an escrow agent pursuant to chapter 645A of NRS;
(b) Has at least 2 years of verifiable
			 experience in the business of administering escrows within the 5 years
			 immediately preceding the designation;
(c) Is designated by the escrow agency to act
			 on behalf of the escrow agency and to supervise and control the conduct of the
			 business of the escrow agency and its escrow agents at the place of
			 business;
(d) Is designated to
			 serve as the qualified employee at only one place of business and will be
			 present at that place of business for a majority of the hours that the office
			 is open to the public; and
(e) Is
			 approved by the Commissioner.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › STANDARDS OF PRACTICE › Section 645A.220 - General and miscellaneous standards of practice; noncompliance with certain provisions

Current through June 11, 2024
1. Each escrow
			 agent and agency shall conduct the business of the escrow agency openly, fairly
			 and honestly, and shall at all times conform to the accepted business ethics
			 and practices of the escrow agency business.
2. Each escrow agent and agency shall act
			 without partiality to any of the parties to an escrow transaction.
3.
If an escrow agency maintains a trust account, the trust
				account must at all times contain sufficient money to pay all money due or
				owing to all clients. An escrow agency shall not make a disbursement from the
				account unless authorized to make a disbursement by:
(a) Escrow instructions; or
(b)
An agreement between the parties to the transaction that the
				escrow agency may periodically withdraw money from the account to pay for
				services performed for the client.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › STANDARDS OF PRACTICE › Section 645A.230 - Disclosure of certain relationships and affiliations

Current through June 11, 2024
1. If
			 an escrow agency, escrow agent, relative of an escrow agent or a company
			 related to or affiliated with the escrow agency or the escrow agent is a
			 principal to an escrow transaction or is acting or has acted as a contractor,
			 mortgage company, mortgage loan originator, loan modification consultant,
			 foreclosure consultant, covered service provider, real estate broker or real
			 estate salesperson in relation to an escrow transaction, the escrow agency or
			 escrow agent must, before being employed as the escrow agency or escrow agent
			 in connection with the transaction, disclose in writing to all parties to the
			 escrow transaction that relationship or affiliation. The disclosure must be
			 printed in at least 12-point bold type on a form prescribed by the
			 Division.
2. For purposes of this
			 section, "relative" means a spouse or any other person who is related by blood,
			 adoption or marriage, within the second degree of consanguinity or
			 affinity.
Added to NAC by Comm'r
				of Mortgage Lending by R143-08, eff. 4-20-2010;	A by
				R119-19A,
				eff. 11/9/2023
NRS 645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › STANDARDS OF PRACTICE › Section 645A.240 - Disposition of money deposited in escrow

Current through June 11, 2024
Except as otherwise provided in any written escrow instructions
				or an escrow agreement, each escrow agent or agency shall:
1. Hold all money deposited in escrow with
			 the agent or agency in trust for the person on whose behalf the deposit is
			 made; and
2. Upon the request of
			 the person on whose behalf the deposit was made, return all money deposited in
			 escrow with the agent or agency.
Added to NAC by Comm'r
				of Mortgage Lending by R086-04, eff. 8-25-2004-Substituted in revision for NAC
				645A.020
NRS
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › STANDARDS OF PRACTICE › Section 645A.250 - Deposit of money held in trust; maintenance and availability of certain records

Current through June 11, 2024
1. Each escrow
			 agency shall:
(a) Deposit all money held in
			 trust by the escrow agency into a trust account in a financial institution
			 pursuant to
			 NRS
			 645A.160;
(b) Deposit all money held in trust by the
			 escrow agency into the trust account on or before the close of the next
			 business day after receipt of that money unless otherwise instructed in written
			 instructions between the parties;
(c) Inform the financial institution of the
			 purpose of the trust account; and
(d) Verify with the financial institution
			 that the money deposited in the trust account is insured to the maximum amount
			 permitted by federal law for accounts held as trust accounts.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › STANDARDS OF PRACTICE › Section 645A.260 - Maintenance and provision of certain records in electronic format

