2005 Nevada Revised Statutes - Chapter 645E — Mortgage Bankers

CHAPTER 645E - MORTGAGE BANKERS

GENERAL PROVISIONS

NRS 645E.010 Definitions.

NRS 645E.020 Applicantdefined.

NRS 645E.030 Commercialmortgage loan defined.

NRS 645E.040 Commercialproperty defined.

NRS 645E.050 Commissionerdefined.

NRS 645E.060 Depositoryfinancial institution defined.

NRS 645E.070 Divisiondefined.

NRS 645E.080 Institutionalinvestor defined.

NRS 645E.090 Licenseedefined.

NRS 645E.100 Mortgagebanker defined.

NRS 645E.130 Statutoryand common-law rights, remedies and punishments unaffected; limitation onactions against State and its officers and employees.

EXEMPTIONS

NRS 645E.150 Exemptionsfor certain persons and entities.

NRS 645E.160 Certificateof exemption required for certain persons and entities; application; fee;automatic expiration; prohibitions; administrative fines.

NRS 645E.170 Exemptionsfor certain loans; application; grounds for granting exemption; powers andduties of Commissioner.

LICENSING

NRS 645E.200 Applicationfor license; application for branch offices; requirements for issuance oflicense; grounds for denial of license to partnership, corporation orunincorporated association; license for office outside Nevada which conductsbusiness in Nevada.

NRS 645E.210 Paymentof child support: Submission of certain information by applicant; grounds fordenial of license; duty of Commissioner. [Effective until the date of therepeal of the federal law requiring each state to establish procedures for withholding,suspending and restricting the professional, occupational and recreationallicenses for child support arrearages and for noncompliance with certainprocesses relating to paternity or child support proceedings.]

NRS 645E.210 Paymentof child support: Submission of certain information by applicant; grounds fordenial of license; duty of Commissioner. [Effective on the date of the repealof the federal law requiring each state to establish procedures forwithholding, suspending and restricting the professional, occupational andrecreational licenses for child support arrearages and for noncompliance withcertain processes relating to paternity or child support proceedings and expiresby limitation 2 years after that date.]

NRS 645E.220 Postingof license; restrictions on transfer or assignment of license.

NRS 645E.230 Activitiesauthorized by license; dual licensure as mortgage banker and mortgage broker.

EXPIRATION AND RENEWAL OF LICENSE OR CERTIFICATE OF EXEMPTION;FEES

NRS 645E.280 Annualexpiration of license or certificate of exemption; procedure for renewal; fees.

SUPERVISION BY COMMISSIONER

General Provisions

NRS 645E.300 Dutiesof Commissioner: Regulations; investigations; annual examinations; periodic andspecial audits; hearings; related fees.

NRS 645E.310 Subpoenas;oaths; examination of witnesses; penalty; assessment of costs.

NRS 645E.315 Writtennotice of address change; approval by Commissioner; administrative fine.

NRS 645E.320 Paymentof statutory assessment by mortgage banker; duty of mortgage banker tocooperate fully with audits and examinations.

 

Records and Financial Statements

NRS 645E.350 Recordsrelating to mortgage transactions, financial condition and trust accounts;monthly report to Commissioner; accounting procedures for trust accounts;regulations; records of licensee who operates outside Nevada.

NRS 645E.360 Annualfinancial statement; audit of trust accounts; regulations.

NRS 645E.370 Recordsof Commissioner: General provisions governing public inspection andconfidentiality.

NRS 645E.375 Recordsof Commissioner: Certain records relating to investigation deemed confidential;certain records relating to disciplinary action deemed public records.

 

Transfer of Stock

NRS 645E.390 Notificationof certain transfers required; application to Commissioner for approval ofchange of control; investigation; waiver.

ESCROW AND TRUST ACCOUNTS

NRS 645E.420 Escrowaccount required for fee, salary, deposit or money paid in advance; releasefrom escrow; exceptions; refunds; penalty.

NRS 645E.430 Trustaccount required for money deposited to pay taxes or insurance premiums;fiduciary duty of mortgage banker; accounting to debtor and Commissioner;additional duties and prohibitions.

NRS 645E.440 Limitationson execution or attachment of money in trust account; commingling of moneyprohibited.

LOAN PAYMENTS

NRS 645E.470 Limitationson charging late fee, additional amount of interest or other penalty.

INVESTIGATION OF VIOLATIONS AND UNSAFE PRACTICES; REMEDIALACTION

NRS 645E.620 Authorityof Commissioner when violation is suspected; referral of violations to districtattorney for criminal prosecution; civil action for injunctive relief.

NRS 645E.630 Authorityof Commissioner when unsafe condition or practice is suspected; seizure ofproperty and assets of mortgage banker; duties of Attorney General.

NRS 645E.640 Personsentitled to correct unsafe conditions and practices; effect of failure tocorrect; receivership and liquidation of assets.

DISCIPLINARY ACTION

NRS 645E.670 Authorizeddisciplinary action; grounds for disciplinary action; orders imposingdiscipline deemed public records.

NRS 645E.680 Suspensionof license for failure to pay child support or comply with certain subpoenas orwarrants; reinstatement of license. [Expires by limitation 2 years after thedate of the repeal of the federal law requiring each state to establishprocedures for withholding, suspending and restricting the professional,occupational and recreational licenses for child support arrearages and fornoncompliance with certain processes relating to paternity or child supportproceedings.]

NRS 645E.710 Actor omission of partner, officer or director deemed act or omission ofpartnership, corporation or unincorporated association.

HEARINGS; APPEALS

NRS 645E.750 Dutyof Commissioner to provide written notice of disciplinary action or denial oflicense; right to administrative hearing; entry of final order; appeals.

UNLAWFUL ACTS; PENALTIES

NRS 645E.900 Unlawfulto conduct business of mortgage banker without being licensed or exempt fromlicensing.

NRS 645E.910 Unlawfulfor foreign corporation, association or business trust to conduct business ofmortgage banker without meeting certain requirements.

NRS 645E.950 Penaltiesfor general violations.

NRS 645E.960 Penaltiesfor violations relating to escrow or trust accounts.

_________

 

GENERAL PROVISIONS

NRS 645E.010 Definitions. As used in this chapter, unless the context otherwiserequires, the words and terms defined in NRS645E.020 to 645E.100, inclusive,have the meanings ascribed to them in those sections.

(Added to NRS by 1999, 3744)

NRS 645E.020 Applicantdefined. Applicant means a person who appliesfor licensure as a mortgage banker pursuant to this chapter.

