NRS 692A.103 Licensingof escrow officers: Application; qualifications; term; renewal; regulations.[Effective until the date of the repeal of the federal law requiring each stateto establish procedures for withholding, suspending and restricting theprofessional, occupational and recreational licenses for child support arrearagesand for noncompliance with certain processes relating to paternity or childsupport proceedings.]

NRS 692A.103 Licensingof escrow officers: Application; qualifications; term; renewal; regulations.[Effective on the date of the repeal of the federal law requiring each state toestablish procedures for withholding, suspending and restricting theprofessional, occupational and recreational licenses for child support arrearagesand for noncompliance with certain processes relating to paternity or childsupport proceedings.]

NRS 692A.1033 Paymentof child support: Statement by applicant for license as title agent or escrowofficer; grounds for denial of license; duty of Commissioner. [Expires bylimitation on the date of the repeal of the federal law requiring each state toestablish procedures for withholding, suspending and restricting theprofessional, occupational and recreational licenses for child supportarrearages and for noncompliance with certain processes relating to paternityor child support proceedings.]

NRS 692A.1035 Suspensionof license for failure to pay child support or comply with certain subpoenas orwarrants; reinstatement of license. [Expires by limitation on 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 692A.1037 Applicationfor issuance of license as title agent or escrow officer must include socialsecurity number. [Expires by limitation on the date of the repeal of thefederal 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 692A.104 Feefor issuance or renewal of license as title agent or escrow officer.

SURETY BONDS

NRS 692A.1041 Dutyof title agent and insurer to deposit surety bond with Commissioner; titleagency, title insurer and escrow agents required to be named as principals onbond; form and amount of bond.

NRS 692A.1042 Titleagent or insurer authorized to deposit substitute form of security in lieu ofsurety bond; amount deposited required to be equal amount of bond; interest ordividends accrue to depositor.

NRS 692A.1043 Cancellationof bond: Notices required; revocation of license unless equivalent bond orsubstitute form of security furnished.

NRS 692A.1044 Actionon bond: Procedure; limitation on time; duties of Commissioner; preliminarypayment by surety; action for interpleader; payment.

SUPERVISION; DISCIPLINARY ACTION

NRS 692A.1045 Titleinsurers and title agents: Fees for supervision and examination byCommissioner; standards for determining adequate supervision of title agentsand escrow officers.

NRS 692A.105 Disciplinaryaction against title agent or escrow officer or refusal to license.

NRS 692A.107 Disciplinaryaction against title insurer or refusal to license.

NRS 692A.108 Powersof Commissioner when capital of title agent impaired or title agents affairsare in unsafe condition.

NRS 692A.109 Receivership.

NRS 692A.110 Titleinsurers: Authorized activities; prohibited activity; certification andsupervision of title agents and escrow officers.

NRS 692A.113 Notificationof change of name or location of business; reissuance of license to escrowofficer who transfers association; penalties.

NRS 692A.117 Confidentialrecords.

NRS 692A.120 Rateschedules, schedules of charges and forms: Filing; approval by Commissioner.

NRS 692A.130 Publication,contents and filing of schedule of fees and charges; rating organizations;joint underwriting and reinsurance.

NRS 692A.140 Scheduleof fees and charges: Printing; display; copies; changes and amendments;retention; inspection.

RESERVES, RISKS & PREMIUMS

NRS 692A.150 Reserveagainst unpaid losses and loss expenses.

NRS 692A.160 Unearnedpremium reserve.

NRS 692A.170 Foreignor alien title insurers to maintain same reserves required of domesticinsurers.

NRS 692A.180 Limitationon net retained liability for single risk; waiver of limitation byCommissioner.

NRS 692A.190 Whenpremiums and charges from personal and controlled insurance constitute unlawfulrebates.

NRS 692A.200 Divisionof rates and charges.

MISCELLANEOUS

NRS 692A.210 Waiverof right to purchase owners title insurance upon issuance of policy tomortgagee; form of notice and waiver.

NRS 692A.220 Searchand examination of title required; retention of records.

NRS 692A.230 Titleplant companies.

NRS 692A.240 Licenseas title insurer, title agent, escrow officer, escrow agent or escrow agencyrequired to engage in business of administering escrows.

NRS 692A.250 Moneydeposited in escrow: Exemption from execution; designation; permissibledepository; Commissioner to define commingling.