Current through June 11, 2024
The records required by NAC 645A.250 may be maintained by an
				escrow agency pursuant to NAC 645A.250 and provided to the Commissioner or an
				authorized representative of the Commissioner in an electronic format
				if:
1. The records are maintained and
			 provided in a software format acceptable to the Commissioner that allows the
			 Commissioner or an authorized representative complete access to all
			 records;
2. The escrow agency
			 ensures that the Commissioner or an authorized representative has the ability
			 to download and print any or all of the records maintained in an electronic
			 format;
3. The escrow agency
			 provides in printed form any or all of the records maintained in an electronic
			 format:
(a) If the electronic records are not
			 maintained in a format that enables the Commissioner or an authorized
			 representative to determine if the escrow agency is complying with the
			 provisions of chapter 645A of NRS or the regulations adopted pursuant thereto;
			 or
(b) Upon the request of the
			 Commissioner or an authorized representative; and
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › STANDARDS OF PRACTICE › Section 645A.270 - Transfer of funds between escrow accounts

Current through June 11, 2024
1. A transfer
			 of funds between escrow accounts may not be accomplished by the making of book
			 entries alone but must be accomplished by:
(a)
			 The wire transfer or writing of a check from one escrow account to the other;
			 and
(b) The deposit of a check or
			 wire transfer or other form of authorized transfer that is acceptable to the
			 depository institution for the account of, and the writing or electronic
			 generation of a receipt for, the escrow account to which the funds are being
			 transferred.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › STANDARDS OF PRACTICE › Section 645A.280 - Semiannual activity report: Requirement; contents; review and certification by control person

Current through June 11, 2024
1. Each escrow
			 agency shall file with the Commissioner a semiannual activity report on a date
			 and in a form prescribed by the Commissioner.
2. The semiannual activity report must
			 include:
(a) Information concerning the
			 operations of the escrow agency, including the number of escrow transactions
			 conducted by the escrow agency and the total dollar volume of those
			 transactions;
(b) Information
			 concerning the administration of trust accounts;
(c) A one-page summary report of the
			 completed three-way reconciliation from the last month of the report period;
			 and
(d) Other documents in support
			 of the activity report as required by the Commissioner.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › STANDARDS OF PRACTICE › Section 645A.290 - Closure of principal or branch office

Current through June 11, 2024
1. An escrow
			 agency may not close its principal office or a branch office until:
(a) The escrow agency has submitted to the
			 Commissioner, in a format prescribed by the Commissioner, a request for
			 approval of the closure of the office pursuant to subsection 2; and
(b) The Commissioner has approved the
			 closure.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › SUPERVISION BY COMMISSIONER › Section 645A.300 - Fee for supervision and related activities: Amount; collection; failure to pay; accounting of time billed

Current through June 11, 2024
1. The Commissioner
			 will charge and collect a fee of $60 per hour from each escrow agency for any
			 supervision, examination, audit, investigation or hearing conducted pursuant to
			 chapter 645A of NRS.
2. The
			 Commissioner will bill each escrow agency upon the completion of the activity
			 for the fee established in subsection 1. The fee must be paid within 30 days
			 after the date the bill is received. 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 month, or
			 portion of a month, that the fee is not paid. The Commissioner may waive the
			 penalty for good cause.
3. The
			 failure of an escrow agency to pay the fee required in subsection 1 as provided
			 in this section constitutes grounds for revocation of its license.
4. Upon written request by an escrow agency,
			 the Division must provide an accounting of the time billed to the escrow agency
			 pursuant to this section.
Added to NAC by Comm'r
				of Financial Institutions, eff. 5-27-92; A by Comm'r of Mortgage Lending by
				R086-04, 8-25-2004-Substituted in revision for NAC
				645A.010
NRS
				  645A.050,
				  645A.065
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › SUPERVISION BY COMMISSIONER › Section 645A.305 - Annual examination of escrow agencies: Rating of escrow agency upon completion of examination

Current through June 11, 2024
Upon completion of an examination of an escrow agency pursuant
				to paragraph (b) of subsection 2 of
				NRS
				645A.050, the examiner shall, in a report of
				findings, rate the escrow agency on a scale of "1" to "5," as follows:
1. A rating of "1" indicates that the escrow
			 agency and the management of the escrow agency 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:
(a) The escrow agency acted to correct the
			 violation or deficiency immediately; and
(b) The remedial action taken by the escrow
			 agency is likely to prevent future violations or deficiencies.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › SUPERVISION BY COMMISSIONER › Section 645A.310 - Annual financial statement