(Added to NRS by 1999, 3744; A 2003, 3558)

NRS 645E.030 Commercialmortgage loan defined. Commercial mortgageloan means a loan that:

1. Directly or indirectly, is secured by a lien oncommercial property; and

2. Is created with the consent of the owner of thecommercial property.

(Added to NRS by 1999, 3744)

NRS 645E.040 Commercialproperty defined. Commercial property meansany real property which is located in this state and which is not used for aresidential dwelling or dwellings intended for occupancy by four or fewerfamilies.

(Added to NRS by 1999, 3744)

NRS 645E.050 Commissionerdefined. Commissioner means the Commissionerof Mortgage Lending.

(Added to NRS by 1999, 3744; A 2003, 3558)

NRS 645E.060 Depositoryfinancial institution defined. Depositoryfinancial institution means a bank, savings and loan association, thriftcompany or credit union.

(Added to NRS by 1999, 3744)

NRS 645E.070 Divisiondefined. Division means the Division of MortgageLending of the Department of Business and Industry.

(Added to NRS by 1999, 3744; A 2003, 3558)

NRS 645E.080 Institutionalinvestor defined. Institutional investormeans a person who, in the regular course of business, makes commercialmortgage loans of more than $250,000 that are funded exclusively from one ormore of the following sources:

1. The persons cash, corporate capital or warehousecredit lines at a depository financial institution or other sources that areliability items on the persons financial statements.

2. Correspondent contracts between the person andanother institutional investor or between the person and a depository financialinstitution, trust company, profit-sharing or pension trust, installment lenderor insurance company.

3. An affiliates cash, corporate capital or warehousecredit lines at a depository financial institution or other sources that areliability items on the affiliates financial statements for which theaffiliates assets are pledged. As used in this subsection, affiliate meansanother person who, directly or indirectly through one or more intermediaries,controls, is controlled by or is under common control with the person who isthe institutional investor.

(Added to NRS by 1999, 3745)

NRS 645E.090 Licenseedefined. Licensee means a person who is licensedas a mortgage banker pursuant to this chapter.

(Added to NRS by 1999, 3745; A 2003, 3558)

NRS 645E.100 Mortgagebanker defined.

1. Mortgage banker means any of the following:

(a) A person who, directly or indirectly:

(1) Holds himself out as being able to:

(I) Buy or sell notes secured by liens onreal property; or

(II) Make loans secured by liens on realproperty using his own money; and

(2) Does not engage in any other act ortransaction described in the definition of mortgage broker, as set forth in NRS 645B.0127, unless the person is alsolicensed as a mortgage broker pursuant to chapter645B of NRS.

(b) A person who, directly or indirectly:

(1) Negotiates, originates or makes or offers tonegotiate, originate or make commercial mortgage loans as an agent for or onbehalf of an institutional investor; and

(2) Does not engage in any other act ortransaction described in the definition of mortgage broker, as set forth in NRS 645B.0127, unless the person is alsolicensed as a mortgage broker pursuant to chapter645B of NRS.

2. For the purposes of this section, a person does notmake a loan secured by a lien on real property using his own money if anyportion of the money that is used to make the loan is provided by anotherperson who acquires ownership of or a beneficial interest in the loan.

(Added to NRS by 1999, 3745; A 2003, 3558)

NRS 645E.130 Statutoryand common-law rights, remedies and punishments unaffected; limitation onactions against State and its officers and employees. Theprovisions of this chapter do not:

1. Limit any statutory or common-law right of a personto bring a civil action against a mortgage banker for any act or omissioninvolved in the transaction of business by or on behalf of the mortgage banker;

2. Limit the right of the State to punish a person forthe violation of any law, ordinance or regulation; or

3. Establish a basis for a person to bring a civilaction against the State or its officers or employees for any act or omissionin carrying out the provisions of this chapter, including, without limitation,any act or omission relating to the disclosure of information or the failure todisclose information pursuant to the provisions of this chapter.

(Added to NRS by 1999, 3745; A 2003, 3558)

EXEMPTIONS

NRS 645E.150 Exemptionsfor certain persons and entities. Except asotherwise provided in NRS 645E.160,the provisions of this chapter do not apply to:

1. Any person doing business under the laws of thisState, any other state or the United States relating to banks, savings banks,trust companies, savings and loan associations, consumer finance companies,industrial loan companies, credit unions, thrift companies or insurancecompanies, unless the business conducted in this State is not subject tosupervision by the regulatory authority of the other jurisdiction, in whichcase licensing pursuant to this chapter is required.

2. A real estate investment trust, as defined in 26U.S.C. 856, unless the business conducted in this State is not subject tosupervision by the regulatory authority of the other jurisdiction, in whichcase licensing pursuant to this chapter is required.

3. An employee benefit plan, as defined in 29 U.S.C. 1002(3), if the loan is made directly from money in the plan by the planstrustee.

4. An attorney at law rendering services in theperformance of his duties as an attorney at law.

5. A real estate broker rendering services in theperformance of his duties as a real estate broker.

6. Any person doing any act under an order of anycourt.

7. Any one natural person, or husband and wife, whoprovides money for investment in loans secured by a lien on real property, onhis own account, unless such a person makes a loan secured by a lien on realproperty using his own money and assigns all or a part of his interest in theloan to another person, other than his spouse or child, within 5 years afterthe date on which the loan is made or the deed of trust is recorded, whicheveroccurs later.

8. Agencies of the United States and of this State andits political subdivisions, including the Public Employees Retirement System.

9. A seller of real property who offers credit securedby a mortgage of the property sold.

(Added to NRS by 1999, 3746; A 2003, 3559)

NRS 645E.160 Certificateof exemption required for certain persons and entities; application; fee;automatic expiration; prohibitions; administrative fines.

1. A person who claims an exemption from theprovisions of this chapter pursuant to subsection 1 of NRS 645E.150 must:

(a) File a written application for a certificate ofexemption with the Office of the Commissioner;

(b) Pay the fee required pursuant to NRS 645E.280; and

(c) Include with the written application satisfactoryproof that the person meets the requirements of subsection 1 of NRS 645E.150.

2. The Commissioner may require a person who claims anexemption from the provisions of this chapter pursuant to subsections 2 to 9,inclusive, of NRS 645E.150 to:

(a) File a written application for a certificate ofexemption with the Office of the Commissioner;

(b) Pay the fee required pursuant to NRS 645E.280; and

(c) Include with the written application satisfactoryproof that the person meets the requirements of at least one of those exemptions.

3. A certificate of exemption expires automaticallyif, at any time, the person who claims the exemption no longer meets therequirements of at least one exemption set forth in the provisions of NRS 645E.150.

