2005 Nevada Revised Statutes - Chapter 645F — Mortgage Lending and Related Professions

CHAPTER 645F - MORTGAGE LENDING ANDRELATED PROFESSIONS

GENERAL PROVISIONS

NRS 645F.010 Definitions.

NRS 645F.020 Commissionerdefined.

NRS 645F.030 Divisiondefined.

NRS 645F.040 Escrowagency defined.

NRS 645F.050 Mortgagebanker defined.

NRS 645F.060 Mortgagebroker defined.

COMMISSIONER OF MORTGAGE LENDING

NRS 645F.150 Qualifications;restrictions on other employment or offices.

NRS 645F.160 Commissionerprohibited from having interest in regulated entity or engaging in business aspersonal loan broker.

NRS 645F.170 Oathof Commissioner.

NRS 645F.180 Appointmentof deputy commissioners and other employees; use of certified public accountantfor audits and examinations; assessments paid by regulated entities for auditsand examinations.

NRS 645F.190 Oathof deputy commissioners.

REGULATION AND SUPERVISION

NRS 645F.250 Commissionerand Division to administer chapters governing mortgage lending and relatedprofessions.

NRS 645F.260 StateBoard of Finance to act in advisory capacity.

NRS 645F.270 Fundfor Mortgage Lending: Creation; use; no reversion to State General Fund;administration; interest and income; payment of claims.

NRS 645F.280 Ratespaid by regulated entities for supervision and examination by Commissioner andDivision.

NRS 645F.290 Assessmentspaid by regulated entities for legal services provided by Attorney General toCommissioner and Division.

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GENERAL PROVISIONS

NRS 645F.010 Definitions. As used in this chapter, unless the context otherwiserequires, the words and terms defined in NRS645F.020 to 645F.060, inclusive,have the meanings ascribed to them in those sections.

(Added to NRS by 2003, 3537)

NRS 645F.020 Commissionerdefined. Commissioner means the Commissionerof Mortgage Lending.

(Added to NRS by 2003, 3537)

NRS 645F.030 Divisiondefined. Division means the Division of MortgageLending of the Department of Business and Industry.

(Added to NRS by 2003, 3537)

NRS 645F.040 Escrowagency defined. Escrow agency has the meaningascribed to it in NRS 645A.010.

(Added to NRS by 2003, 3537)

NRS 645F.050 Mortgagebanker defined. Mortgage banker has themeaning ascribed to it in NRS 645E.100.

(Added to NRS by 2003, 3537)

NRS 645F.060 Mortgagebroker defined. Mortgage broker has themeaning ascribed to it in NRS 645B.0127.

(Added to NRS by 2003, 3537)

COMMISSIONER OF MORTGAGE LENDING

NRS 645F.150 Qualifications;restrictions on other employment or offices. The Commissioner:

1. Must be a person who has had practical experiencein the financial services industry or the business of making loans secured byan interest in real property.

2. Except as otherwise provided in NRS 284.143, shall devote his entire timeand attention to the business of his office and shall not pursue any otherbusiness or occupation or hold any other office of profit.

(Added to NRS by 2003, 3537)

NRS 645F.160 Commissionerprohibited from having interest in regulated entity or engaging in business aspersonal loan broker. The Commissioner shallnot, either directly or indirectly, be interested in any escrow agency,mortgage broker or mortgage banker to which chapters645A, 645B and 645E of NRS apply, nor engage in business as apersonal loan broker.

(Added to NRS by 2003, 3538)

NRS 645F.170 Oathof Commissioner. After appointment and beforeentering upon the discharge of the duties of his office, the Commissioner shalltake and subscribe to an official oath.

(Added to NRS by 2003, 3538)

NRS 645F.180 Appointmentof deputy commissioners and other employees; use of certified public accountantfor audits and examinations; assessments paid by regulated entities for auditsand examinations.

1. The Commissioner may appoint deputy commissionersof mortgage lending, examiners, assistants, clerks, stenographers and otheremployees necessary to assist him in the performance of his duties pursuant tothis chapter, chapters 645A, 645B and 645Eof NRS or any other law. These employees shall perform such duties as areassigned to them by the Commissioner.

2. The Commissioner may employ or contract with acertified public accountant to review and conduct independent audits andexaminations of escrow agencies, mortgage brokers and mortgage bankers. TheCommissioner shall levy an assessment upon each licensed escrow agency,mortgage broker and mortgage banker to cover all the costs related to theemployment of or the contract with the certified public accountant and theperformance of the audits and examinations.