Current through June 11, 2024
1. Except as
			 otherwise provided in this section, an escrow agency shall submit to the
			 Commissioner, not later than 120 days after the last day of each fiscal year of
			 the escrow agency, a financial statement that:
(a) Is dated not earlier than the last day of
			 the fiscal year of the escrow agency; and
(b) Has been prepared based on the books and
			 records of the escrow agency by an independent public accountant who has a
			 valid permit to engage in the practice of public accounting in this
			 State.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › SUPERVISION BY COMMISSIONER › Section 645A.315 - Notification of Commissioner of certain claims, complaints and judgments

Current through June 11, 2024
An escrow agency shall notify the Commissioner in writing
				immediately after:
1. The filing of a
			 claim upon the surety bond required by
			 NRS
			 645A.041.
2. The entry of a money judgment in a civil
			 action against the escrow agency or any of its escrow agents.
3. The filing of a criminal complaint against
			 the escrow agency, an escrow agent, or any officer, director or employee of the
			 escrow agency.
4. The entry of a
			 judgment in a criminal action against the escrow agency, an escrow agent, or
			 any officer, director or employee of the escrow agency.
Added to NAC by Comm'r
				of Mortgage Lending by R143-08, eff. 4-20-2010
NRS
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.350 - Orders to cease and desist from certain activities

Current through June 11, 2024
1. If a person engages in an activity in
			 violation of the provisions of this chapter or chapter 645A of NRS or an order
			 of the Commissioner, the Commissioner may issue an order to the person
			 directing the person to cease and desist from engaging in the
			 activity.
2. The order to cease and
			 desist must be in writing and must state that, in the opinion of the
			 Commissioner, the person has engaged in an activity:
(a) For which the person has not received a
			 license as required by this chapter or chapter 645A of NRS; or
(b) In a manner that violates the provisions
			 of this chapter or chapter 645A of NRS or an order of the
			 Commissioner.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.355 - Denial of application for license: Issuance; hearing

Current through June 11, 2024
1. The Commissioner may issue the denial of
			 any application for a license.
2.
			 Upon receipt of a denial of an application, the applicant must request a
			 hearing within 20 days after receipt of the notice, or the Commissioner will
			 issue a final order denying licensure.
3. Upon receipt of a request for a hearing
			 pursuant to subsection 2, the Commissioner may designate a person to serve as a
			 hearing officer and a hearing must be set as promptly as possible.
4. Each party to any hearing held pursuant to
			 this section shall, not later than 10 days before the hearing, provide to the
			 opposing party and to the hearing officer all documents anticipated to be used
			 at the hearing. No other discovery is allowed.
Added to NAC by Comm'r
				of Mortgage Lending by R143-08, eff. 4-20-2010
NRS
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.360 - Imposition of disciplinary action; hearing on taking possession of property of escrow agency

Current through June 11, 2024
1. If an escrow
			 agency or escrow agent violates any provision of
			 NRS
			 645A.090 and the escrow agency or escrow
			 agent fails, without reasonable cause, to remedy the violation within 20
			 business days after being ordered by the Commissioner to do so or within such
			 later time as prescribed by the Commissioner, or if the Commissioner orders an
			 escrow agency or escrow agent to provide information, make a report or permit
			 an examination of the books or affairs of the escrow agency or escrow agent
			 pursuant to this chapter or chapter 645A of NRS and the escrow agency or escrow
			 agent fails, without reasonable cause, to comply with the order within 20
			 business days or within such later time as prescribed by the Commissioner, the
			 Commissioner may:
(a) Suspend or revoke the
			 license of the escrow agency or escrow agent; and
(b) Conduct a hearing to determine whether
			 the escrow agency is conducting business in an unsafe and injurious manner that
			 may result in danger to the public and whether it is necessary for the
			 Commissioner to take possession of the property of the escrow agency pursuant
			 to
			 NRS
			 645A.140.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.365 - Notice of and hearing on certain orders of Commissioner; entry of final order; appeal of final order taking disciplinary action

Current through June 11, 2024
1. If
			 the Commissioner enters an order taking any disciplinary action against a
			 person, denying a person's application for a license, denying a provider the
			 right to teach approved courses, denying the approval of a provider's course or
			 denying the right of an instructor of a provider to teach an approved course or
			 approved courses, the Commissioner will cause a written notice of the order to
			 be served personally or sent by certified mail or telegram to the
			 person.
2. Unless a hearing has
			 already been conducted concerning the matter, the person, upon application, is
			 entitled to a hearing. If the person does not make such an application within
			 20 days after the date of the initial order, the Commissioner will enter a
			 final order concerning the matter.
3. A person may appeal a final order of the
			 Commissioner taking any disciplinary action against the person in accordance
			 with the provisions of chapter 233B of NRS that apply to a contested
			 case.
Added to NAC by Comm'r
				of Mortgage Lending by R143-08, eff. 4-20-2010
NRS
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.370 - Hearings: Coordination and notice of time and location