4. If a certificate of exemption expires automaticallypursuant to this section, the person shall not provide any of the services of amortgage banker or otherwise engage in, carry on or hold himself out asengaging in or carrying on the business of a mortgage banker unless the personapplies for and is issued:

(a) A license as a mortgage banker pursuant to thischapter; or

(b) Another certificate of exemption.

5. The Commissioner may impose upon a person who isrequired to apply for a certificate of exemption or who holds a certificate ofexemption an administrative fine of not more than $10,000 for each violationthat he commits, if the person:

(a) Has knowingly made or caused to be made to theCommissioner any false representation of material fact;

(b) Has suppressed or withheld from the Commissionerany information which the person possesses and which, if submitted by him,would have rendered the person ineligible to hold a certificate of exemption;or

(c) Has violated any provision of this chapter, aregulation adopted pursuant to this chapter or an order of the Commissionerthat applies to a person who is required to apply for a certificate ofexemption or who holds a certificate of exemption.

(Added to NRS by 1999, 3746; A 2003, 3559)

NRS 645E.170 Exemptionsfor certain loans; application; grounds for granting exemption; powers andduties of Commissioner.

1. A person may apply to the Commissioner for anexemption from the provisions of this chapter governing the making of a loan ofmoney.

2. The Commissioner may grant the exemption if hefinds that:

(a) The making of the loan would not be detrimental tothe financial condition of the lender or the debtor;

(b) The lender or the debtor has established a recordof sound performance, efficient management, financial responsibility andintegrity;

(c) The making of the loan is likely to increase theavailability of capital for a sector of the state economy; and

(d) The making of the loan is not detrimental to thepublic interest.

3. The Commissioner:

(a) May revoke an exemption unless the loan for whichthe exemption was granted has been made; and

(b) Shall issue a written statement setting forth thereasons for his decision to grant, deny or revoke an exemption.

(Added to NRS by 1999, 3747)

LICENSING

NRS 645E.200 Applicationfor license; application for branch offices; requirements for issuance oflicense; grounds for denial of license to partnership, corporation orunincorporated association; license for office outside Nevada which conductsbusiness in Nevada.

1. A person who wishes to be licensed as a mortgagebanker must file a written application for a license with the Office of theCommissioner and pay the fee required pursuant to NRS 645E.280. An application for alicense as a mortgage banker must:

(a) Be verified.

(b) State the name, residence address and businessaddress of the applicant and the location of each principal office and branchoffice at which the mortgage banker will conduct business in this state,including, without limitation, any office or other place of business locatedoutside this state from which the mortgage banker will conduct business in thisstate.

(c) State the name under which the applicant willconduct business as a mortgage banker.

(d) If the applicant is not a natural person, list thename, residence address and business address of each person who will have aninterest in the mortgage banker as a principal, partner, officer, director ortrustee, specifying the capacity and title of each such person.

(e) Indicate the general plan and character of thebusiness.

(f) State the length of time the applicant has beenengaged in the business of a mortgage banker.

(g) Include a financial statement of the applicant.

(h) Include any other information required pursuant tothe regulations adopted by the Commissioner or an order of the Commissioner.

2. If a mortgage banker will conduct business in thisstate at one or more branch offices, the mortgage banker must apply for alicense for each such branch office.

3. Except as otherwise provided in this chapter, theCommissioner shall issue a license to an applicant as a mortgage banker if:

(a) The application complies with the requirements ofthis chapter; and

(b) The applicant and each general partner, officer ordirector of the applicant, if the applicant is a partnership, corporation orunincorporated association:

(1) Has a good reputation for honesty,trustworthiness and integrity and displays competence to transact the businessof a mortgage banker in a manner which safeguards the interests of the generalpublic. The applicant must submit satisfactory proof of these qualifications tothe Commissioner.

(2) Has not been convicted of, or entered a pleaof nolo contendere to, a felony relating to the practice of mortgage bankers orany crime involving fraud, misrepresentation or moral turpitude.

(3) Has not made a false statement of materialfact on his application.

(4) Has not had a license that was issuedpursuant to the provisions of this chapter or chapter645B of NRS suspended or revoked within the 10 years immediately precedingthe date of his application.

(5) Has not had a license that was issued in anyother state, district or territory of the United States or any foreign countrysuspended or revoked within the 10 years immediately preceding the date of hisapplication.

(6) Has not violated any provision of thischapter or chapter 645B of NRS, a regulationadopted pursuant thereto or an order of the Commissioner.

4. If an applicant is a partnership, corporation orunincorporated association, the Commissioner may refuse to issue a license tothe applicant if any member of the partnership or any officer or director ofthe corporation or unincorporated association has committed any act or omissionthat would be cause for refusing to issue a license to a natural person.

5. A person may apply for a license for an office orother place of business located outside this state from which the applicantwill conduct business in this state if the applicant or a subsidiary oraffiliate of the applicant has a license issued pursuant to this chapter for anoffice or other place of business located in this state and if the applicantsubmits with the application for a license a statement signed by the applicantwhich states that the applicant agrees to:

(a) Make available at a location within this state thebooks, accounts, papers, records and files of the office or place of businesslocated outside this state to the Commissioner or a representative of theCommissioner; or

(b) Pay the reasonable expenses for travel, meals andlodging of the Commissioner or a representative of the Commissioner incurredduring any investigation or examination made at the office or place of businesslocated outside this state.

Theapplicant must be allowed to choose between paragraph (a) or (b) in complyingwith the provisions of this subsection.

(Added to NRS by 1999, 3748; A 2001, 2045; 2003, 2726, 3560)

NRS 645E.210 Paymentof child support: Submission of certain information by applicant; grounds fordenial of license; duty of Commissioner. [Effective until the date of therepeal of the federal law requiring each state to establish procedures forwithholding, suspending and restricting the professional, occupational andrecreational licenses for child support arrearages and for noncompliance withcertain processes relating to paternity or child support proceedings.]

1. Inaddition to any other requirements set forth in this chapter:

(a) Anatural person who applies for the issuance of a license as a mortgage bankershall include the social security number of the applicant in the applicationsubmitted to the Commissioner.

(b) A natural person who applies for the issuance orrenewal of a license as a mortgage banker shall submit to the Commissioner thestatement prescribed by the Division of Welfare and Supportive Services of theDepartment of Health and Human Services pursuant to NRS 425.520. The statement must becompleted and signed by the applicant.

2. The Commissioner shall include the statementrequired pursuant to subsection 1 in:

(a) The application or any other forms that must besubmitted for the issuance or renewal of the license; or

(b) A separate form prescribed by the Commissioner.