3. Assessments collected by the Commissioner pursuantto subsection 2 must be deposited in the State Treasury for deposit to the Fundfor Mortgage Lending created by NRS645F.270 and accounted for separately. The Commissioner shall use the moneyfor the purposes specified in subsection 2.

(Added to NRS by 2003, 3538)

NRS 645F.190 Oathof deputy commissioners. Each deputycommissioner of mortgage lending shall, before entering upon the discharge ofhis duties, take and subscribe to the constitutional oath of office.

(Added to NRS by 2003, 3538)

REGULATION AND SUPERVISION

NRS 645F.250 Commissionerand Division to administer chapters governing mortgage lending and relatedprofessions. The Commissioner and the Divisionshall administer the provisions of this chapter and chapters 645A, 645Band 645E of NRS, subject to administrativesupervision by the Director of the Department of Business and Industry.

(Added to NRS by 2003, 3537)

NRS 645F.260 StateBoard of Finance to act in advisory capacity. TheState Board of Finance shall act in an advisory capacity to the Division in theadministration of this chapter and chapters 645A,645B and 645Eof NRS.

(Added to NRS by 2003, 3538)

NRS 645F.270 Fundfor Mortgage Lending: Creation; use; no reversion to State General Fund;administration; interest and income; payment of claims.

1. The Fund for Mortgage Lending is hereby created inthe State Treasury as a special revenue fund.

2. Except as otherwise provided by law, any moneycollected by the Commissioner or Division pursuant to law:

(a) Must be deposited in the Fund for Mortgage Lending;and

(b) May only be used to:

(1) Carry out the programs and laws administeredby the Commissioner and the Division; and

(2) Pay the expenses related to the operationsof the Commissioner and the Division.

3. Except as otherwise provided by law, any money thatremains in the Fund for Mortgage Lending at the end of the fiscal year does notrevert to the State General Fund, and the balance of the Fund for MortgageLending must be carried forward to the next fiscal year.

4. The Commissioner shall administer the Fund forMortgage Lending. Any interest or income earned on the money in the Fund mustbe credited to the Fund after deducting any applicable charges. Any claimsagainst the Fund must be paid as other claims against the State are paid.

(Added to NRS by 2003, 3539)

NRS 645F.280 Ratespaid by regulated entities for supervision and examination by Commissioner andDivision.

1. The Commissioner shall establish by regulationrates to be paid by escrow agencies, mortgage agents, mortgage brokers and mortgagebankers for supervision and examinations by the Commissioner or the Division.

2. In establishing a rate pursuant to subsection 1,the Commissioner shall consider:

(a) The complexity of the various examinations to whichthe rate applies;

(b) The skill required to conduct the examinations;

(c) The expenses associated with conducting theexamination and preparing a report; and

(d) Any other factors the Commissioner deems relevant.

(Added to NRS by 2003, 3538)

NRS 645F.290 Assessmentspaid by regulated entities for legal services provided by Attorney General toCommissioner and Division.

1. The Commissioner shall collect an assessmentpursuant to this section from each:

(a) Escrow agency that is supervised pursuant to chapter 645A of NRS;

(b) Mortgage broker that is supervised pursuant to chapter 645B of NRS; and

(c) Mortgage banker that is supervised pursuant to chapter 645E of NRS.

2. The Commissioner shall determine the total amountof all assessments to be collected from the entities identified in subsection1, but that amount must not exceed the amount necessary to recover the cost oflegal services provided by the Attorney General to the Commissioner and to theDivision. The total amount of all assessments collected must be reduced by anyamounts collected by the Commissioner from an entity for the recovery of thecosts of legal services provided by the Attorney General in a specific case.

3. The Commissioner shall collect from each entityidentified in subsection 1 an assessment that is based on:

(a) An equal basis; or

(b) Any other reasonable basis adopted by theCommissioner.

4. The assessment required by this section is inaddition to any other assessment, fee or cost required by law to be paid by anentity identified in subsection 1.

5. Money collected by the Commissioner pursuant tothis section must be deposited in the Fund for Mortgage Lending created by NRS 645F.270.

(Added to NRS by 2003, 3538; A 2003, 20thSpecial Session, 258)