Current through June 11, 2024
The hearing officer shall:
1. Attempt to coordinate the time and
			 location of the hearing with the parties before setting the matter;
			 and
2. Advise the Commissioner in
			 writing of the time and location of the hearing in such a manner as to allow
			 the Commissioner to comply with the notice requirements of
			 NRS
			 233B.121.
Added to NAC by Comm'r
				of Mortgage Lending by R143-08, eff. 4-20-2010
NRS
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.375 - Hearings: Continuances

Current through June 11, 2024
1. The time of a
			 hearing may be continued by the hearing officer upon the written petition of a
			 party only for good cause shown.
2.
			 The party requesting a continuance shall serve the written petition upon the
			 opposing party at the time that the request is made, and the opposing party may
			 file an objection to the request for a continuance within 3 days after receipt
			 of the written petition.
Added to NAC by Comm'r
				of Mortgage Lending by R143-08, eff. 4-20-2010
NRS
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.380 - Hearings: Representation of respondent

Current through June 11, 2024
A respondent may represent himself or herself at the hearing or
				be represented by an attorney.
Added to NAC by Comm'r
				of Mortgage Lending by R143-08, eff. 4-20-2010
NRS
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.385 - 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 this chapter or chapter 645A
			 of NRS, each party shall 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 shall 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.
Added to NAC by Comm'r
				of Mortgage Lending by R143-08, eff. 4-20-2010
NRS
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.390 - 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 R143-08, eff. 4-20-2010
NRS
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.395 - 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 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.400 - Hearings: Burden and standard of proof

Current through June 11, 2024
The Division has the burden of proof in any hearing pursuant to
				this chapter or chapter 645A of NRS. The standard of proof in such a hearing is
				a preponderance of the evidence.
Added to NAC by Comm'r
				of Mortgage Lending by R143-08, eff. 4-20-2010; A by
				R070-16A,
				eff. 1/27/2017
NRS
				645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.405 - 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 R143-08, eff. 4-20-2010
NRS
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.410 - 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
				233B.125 within 30 days after the close of
				the hearing.
Added to NAC by Comm'r
				of Mortgage Lending by R143-08, eff. 4-20-2010
NRS
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.415 - 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 R143-08, eff. 4-20-2010
NRS
				  645A.050
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.420 - Informal disposition of contested cases; consent and settlement agreements

Current through June 11, 2024
1. The provisions
			 of this chapter or chapter 645A 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
			 233B.121 or to enter into a consent or
			 settlement agreement pursuant to
			 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 645A - Escrow Agencies and Agents › ENFORCEMENT › Section 645A.425 - 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 this
			 chapter or chapter 645A 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 645A - Escrow Agencies and Agents › MISCELLANEOUS PROVISIONS › Section 645A.800 - Confidentiality of records, reports and other information relating to certain investigations and examinations

Current through June 11, 2024
1. Any record or
			 report prepared or received by the Division concerning the credit history,
			 criminal history or background of a control person or an escrow agent related
			 to an investigation conducted pursuant to NRS 645A.020 is confidential and must
			 not be disclosed to the public except pursuant to a court order or a
			 disciplinary hearing conducted pursuant to this chapter or chapter 645A of
			 NRS.
2. Any information obtained
			 during the course of an examination or investigation conducted pursuant to this
			 chapter or chapter 645A of NRS is confidential and must not be available for
			 public inspection or copying, or divulged to any person, except:
(a) To the Attorney General.
(b) To a regulatory agency.
(c) To a person authorized to receive the
			 information by a court of competent jurisdiction.
(d) To a law enforcement official.
(e) In connection with an enforcement action
			 brought pursuant to this chapter, chapter 645A of NRS or other law or
			 regulation.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › Section 645A.Sec. 3 - NEW