3. The Commissioner shall not issue or renew a licenseas a mortgage banker if the applicant is a natural person who:

(a) Fails to submit the statement required pursuant tosubsection 1; or

(b) Indicates on the statement submitted pursuant tosubsection 1 that he is subject to a court order for the support of a child andis not in compliance with the order or a plan approved by the district attorneyor other public agency enforcing the order for the repayment of the amount owedpursuant to the order.

4. If an applicant indicates on the statementsubmitted pursuant to subsection 1 that he is subject to a court order for thesupport of a child and is not in compliance with the order or a plan approvedby the district attorney or other public agency enforcing the order for therepayment of the amount owed pursuant to the order, the Commissioner shalladvise the applicant to contact the district attorney or other public agencyenforcing the order to determine the actions that the applicant may take tosatisfy the arrearage.

(Added to NRS by 1999, 3750; A 2003, 3562; 2005, 2791, 2810, 2817)

NRS 645E.210 Payment of child support: Submissionof certain information by applicant; grounds for denial of license; duty ofCommissioner. [Effective on the date of the repeal of the federal law requiringeach state to establish procedures for withholding, suspending and restrictingthe professional, occupational and recreational licenses for child supportarrearages and for noncompliance with certain processes relating to paternityor child support proceedings and expires by limitation 2 years after that date.]

1. In addition to any other requirements set forth inthis chapter, a natural person who applies for the issuance or renewal of alicense as a mortgage banker shall submit to the Commissioner the statementprescribed by the Division of Welfare and Supportive Services of the Departmentof Health and Human Services pursuant to NRS425.520. The statement must be completed and signed by the applicant.

2. The Commissioner shall include the statementrequired pursuant to subsection 1 in:

(a) The application or any other forms that must besubmitted for the issuance or renewal of the license; or

(b) A separate form prescribed by the Commissioner.

3. The Commissioner shall not issue or renew a licenseas a mortgage banker if the applicant is a natural person who:

(a) Fails to submit the statement required pursuant tosubsection 1; or

(b) Indicates on the statement submitted pursuant tosubsection 1 that he is subject to a court order for the support of a child andis not in compliance with the order or a plan approved by the district attorneyor other public agency enforcing the order for the repayment of the amount owedpursuant to the order.

4. If an applicant indicates on the statement submittedpursuant to subsection 1 that he is subject to a court order for the support ofa child and is not in compliance with the order or a plan approved by thedistrict attorney or other public agency enforcing the order for the repaymentof the amount owed pursuant to the order, the Commissioner shall advise theapplicant to contact the district attorney or other public agency enforcing theorder to determine the actions that the applicant may take to satisfy thearrearage.

(Added to NRS by 1999, 3750; A 2003, 3562; 2005, 2791, 2810, 2817, effective onthe date of the repeal of the federal law requiring each state to establishprocedures for withholding, suspending and restricting the professional,occupational and recreational licenses for child support arrearages and fornoncompliance with certain processes relating to paternity or child supportproceedings)

NRS 645E.220 Postingof license; restrictions on transfer or assignment of license.

1. A mortgage banker shall post each license in aconspicuous place in the office for which the license has been issued.

2. A mortgage banker may not transfer or assign alicense to another person, unless the Commissioner gives his written approval.

(Added to NRS by 1999, 3751; A 2003, 3562)

NRS 645E.230 Activitiesauthorized by license; dual licensure as mortgage banker and mortgage broker.

1. A license entitles a licensee to engage only in theactivities authorized by this chapter.

2. The provisions of this chapter do not prohibit alicensee from:

(a) Holding a license as a mortgage broker pursuant to chapter 645B of NRS; or

(b) Conducting the business of a mortgage banker andthe business of a mortgage broker in the same office or place of business.

(Added to NRS by 1999, 3750; A 2003, 3562)

EXPIRATION AND RENEWAL OF LICENSE OR CERTIFICATE OFEXEMPTION; FEES

NRS 645E.280 Annualexpiration of license or certificate of exemption; procedure for renewal; fees.

1. A license issued to a mortgage banker pursuant tothis chapter expires each year on December 31, unless it is renewed. To renew alicense, the licensee must submit to the Commissioner on or before December 31of each year:

(a) An application for renewal that complies with therequirements of this chapter; and

(b) The fee required to renew the license pursuant tothis section.

2. If the licensee fails to submit any item requiredpursuant to subsection 1 to the Commissioner on or before December 31 of anyyear, the license is cancelled. The Commissioner may reinstate a cancelledlicense if the licensee submits to the Commissioner:

(a) An application for renewal that complies with therequirements of this chapter;

(b) The fee required to renew the license pursuant tothis section; and

(c) A reinstatement fee of $200.

3. Except as otherwise provided in NRS 645E.160, a certificate of exemptionissued pursuant to this chapter expires each year on December 31, unless it isrenewed. To renew a certificate of exemption, a person must submit to the Commissioneron or before December 31 of each year:

(a) An application for renewal that complies with therequirements of this chapter; and

(b) The fee required to renew the certificate ofexemption.

4. If the person fails to submit any item requiredpursuant to subsection 3 to the Commissioner on or before December 31 of anyyear, the certificate of exemption is cancelled. Except as otherwise providedin NRS 645E.160, the Commissioner mayreinstate a cancelled certificate of exemption if the person submits to theCommissioner:

(a) An application for renewal that complies with therequirements of this chapter;

(b) The fee required to renew the certificate ofexemption; and

(c) A reinstatement fee of $100.

5. A person must pay the following fees to apply for,to be issued or to renew a license as a mortgage banker pursuant to thischapter:

(a) To file an original application for a license,$1,500 for the principal office and $40 for each branch office. The person mustalso pay such additional expenses incurred in the process of investigation asthe Commissioner deems necessary.

(b) To be issued a license, $1,000 for the principaloffice and $60 for each branch office.

(c) To renew a license, $500 for the principal officeand $100 for each branch office.

6. A person must pay the following fees to apply foror to renew a certificate of exemption pursuant to this chapter:

(a) To file an application for a certificate ofexemption, $200.

(b) To renew a certificate of exemption, $100.

7. To be issued a duplicate copy of any license orcertificate of exemption, a person must make a satisfactory showing of its lossand pay a fee of $10.

8. Except as otherwise provided in this chapter, allfees received pursuant to this chapter must be deposited in the Fund forMortgage Lending created by NRS 645F.270.

(Added to NRS by 1999, 3749; A 2003, 3230, 3562; 2003, 20thSpecial Session, 265)

SUPERVISION BY COMMISSIONER

General Provisions

NRS 645E.300 Dutiesof Commissioner: Regulations; investigations; annual examinations; periodic andspecial audits; hearings; related fees.

1. Subject to the administrative control of theDirector of the Department of Business and Industry, the Commissioner shallexercise general supervision and control over mortgage bankers doing businessin this State.