NRS 692A.260 Recordsof escrow transactions and financial condition; making and filing of statementof business.

NRS 692A.265 Titleinsurer, title agent or escrow officer prohibited from handling certain matterswhen intermediary involved is not registered; Real Estate Division to publishlist of registered intermediaries.

NRS 692A.270 Applicabilityof other provisions to title insurers, title agents and escrow officers.

_________

GENERAL PROVISIONS

NRS 692A.011 Definitions. As used in this chapter, unless the context otherwiserequires, the words and terms defined in NRS692A.015 to 692A.080, inclusive,have the meanings ascribed to them in those sections.

(Added to NRS by 1977, 977; A 1985, 1826; 1993, 2334)

NRS 692A.015 Abstractof title defined. Abstract of title meansany written representation listing all recorded conveyances, instruments anddocuments which, under the laws of this State, impart constructive notice withrespect to the chain of title of the real property described therein. The termdoes not include a binder, commitment to insure or preliminary report of title.

(Added to NRS by 1993, 2333)

NRS 692A.021 Applicantdefined. Applicant means a person, whetheror not a prospective insured, who applies to a title insurer or its agent fortitle insurance and who, at the time of the application, is not an agent for atitle insurer.

(Added to NRS by 1977, 977)

NRS 692A.022 Businessof title insurance and title insurance business defined. Business of title insurance or title insurancebusiness includes:

1. The issuance of or proposal to issue any policy oftitle insurance as an insurer, guarantor or indemnitor;

2. The solicitation, negotiation or execution of apolicy of title insurance, or the performance of any related services arisingout of the execution of a policy of title insurance, excluding reinsurance;

3. The performance by a title insurer, a title agentor an escrow agency owned, in whole or in part, by a title insurer or titleagent, of any service in conjunction with the issuance or contemplated issuanceof a policy of title insurance, including, but not limited to, the handling ofany escrow, settlement or closing in connection therewith, or doing orproposing to do any business which is in substance the equivalent of theservices described in this subsection; and

4. The act of a title insurer whereby he provides aprospective purchaser of a policy of title insurance with a closing letterwhich assures and assumes liability for the proper performance of any servicesrequired to conduct a real estate closing performed by a title agent with whichthe insurer maintains an underwriting agreement.

(Added to NRS by 1993, 2333)

NRS 692A.023 Commitmentto insure and preliminary report of title defined. Commitmentto insure or preliminary report of title means a report furnished inconnection with an application for title insurance which constitutes an offerto issue a policy of title insurance subject to the terms, conditions and exceptionsstated in the report, but which does not constitute a representation as to thecondition of the title to real property. The term does not include an abstractof title.

(Added to NRS by 1993, 2334)

NRS 692A.024 Escrowdefined. Escrow means any transactionwherein one person, for the purpose of effecting the sale, transfer,encumbering or leasing of real or personal property to another person, deliversany written instrument, money, evidence of title to real or personal property,or other thing of value to a third person until the happening of a specifiedevent or the performance of a prescribed condition, when it is then to bedelivered by the third person to a grantee, grantor, promisee, promisor,obligee, obligor, bailee, bailor or any agent or employee of any of them. Theterm includes the collection of payments and the performance of relatedservices by a third person in connection with a loan secured by a lien on realproperty.

(Added to NRS by 1985, 1822; A 1991, 1857)

NRS 692A.028 Escrowofficer defined. Escrow officer means aperson employed by a title insurer or title agent to handle escrows,settlements and closings.

(Added to NRS by 1985, 1822)

NRS 692A.031 Netretained liability defined. Net retainedliability means the total liability retained by a title insurer for a singlerisk after the ceding of reinsurance.

(Added to NRS by 1977, 977)

NRS 692A.035 Policyof title insurance and title policy defined. Policyof title insurance or title policy means a written instrument or contract bywhich title insurance liability is assumed. The term does not include anabstract of title, binder, commitment to insure or preliminary report of title.

(Added to NRS by 1993, 2334)

NRS 692A.041 Premiumdefined.