Current through June 11, 2024
1.
		  Not later than 21 business days after receiving an application for a license by
		  endorsement as an escrow agent or escrow agency pursuant to section 2, the
		  Commissioner will provide written notice to the applicant of any additional
		  information required by the Commissioner to consider the application. Unless
		  the Commissioner denies the application pursuant to subsection 2, the
		  Commissioner will approve the application and issue a license by endorsement as
		  an escrow agent or escrow agency, as applicable, to the applicant not later
		  than:
(a) Sixty days after receiving the
		  application;
(b) Fifteen days after
		  the Commissioner receives the report from the Federal Bureau of Investigation
		  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, as required by paragraph (c) of subsection 1 of
		  section 2 of this regulation; or
(c) If the application is for licensure as an
		  escrow agency, 15 days after depositing with the Commissioner the corporate
		  surety bond required by
		  NRS
		  645A.041 or a substitute form of security
		  pursuant to
		  NRS
		  645A.042, whichever occurs latest.
Nevada Administrative Code › Chapter 645A - Escrow Agencies and Agents › Section 645A.Sec. 4 - NEW

Current through June 11, 2024
1.
		  Except as otherwise provided in section 2, a person who has been issued a
		  license by endorsement as an escrow agent or escrow agency pursuant to section
		  3 is subject to the same duties, restrictions, penalties, liabilities,
		  conditions and limitations that would apply under the laws of this State to a
		  person issued a license as an escrow agent or escrow agency, as applicable, who
		  did not obtain his or her license by endorsement pursuant to section
		  3.
2. A license by endorsement
		  issued pursuant to section 3 expires and is subject to renewal as provided by
		  NRS
		  645A.040 on the same terms as a license which
		  was not issued by endorsement.
Added to NAC by Comm'r
		  of Mortgage Lending by
		  R177-18A,
		  eff. 6/12/2019
NRS
		  622.530 and
		  645A.050
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.001 - Definitions

Current through June 11, 2024
As used in this chapter, unless the context otherwise requires,
				the words and terms defined in
				NRS
				645B.0104 to
				645B.0135,
				inclusive, and NAC 645B.002 to 645B.0084, inclusive, have the meanings ascribed
				to them in those sections.
Added to NAC by Comm'r
				of Financial Institutions by R045-00, eff. 9-5-2000; A by Comm'r of Mortgage
				Lending by R087-04, 8-31-2004; R093-09, 10-27-2009; R035-10,
				7-22-2010
NRS
				  645B.0137,
				  645B.0138,
				  645B.060,
				  645F.292,
				  645F.293
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.002 - "Affiliated business" defined

Current through June 11, 2024
1. "Affiliated
			 business" means a business which a mortgage company or any control person or
			 employee of the mortgage company:
(a) Directly
			 or indirectly owns or controls a controlling interest of the
			 business;
(b) Is a partner,
			 officer, director or trustee of the business; or
(c) Conducts the operation of the
			 business.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.0025 - "Approved course" defined

Current through June 11, 2024
1. "Approved
			 course" means, for a mortgage company or mortgage loan originator who:
(a) Is required to register or voluntarily
			 registers with the Registry, a course of education that has been reviewed and
			 approved by the Registry.
(b)
			 Pursuant to NRS 645F.267, is not required to register or renew with the
			 Registry and who has not voluntarily registered or renewed with the Registry,
			 any certified course of continuing education which is reviewed, approved or
			 offered by or through a federal or state governmental agency, a self-regulatory
			 organization or a professional organization for prelicensing or continuing
			 education.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.0026 - "Commercial property" defined

Current through June 11, 2024
"Commercial property" has the meaning ascribed to it in NRS 645B.01047.
Added to NAC
				by Commr of Mortgage Lending by
				R125-16A,
				eff. 1/27/2017;	A
				by
				R119-19A,
				eff. 11/9/2023
NRS 645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.0027 - "Control person" defined

Current through June 11, 2024
"Control person" means an executive officer, officer, general
				partner, partner, managing member, member, director, trustee or shareholder of
				a licensee or applicant. The term includes, without limitation, a chief
				executive officer, president, vice president, chief financial officer, chief
				operating officer, chief legal officer, controller or compliance officer or a
				natural person who holds any similar position.
Added to NAC
				by Commr of Mortgage Lending by
				R125-16A,
				eff. 1/27/2017
NRS
				645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.003 - "Loan processor or underwriter" defined (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r
				of Mortgage Lending by R035-10, eff. 7-22-2010; R by
				R125-16A,
				eff. 1/27/2017
NRS
				645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.004 - "Major violation" defined