2. In addition to the other duties imposed upon him bylaw, the Commissioner shall:

(a) Adopt any regulations that are necessary to carryout the provisions of this chapter, except as to loan fees.

(b) Conduct such investigations as may be necessary todetermine whether any person has violated any provision of this chapter, aregulation adopted pursuant to this chapter or an order of the Commissioner.

(c) Conduct an annual examination of each mortgagebanker doing business in this State.

(d) Conduct such other examinations, periodic orspecial audits, investigations and hearings as may be necessary and proper forthe efficient administration of the laws of this State regarding mortgagebankers.

(e) Classify as confidential certain records andinformation obtained by the Division when those matters are obtained from agovernmental agency upon the express condition that they remain confidential.This paragraph does not limit examination by:

(1) The Legislative Auditor; or

(2) The Department of Taxation if necessary tocarry out the provisions of chapter 363A ofNRS.

(f) Conduct such examinations and investigations as arenecessary to ensure that mortgage bankers meet the requirements of this chapterfor obtaining a license, both at the time of the application for a license andthereafter on a continuing basis.

3. For each special audit, investigation orexamination, a mortgage banker shall pay a fee based on the rate establishedpursuant to NRS 645F.280.

(Added to NRS by 1999, 3751; A 2003, 3564; 2003, 20thSpecial Session, 223)

NRS 645E.310 Subpoenas;oaths; examination of witnesses; penalty; assessment of costs.

1. In the conduct of any examination, periodic orspecial audit, investigation or hearing, the Commissioner may:

(a) Compel the attendance of any person by subpoena.

(b) Administer oaths.

(c) Examine any person under oath concerning thebusiness and conduct of affairs of any person subject to the provisions of thischapter and, in connection therewith, require the production of any books,records or papers relevant to the inquiry.

2. Any person subpoenaed under the provisions of thissection who willfully refuses or willfully neglects to appear at the time andplace named in the subpoena or to produce books, records or papers required bythe Commissioner, or who refuses to be sworn or answer as a witness, is guiltyof a misdemeanor.

3. In addition to the authority to recover attorneysfees and costs pursuant to any other statute, the Commissioner may assessagainst and collect from a person all costs, including, without limitation,reasonable attorneys fees, that are attributable to any examination, periodicor special audit, investigation or hearing that is conducted to examine orinvestigate the conduct, activities or business of the person pursuant to thischapter.

(Added to NRS by 1999, 3752; A 2003, 3473)

NRS 645E.315 Writtennotice of address change; approval by Commissioner; administrative fine.

1. A licensee who wishes to change the address of anoffice or other place of business for which he has a license pursuant to thischapter must, at least 10 days before changing the address, give written noticeof the proposed change to the Commissioner.

2. Upon receipt of the proposed change of addresspursuant to subsection 1, the commissioner shall provide written approval ofthe change and the date of the approval.

3. If a licensee fails to provide notice as requiredpursuant to subsection 1, the Commissioner may impose an administrative fine inan amount not to exceed $500.

(Added to NRS by 2001, 2044)

NRS 645E.320 Paymentof statutory assessment by mortgage banker; duty of mortgage banker tocooperate fully with audits and examinations. Eachmortgage banker shall pay the assessment levied pursuant to NRS 645F.180 and cooperate fully with theaudits and examinations performed pursuant thereto.

(Added to NRS by 1999, 3752; A 2003, 3564)

Records and Financial Statements

NRS 645E.350 Recordsrelating to mortgage transactions, financial condition and trust accounts;monthly report to Commissioner; accounting procedures for trust accounts;regulations; records of licensee who operates outside Nevada.

1. Each mortgage banker shall keep and maintain at alltimes at each location where the mortgage banker conducts business in thisstate complete and suitable records of all mortgage transactions made by themortgage banker at that location. Each mortgage banker shall also keep andmaintain at all times at each such location all original books, papers anddata, or copies thereof, clearly reflecting the financial condition of thebusiness of the mortgage banker.

2. Each mortgage banker shall submit to theCommissioner each month a report of the mortgage bankers activity for theprevious month. The report must:

(a) Specify the volume of loans made by the mortgagebanker for the month or state that no loans were made in that month;

(b) Include any information required pursuant to theregulations adopted by the Commissioner; and

(c) Be submitted to the Commissioner by the 15th day ofthe month following the month for which the report is made.

3. The Commissioner may adopt regulations prescribingaccounting procedures for mortgage bankers handling trust accounts and therequirements for keeping records relating to such accounts.

4. A licensee who operates outside this state anoffice or other place of business which is licensed pursuant to this chaptershall:

(a) Make available at a location within this state thebooks, accounts, papers, records and files of the office or place of businesslocated outside this state to the Commissioner or a representative of the Commissioner;or

(b) Pay the reasonable expenses for travel, meals andlodging of the Commissioner or a representative of the Commissioner incurredduring any investigation or examination made at the office or place of businesslocated outside this state.

The licenseemust be allowed to choose between paragraph (a) or (b) in complying with theprovisions of this subsection.

(Added to NRS by 1999, 3752; A 2001, 2046; 2003, 3564)

NRS 645E.360 Annualfinancial statement; audit of trust accounts; regulations.

1. Except as otherwise provided in this section, notlater than 60 days after the last day of each fiscal year for a mortgagebanker, the mortgage banker shall submit to the Commissioner a financialstatement that:

(a) Is dated not earlier than the last day of thefiscal year; and

(b) Has been prepared from the books and records of themortgage banker by an independent public accountant who holds a permit toengage in the practice of public accounting in this State that has not beenrevoked or suspended.

2. The Commissioner may grant a reasonable extensionfor the submission of a financial statement pursuant to this section if amortgage banker requests such an extension before the date on which thefinancial statement is due.

3. If a mortgage banker maintains any accountsdescribed in NRS 645E.430, thefinancial statement submitted pursuant to this section must be audited. Thepublic accountant who prepares the report of an audit shall submit a copy ofthe report to the Commissioner at the same time that he submits the report tothe mortgage banker.

4. The Commissioner shall adopt regulationsprescribing the scope of an audit conducted pursuant to subsection 3.

(Added to NRS by 1999, 3753; A 2003, 3565)

NRS 645E.370 Recordsof Commissioner: General provisions governing public inspection andconfidentiality.

1. Except as otherwise provided in this section or byspecific statute, all papers, documents, reports and other written instrumentsfiled with the Commissioner pursuant to this chapter are open to publicinspection.

2. The Commissioner may withhold from publicinspection or refuse to disclose to a person, for such time as the Commissionerconsiders necessary, any information that, in his judgment, would:

(a) Impede or otherwise interfere with an investigationthat is currently pending against a mortgage banker; or

(b) Have an undesirable effect on the welfare of thepublic or the welfare of any mortgage banker.