Current through June 11, 2024
"Major violation" means a violation of the provisions of this
				chapter or chapter 645B of NRS:
1.
			 Which causes substantial loss or harm to any person or which, in the opinion of
			 the Commissioner, could have caused substantial loss or harm to any
			 person;
2. For which the
			 Commissioner has taken disciplinary action repeatedly, except a violation for
			 the late filing of required reports, financial statements or fees that the
			 Commissioner considers to be a minor violation; or
3. Which, in the opinion of the Commissioner,
			 was the result of willful misconduct or indifference to the obligations of the
			 mortgage company pursuant to this chapter or chapter 645B of NRS.
Added to NAC by Comm'r
				of Financial Institutions by R045-00, eff.
				9-5-2000;	A
				by
				R119-19A,
				eff. 11/9/2023
NRS 645B.060,
				  645B.700
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.006 - "Minor violation" defined

Current through June 11, 2024
"Minor violation" means any violation that is not a major
				violation.
Added to NAC by Comm'r
				of Financial Institutions by R045-00, eff.
				9-5-2000
NRS
				  645B.060,
				  645B.700
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.0065 - "Nontraditional mortgage product" defined

Current through June 11, 2024
"Nontraditional mortgage product'' means any mortgage product
				other than a 30-year fixed rate mortgage.
Added to NAC by Comm'r
				of Mortgage Lending by R035-10, eff. 7-22-2010
NRS
				  645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.007 - "Provider" defined

Current through June 11, 2024
"Provider" means any person or entity that provides an approved
				course.
Added to NAC by Comm'r
				of Mortgage Lending by R093-09, eff. 10-27-2009; A by R035-10, 7-22-2010; A by
				R125-16A,
				eff. 1/27/2017
NRS 645B.060, 645F.292 and
				645F.293
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.008 - "Qualified employee" defined

Current through June 11, 2024
"Qualified employee" means a natural person who is designated
				by a mortgage company to act on behalf of the mortgage company and who is
				approved by the Commissioner pursuant to NAC 645B.055.
Added to NAC by Comm'r
				of Financial Institutions by R045-00, eff. 9-5-2000; A by Div. of Mortgage
				Lending by R123-08, 4-23-2009;	A
				by
				R119-19A,
				eff. 11/9/2023
NRS 645B.021,
				  645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.0082 - "S.A.F.E. Mortgage Licensing Act" defined

Current through June 11, 2024
"S.A.F.E. Mortgage Licensing Act" means the Secure and Fair
				Enforcement for Mortgage Licensing Act of 2008,
				Public Law
				110-289, 122 Stat. 2654, Title V, July 30,
				2008.
Added to NAC by Comm'r
				of Mortgage Lending by R035-10, eff. 7-22-2010
NRS
				  645B.060,
				  645F.292,
				  645F.293
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.0084 - "Unique identifier" defined

Current through June 11, 2024
"Unique identifier" means a number or other identifier assigned
				by protocols established by the Registry.
Added to NAC by Comm'r
				of Mortgage Lending by R035-10, eff. 7-22-2010
NRS
				  645B.060,
				  645F.292,
				  645F.293
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.0085 - "Commercial loan" interpreted

Current through June 11, 2024
As used in this chapter and chapter 645B of NRS, the
				Commissioner will interpret the term "commercial loan" to have the meaning
				ascribed to "commercial mortgage loan" in NRS 645B.01043.
Added to NAC
				by Commr of Mortgage Lending by
				R125-16A,
				eff. 1/27/2017;	A
				by
				R119-19A,
				eff. 11/9/2023
NRS 645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.0086 - "Insolvent" interpreted

Current through June 11, 2024
For the purposes of subparagraph (1) of paragraph (b) of
				subsection 1 of NRS 645B.670, "insolvent" is interpreted to mean that the
				liabilities of a mortgage company exceed his or her assets, as calculated by
				the Commissioner in accordance with generally accepted accounting principles,
				and the calculation:
1. Must exclude
			 any intangible and any amount receivable by the mortgage company that is
			 related to the intangible; and
2.
			 May exclude any shareholder debt that is subordinated.
Added to NAC by Comm'r
				of Mortgage Lending by R035-10, eff. 7-22-2010;	A
				by
				R119-19A,
				eff. 11/9/2023
NRS 645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.0087 - "Mobile home" interpreted

Current through June 11, 2024
For the purposes of
				NRS
				645B.0132, the term "mobile home," as used in
				the definition of "dwelling" in
				15 U.S.C. §
									1602(v), is interpreted to
				include a manufactured home or a trailer if that trailer is used or expected to
				be used as a residence.
Added to NAC by Comm'r
				of Mortgage Lending by R035-10, eff. 7-22-2010
NRS
				  645B.060,
				  645F.292,
				  645F.293
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.009 - Deposits, disclosures and appraisals: Interpretation of certain statutory terms