(Added to NRS by 1999, 3753; A 2003, 3565)

NRS 645E.375 Recordsof Commissioner: Certain records relating to investigation deemed confidential;certain records relating to disciplinary action deemed public records.

1. Except as otherwise provided in this section, acomplaint filed with the Commissioner, all documents and other informationfiled with the complaint and all documents and other information compiled as aresult of an investigation conducted to determine whether to initiatedisciplinary action are confidential.

2. The complaint or other document filed by theCommissioner to initiate disciplinary action and all documents and informationconsidered by the Commissioner when determining whether to impose disciplineare public records.

(Added to NRS by 2003, 3472)

Transfer of Stock

NRS 645E.390 Notificationof certain transfers required; application to Commissioner for approval ofchange of control; investigation; waiver.

1. The Commissioner must be notified of a transfer of5 percent or more of the outstanding voting stock of a mortgage banker and mustapprove a transfer of voting stock of a mortgage banker which constitutes achange of control.

2. The person who acquires stock resulting in a changeof control of the mortgage banker shall apply to the Commissioner for approvalof the transfer. The application must contain information which shows that therequirements of this chapter for obtaining a license will be satisfied afterthe change of control. Except as otherwise provided in subsection 3, theCommissioner shall conduct an investigation to determine whether thoserequirements will be satisfied. If, after the investigation, the Commissionerdenies the application, he may forbid the applicant from participating in thebusiness of the mortgage banker.

3. A mortgage banker may submit a written request tothe Commissioner to waive an investigation pursuant to subsection 2. TheCommissioner may grant a waiver if the applicant has undergone a similarinvestigation by a state or federal agency in connection with the licensing ofor his employment with a financial institution.

4. As used in this section, change of control means:

(a) A transfer of voting stock which results in givinga person, directly or indirectly, the power to direct the management and policyof a mortgage banker; or

(b) A transfer of at least 25 percent of theoutstanding voting stock of a mortgage banker.

(Added to NRS by 1999, 3751; A 2003, 3565)

ESCROW AND TRUST ACCOUNTS

NRS 645E.420 Escrowaccount required for fee, salary, deposit or money paid in advance; releasefrom escrow; exceptions; refunds; penalty.

1. Except as otherwise provided in subsection 3, theamount of any advance fee, salary, deposit or money paid to any mortgage bankeror other person to obtain a loan secured by a lien on real property must beplaced in escrow pending completion of the loan or a commitment for the loan.

2. The amount held in escrow pursuant to subsection 1must be released:

(a) Upon completion of the loan or commitment for theloan, to the mortgage banker or other person to whom the advance fee, salary,deposit or money was paid.

(b) If the loan or commitment for the loan fails, tothe person who made the payment.

3. Advance payments to cover reasonably estimatedcosts paid to third persons are excluded from the provisions of subsections 1and 2 if the person making them first signs a written agreement which specifiesthe estimated costs by item and the estimated aggregate cost, and which recitesthat money advanced for costs will not be refunded. If an itemized service isnot performed and the estimated cost thereof is not refunded, the recipient ofthe advance payment is subject to the penalties provided in NRS 645E.960.

(Added to NRS by 1999, 3753; A 2003, 3566)

NRS 645E.430 Trustaccount required for money deposited to pay taxes or insurance premiums;fiduciary duty of mortgage banker; accounting to debtor and Commissioner;additional duties and prohibitions.

1. All money paid to a mortgage banker for payment oftaxes or insurance premiums on real property which secures any loan made by themortgage banker must be deposited in an insured depository financial institutionand kept separate, distinct and apart from money belonging to the mortgagebanker. Such money, when deposited, is to be designated as an impound trustaccount or under some other appropriate name indicating that the accounts arenot the money of the mortgage banker.

2. The mortgage banker has a fiduciary duty to eachdebtor with respect to the money in an impound trust account.

3. The mortgage banker shall, upon reasonable notice,account to any debtor whose real property secures a loan made by the mortgagebanker for any money which that person has paid to the mortgage banker for thepayment of taxes or insurance premiums on the real property.

4. The mortgage banker shall, upon reasonable notice,account to the Commissioner for all money in an impound trust account.

5. A mortgage banker shall:

(a) Require contributions to an impound trust accountin an amount reasonably necessary to pay the obligations as they become due.

(b) Within 30 days after the completion of the annualreview of an impound trust account, notify the debtor:

(1) Of the amount by which the contributionsexceed the amount reasonably necessary to pay the annual obligations due fromthe account; and

(2) That the debtor may specify the dispositionof the excess money within 20 days after receipt of the notice. If the debtorfails to specify such a disposition within that time, the mortgage banker shallmaintain the excess money in the account.

Thissubsection does not prohibit a mortgage banker from requiring additional amountsto be paid into an impound trust account to recover a deficiency that exists inthe account.

6. A mortgage banker shall not make payments from animpound trust account in a manner that causes a policy of insurance to becancelled or causes property taxes or similar payments to become delinquent.

(Added to NRS by 1999, 3754; A 2003, 3566)

NRS 645E.440 Limitationson execution or attachment of money in trust account; commingling of moneyprohibited.

1. Money in an impound trust account is not subject toexecution or attachment on any claim against the mortgage banker.

2. It is unlawful for a mortgage banker knowingly tokeep or cause to be kept any money in a depository financial institution underthe heading of impound trust account or any other name designating such moneyas belonging to the debtors of the mortgage banker, unless the money has beenpaid to the mortgage banker by a debtor pursuant to NRS 645E.430 and is being held in trustby the mortgage banker pursuant to the provisions of that section.

(Added to NRS by 1999, 3754; A 2003, 3567)

LOAN PAYMENTS

NRS 645E.470 Limitationson charging late fee, additional amount of interest or other penalty.

1. If a person is required to make a payment to amortgage banker pursuant to the terms of a loan secured by a lien on realproperty, the mortgage banker may not charge the person a late fee, an additionalamount of interest or any other penalty in connection with that payment if thepayment is delivered to the mortgage banker before 5 p.m. on:

(a) The day that the payment is due pursuant to theterms of the loan, if an office of the mortgage banker is open to customersuntil 5 p.m. on that day; or

(b) The next day that an office of the mortgage bankeris open to customers until 5 p.m., if the provisions of paragraph (a) do nototherwise apply.

2. A person and a mortgage banker may not agree toalter or waive the provisions of this section by contract or other agreement,and any such contract or agreement is void and must not be given effect to theextent that it violates the provisions of this section.

(Added to NRS by 1999, 3755; A 2003, 3567)

INVESTIGATION OF VIOLATIONS AND UNSAFE PRACTICES; REMEDIALACTION

NRS 645E.620 Authorityof Commissioner when violation is suspected; referral of violations to districtattorney for criminal prosecution; civil action for injunctive relief.

1. Whether or not a complaint has been filed, theCommissioner may investigate a mortgage banker or other person if, for anyreason, it appears that:

(a) The mortgage banker is conducting business in anunsafe and injurious manner or in violation of any provision of this chapter, aregulation adopted pursuant to this chapter or an order of the Commissioner;

(b) The person is offering or providing any of theservices of a mortgage banker or otherwise engaging in, carrying on or holdinghimself out as engaging in or carrying on the business of a mortgage bankerwithout being licensed or exempt from licensing pursuant to the provisions ofthis chapter; or

(c) The person is violating any other provision of thischapter, a regulation adopted pursuant to this chapter or an order of theCommissioner.

2. If, upon investigation, the Commissioner hasreasonable cause to believe that the mortgage banker or other person hasengaged in any conduct or committed any violation described in subsection 1,the Commissioner may:

(a) Advise the district attorney of the county in whichthe conduct or violation occurred, and the district attorney shall cause theappropriate legal action to be taken against the mortgage banker or otherperson to enjoin the conduct or the operation of the business or prosecute theviolation; and

(b) Bring a civil action to:

(1) Enjoin the mortgage banker or other personfrom engaging in the conduct, operating the business or committing theviolation; and

(2) Enjoin any other person who has encouraged,facilitated, aided or participated in the conduct, the operation of thebusiness or the commission of the violation, or who is likely to engage in suchacts, from engaging in or continuing to engage in such acts.

3. If the Commissioner brings a civil action pursuantto subsection 2, the district court of any county of this state is herebyvested with the jurisdiction in equity to enjoin the conduct, the operation ofthe business or the commission of the violation and may grant any injunctionsthat are necessary to prevent and restrain the conduct, the operation of thebusiness or the commission of the violation. During the pendency of theproceedings before the district court:

(a) The court may issue any temporary restrainingorders as may appear to be just and proper;

(b) The findings of the Commissioner shall be deemed tobe prima facie evidence and sufficient grounds, in the discretion of the court,for the ex parte issuance of a temporary restraining order; and

(c) The Commissioner may apply for and on due showingis entitled to have issued the courts subpoena requiring forthwith theappearance of any person to:

(1) Produce any documents, books and records asmay appear necessary for the hearing of the petition; and

(2) Testify and give evidence concerning theconduct complained of in the petition.

(Added to NRS by 1999, 3755; A 2003, 3568)

NRS 645E.630 Authorityof Commissioner when unsafe condition or practice is suspected; seizure ofproperty and assets of mortgage banker; duties of Attorney General.

1. In addition to any other action that is permittedpursuant to this chapter, if the Commissioner has reasonable cause to believethat:

(a) The assets or capital of a mortgage banker areimpaired; or

(b) A mortgage banker is conducting business in anunsafe and injurious manner that may result in danger to the public,

theCommissioner may immediately take possession of all the property, business andassets of the mortgage banker that are located in this state and retainpossession of them pending further proceedings provided for in this chapter.

2. If the licensee, the board of directors or anyofficer or person in charge of the offices of the mortgage banker refuses to permitthe Commissioner to take possession of the property of the mortgage bankerpursuant to subsection 1:

(a) The Commissioner shall notify the Attorney General;and

(b) The Attorney General shall immediately bring suchproceedings as may be necessary to place the Commissioner in immediatepossession of the property of the mortgage banker.

3. If the Commissioner takes possession of theproperty of the mortgage banker, the Commissioner shall:

(a) Make or have made an inventory of the assets andknown liabilities of the mortgage banker; and

(b) File one copy of the inventory in his office andone copy in the office of the clerk of the district court of the county inwhich the principal office of the mortgage banker is located and shall mail onecopy to each stockholder, partner, officer, director or associate of themortgage banker at his last known address.

4. The clerk of the court with which the copy of theinventory is filed shall file it as any other case or proceeding pending in thecourt and shall give it a docket number.

(Added to NRS by 1999, 3756; A 2003, 3569)

NRS 645E.640 Personsentitled to correct unsafe conditions and practices; effect of failure tocorrect; receivership and liquidation of assets.

1. If the Commissioner takes possession of theproperty of a mortgage banker pursuant to NRS645E.630, the licensee, officers, directors, partners, associates orstockholders of the mortgage banker may, within 60 days after the date on whichthe Commissioner takes possession of the property, make good any deficit in theassets or capital of the mortgage banker or remedy any unsafe and injuriousconditions or practices of the mortgage banker.

2. At the expiration of the 60-day period, if thedeficiency in assets or capital has not been made good or the unsafe and injuriousconditions or practices remedied, the Commissioner may apply to the court to beappointed receiver and proceed to liquidate the assets of the mortgage bankerwhich are located in this state in the same manner as now provided by law forliquidation of a private corporation in receivership.

3. No other person may be appointed receiver by anycourt without first giving the Commissioner ample notice of his application.

4. The inventory made by the Commissioner and allclaims filed by creditors are open at all reasonable times for inspection, andany action taken by the receiver upon any of the claims is subject to theapproval of the court before which the cause is pending.

5. The expenses of the receiver and compensation ofcounsel, as well as all expenditures required in the liquidation proceedings,must be fixed by the Commissioner subject to the approval of the court and,upon certification of the Commissioner, must be paid out of the money in hishands as the receiver.

(Added to NRS by 1999, 3757; A 2003, 3569)

DISCIPLINARY ACTION

NRS 645E.670 Authorizeddisciplinary action; grounds for disciplinary action; orders imposingdiscipline deemed public records.

1. For each violation committed by an applicant,whether or not he is issued a license, the Commissioner may impose upon theapplicant an administrative fine of not more than $10,000, if the applicant:

(a) Has knowingly made or caused to be made to theCommissioner any false representation of material fact;

(b) Has suppressed or withheld from the Commissionerany information which the applicant possesses and which, if submitted by him,would have rendered the applicant ineligible to be licensed pursuant to theprovisions of this chapter; or

(c) Has violated any provision of this chapter, aregulation adopted pursuant to this chapter or an order of the Commissioner incompleting and filing his application for a license or during the course of theinvestigation of his application for a license.