Current through June 11, 2024
1. The Commissioner
			 will not consider escrow instructions to have been "approved by the parties"
			 within the meaning of subparagraph (2) of paragraph (a) of subsection 1 of NRS 645B.175  if the instructions:
(a) Are signed
			 by the mortgage company as attorney-in-fact for any investor with an interest
			 in the loan; and
(b) Direct that
			 all money relating to the transaction, except money for charges or fees due the
			 mortgage company, be paid to an owner, partner, director, officer, manager,
			 member or employee of the mortgage company or a relative of an owner, partner,
			 director, officer, manager, member or employee of the mortgage
			 company.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.011 - Qualifications of applicant for licensure: Compliance with federal and state law; licensure through Registry (Repealed)

Current through June 11, 2024
Added to NAC by Comm'r
				of Mortgage Lending by R035-10, eff. 7-22-2010; R by
				R125-16A,
				eff. 1/27/2017
NRS
				645B.060
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › GENERAL PROVISIONS › Section 645B.0115 - Change of electronic mail address

Current through June 11, 2024
If an applicant for the issuance or renewal of a license or a
				person licensed pursuant to chapter 645B of NRS wishes to change his or her
				electronic mail address or contact information, the applicant or person shall
				make the change and :
1. If the
			 applicant or person is registered with the Registry, notify the Division
			 through the Registry; or
2. If the
			 applicant or person is not registered with the Registry, provide written notice
			 directly to the Division.
Added to NAC by Comm'r
				of Mortgage Lending by R035-10, eff. 7-22-2010; A by
				R125-16A,
				eff. 1/27/2017
NRS 645B.060, 645F.292 and
				645F.293
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND OPERATION OF MORTGAGE BROKERS › Section 645B.016 - Qualifications of applicant: Required experience

Current through June 11, 2024
1. An
			 applicant for a license as a mortgage company must have, within the 5 years
			 immediately preceding the date of his or her application, at least 2 years of
			 verifiable experience in the business of lending money for real estate or
			 mortgages.
2. As used in this
			 section, "verifiable experience in the business of lending money for real
			 estate or mortgages" means compensated experience engaging in:
(a)  The activities of a mortgage loan
			 originator;
(b) Supervising the
			 activities of one or more mortgage loan originators;
(c) Underwriting or processing mortgage
			 loans;
(d) Making loans secured by
			 real property; or
(e) Any other
			 experience determined to be relevant by the Commissioner.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND OPERATION OF MORTGAGE BROKERS › Section 645B.0165 - Qualifications of applicant: Requirements for licensure pursuant to NRS 645B.020

Current through June 11, 2024
1. Pursuant to
			 subsection 3 of NRS 645B.020, the Commissioner will not issue a license as a
			 mortgage company unless the requirements of that subsection have been
			 fulfilled.
2. For the purposes of
			 subparagraph (1) of paragraph (b) of subsection 3 of NRS 645B.020, factors
			 considered in determining whether a person has demonstrated financial
			 responsibility include, without limitation:
(a) Whether the person's personal credit
			 history indicates any adverse material items, including, without limitation,
			 liens, judgments, disciplinary action, bankruptcies, foreclosures or failures
			 to comply with court-approved payment plans;
(b) The circumstances surrounding any adverse
			 material items in the person's personal credit history; and
(c) Any instance of fraud, misrepresentation,
			 dishonest business practices, the mishandling of trust funds or other types of
			 comparable behavior.
Nevada Administrative Code › Chapter 645B - Mortgage Brokers and Mortgage Agents › LICENSING AND OPERATION OF MORTGAGE BROKERS › Section 645B.017 - Activity not constituting services as mortgage broker

Current through June 11, 2024
A person does not hold himself or herself out as being able to
				perform the services described in NRS 645B.0127  if the person:
1. Is in compliance with the S.A.F.E.
			 Mortgage Licensing Act and any regulations adopted pursuant thereto;
			 and
2. Only offers to provide money
			 in the secondary mortgage market to acquire or invest in loans secured by an
			 interest in real property to:
(a) A mortgage
			 company licensed pursuant to chapter 645B of NRS; or
(b) A person exempt from the provisions of
			 chapter 645B of NRS.