2. For each violation committed by a licensee, theCommissioner may impose upon the licensee an administrative fine of not morethan $10,000, may suspend, revoke or place conditions upon his license, or maydo both, if the licensee, whether or not acting as such:

(a) Is insolvent;

(b) Is grossly negligent or incompetent in performingany act for which he is required to be licensed pursuant to the provisions ofthis chapter;

(c) Does not conduct his business in accordance withlaw or has violated any provision of this chapter, a regulation adoptedpursuant to this chapter or an order of the Commissioner;

(d) Is in such financial condition that he cannotcontinue in business with safety to his customers;

(e) Has made a material misrepresentation in connectionwith any transaction governed by this chapter;

(f) Has suppressed or withheld from a client anymaterial facts, data or other information relating to any transaction governedby the provisions of this chapter which the licensee knew or, by the exerciseof reasonable diligence, should have known;

(g) Has knowingly made or caused to be made to theCommissioner any false representation of material fact or has suppressed orwithheld from the Commissioner any information which the licensee possesses andwhich, if submitted by him, would have rendered the licensee ineligible to belicensed pursuant to the provisions of this chapter;

(h) Has failed to account to persons interested for allmoney received for a trust account;

(i) Has refused to permit an examination by theCommissioner of his books and affairs or has refused or failed, within areasonable time, to furnish any information or make any report that may berequired by the Commissioner pursuant to the provisions of this chapter or aregulation adopted pursuant to this chapter;

(j) Has been convicted of, or entered a plea of nolocontendere to, a felony relating to the practice of mortgage bankers or anycrime involving fraud, misrepresentation or moral turpitude;

(k) Has refused or failed to pay, within a reasonabletime, any fees, assessments, costs or expenses that the licensee is required topay pursuant to this chapter or a regulation adopted pursuant to this chapter;

(l) Has failed to pay a tax as required pursuant to theprovisions of chapter 363A of NRS;

(m) Has failed to satisfy a claim made by a clientwhich has been reduced to judgment;

(n) Has failed to account for or to remit any money ofa client within a reasonable time after a request for an accounting orremittal;

(o) Has commingled the money or other property of aclient with his own or has converted the money or property of others to his ownuse; or

(p) Has engaged in any other conduct constituting adeceitful, fraudulent or dishonest business practice.

3. An order that imposes discipline and the findingsof fact and conclusions of law supporting that order are public records.

(Added to NRS by 1999, 3757; A 2003, 2728, 3473; 2003, 20thSpecial Session, 223)

NRS 645E.680 Suspensionof license for failure to pay child support or comply with certain subpoenas orwarrants; reinstatement of license. [Expires by limitation 2 years after thedate of the repeal of the federal law requiring each state to establishprocedures for withholding, suspending and restricting the professional,occupational and recreational licenses for child support arrearages and fornoncompliance with certain processes relating to paternity or child supportproceedings.]

1. If the Commissioner receives a copy of a courtorder issued pursuant to NRS 425.540that provides for the suspension of all professional, occupational and recreationallicenses, certificates and permits issued to a person who is the holder of a licenseas a mortgage banker, the Commissioner shall deem the license issued to thatperson to be suspended at the end of the 30th day after the date on which thecourt order was issued unless the Commissioner receives a letter issued to theholder of the license by the district attorney or other public agency pursuantto NRS 425.550 stating that the holderof the license has complied with the subpoena or warrant or has satisfied thearrearage pursuant to NRS 425.560.

2. The Commissioner shall reinstate a license as amortgage banker that has been suspended by a district court pursuant to NRS 425.540 if the Commissioner receives aletter issued by the district attorney or other public agency pursuant to NRS 425.550 to the person whose license wassuspended stating that the person whose license was suspended has complied withthe subpoena or warrant or has satisfied the arrearage pursuant to NRS 425.560.

(Added to NRS by 1999, 3758; A 2003, 3570; 2005, 2810, 2817)

NRS 645E.710 Actor omission of partner, officer or director deemed act or omission ofpartnership, corporation or unincorporated association. If a person is a partnership, corporation orunincorporated association, the Commissioner may take any disciplinary actionset forth in this chapter against the person if any member of the partnershipor any officer or director of the corporation or unincorporated association hascommitted any act or omission that would be cause for taking such disciplinaryaction against a natural person.

(Added to NRS by 1999, 3759)

HEARINGS; APPEALS

NRS 645E.750 Dutyof Commissioner to provide written notice of disciplinary action or denial oflicense; right to administrative hearing; entry of final order; appeals.

1. If the Commissioner enters an order taking anydisciplinary action against a person or denying a persons application for alicense, the Commissioner shall cause a written notice of the order to beserved personally or sent by certified mail or telegram to the person.

2. Unless a hearing has already been conductedconcerning 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 dateof the initial order, the Commissioner shall enter a final order concerning thematter.

3. A person may appeal a final order of the Commissionerin accordance with the provisions of chapter233B of NRS that apply to a contested case.

(Added to NRS by 1999, 3759; A 2003, 985)

UNLAWFUL ACTS; PENALTIES

NRS 645E.900 Unlawfulto conduct business of mortgage banker without being licensed or exempt fromlicensing. It is unlawful for any person tooffer or provide any of the services of a mortgage banker or otherwise toengage in, carry on or hold himself out as engaging in or carrying on thebusiness of a mortgage banker without first obtaining a license as a mortgage bankerpursuant to this chapter, unless the person:

1. Is exempt from the provisions of this chapter; and

2. Complies with the requirements for that exemption.

(Added to NRS by 1999, 3759; A 2003, 3570)

NRS 645E.910 Unlawfulfor foreign corporation, association or business trust to conduct business ofmortgage banker without meeting certain requirements. Itis unlawful for any foreign corporation, association or business trust toconduct any business as a mortgage banker within this state, unless it:

1. Qualifies under chapter80 of NRS; and

2. Complies with the provisions of this chapter or, ifit claims an exemption from the provisions of this chapter, complies with therequirements for that exemption.

(Added to NRS by 1999, 3759; A 2003, 3570)

NRS 645E.950 Penaltiesfor general violations. Except as otherwise providedin NRS 645E.960, a person, or anygeneral partner, director, officer, agent or employee of a person, who violatesany provision of this chapter, a regulation adopted pursuant to this chapter oran order of the Commissioner is guilty of a misdemeanor.

(Added to NRS by 1999, 3759)

NRS 645E.960 Penaltiesfor violations relating to escrow or trust accounts. Aperson, or any general partner, director, officer, agent or employee of aperson, who violates any provision of NRS645E.420, 645E.430 or 645E.440 is guilty of:

1. A misdemeanor if the amount involved is less than$250;

2. A gross misdemeanor if the amount involved is $250or more but less than $1,000; or

3. A category D felony if the amount involved is$1,000 or more, and shall be punished as provided in NRS 193.130.

(Added to NRS by 1999, 3759)

 

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