1. Premium means charges for:

(a) Assuming a risk;

(b) Abstracting, searching and examining title todetermine insurability; and

2. Premium does not include charges for:

(a) Escrow;

(b) Settlement or closing; or

(Added to NRS by 1977, 977)

NRS 692A.050 Singlerisk defined. Single risk means the insuredamount of any policy or contract of title insurance issued by a title insurerunless two or more policies or contracts are simultaneously issued on differentestates in identical real property, in which event it means the sum of the insuredamounts of all such policies or contracts. Any policy or contract which insuresa mortgage interest that is excepted in a fee or leasehold policy or contract,and which does not exceed the insured amount of the fee or leasehold policy orcontract, shall be excluded in computing the amount of a single insurance risk.

(Added to NRS by 1977, 978)

NRS 692A.060 Titleagent defined. Title agent is a person,firm or corporation appointed by a title insurer to solicit applications forinsurance or to negotiate for title insurance contracts on its behalf, and ifauthorized to do so by the insurer, to prepare and countersign title insurancepolicies and contracts.

(Added to NRS by 1977, 978)

NRS 692A.070 Titleinsurer defined. Title insurer means acompany organized under the laws of this state for the purpose of transactingas insurer the business of title insurance and any foreign or alien companylicensed to transact business as an insurer engaged in title insurance.

(Added to NRS by 1977, 978)

NRS 692A.080 Titleplant company defined. Title plant companymeans a person engaged in the business of preparing title searches, titleexaminations and certificates or abstracts of title which are the basis of theissuance of title policies by a title insurer.

(Added to NRS by 1977, 978)

NRS 692A.090 Regulations. The Commissioner may adopt regulations for theadministration of this chapter.

(Added to NRS by 1977, 978)

LICENSES

NRS 692A.100 Licensingof title agents, title insurers and escrow officers; maintenance andexamination of records; separation of money held in escrow.

1. The Commissioner shall provide by regulation forthe licensing of title agents, their branch offices, direct writing titleinsurers and escrow officers.

2. Each title agent shall maintain his books ofaccount and record and his vouchers pertaining to title insurance business in amanner which permits the Commissioner or his representative to ascertainreadily whether the agent has complied with the provisions of this chapter.

3. A title agent or escrow officer may engage in thebusiness of handling escrows, settlements and closings if he maintains aseparate record of all receipts and disbursements of money held in escrow anddoes not commingle that money with his own.

4. For the purpose of determining its financialcondition, fulfillment of its contractual obligations and compliance with law,the Commissioner or his representative or the Commissioner of FinancialInstitutions of the Department of Business and Industry or his representativewhen requested by the Commissioner of Insurance shall each year examine orcause to be examined the affairs, transactions, agreements, assets, records andaccounts, including the escrow accounts, of a title agent, title insurer orescrow officer.

5. A title agent or insurer may engage a certifiedpublic accountant to perform such an examination in lieu of the Commissioner.In such a case, the examination must be equivalent to the type of examinationmade by the Commissioner and the expense must be borne by the title agent orinsurer being examined.

6. The Commissioner shall determine whether anexamination performed by an accountant pursuant to subsection 5 is equivalentto an examination conducted by him. The Commissioner may examine any area ofthe operation of a title agent or insurer if the Commissioner determines thatthe examination of that area is not equivalent to an examination conducted byhim.

7. A person shall not become licensed to circumventthe provisions of this chapter or any other law of this state.

(Added to NRS by 1977, 978; A 1985, 1826; 1991, 1857;1993, 1920, 2334; 1995, 696)

NRS 692A.103 Licensingof escrow officers: Application; qualifications; term; renewal; regulations.[Effective until the date of the repeal of the federal law requiring each stateto establish procedures for withholding, suspending and restricting theprofessional, occupational and recreational licenses for child supportarrearages and for noncompliance with certain processes relating to paternityor child support proceedings.]

1. A person who wishes to obtain a license as anescrow officer must:

(a) File a written application in the Office of theCommissioner;

(b) Except as otherwise provided in subsection 3,demonstrate competency in matters relating to escrows by:

(1) Having at least 1 year of recent experiencewith respect to escrows of a sufficient nature to allow him to fulfill theresponsibilities of an escrow officer; or

(2) Passing a written examination concerningescrows as prescribed by the Commissioner;

(d) Submit the statement required pursuant to NRS 692A.1033; and

(e) Pay the fees required by NRS 680B.010.

2. The Commissioner shall issue a license as an escrowofficer to any person who satisfies the requirements of subsection 1.

3. The Commissioner may waive the requirements ofparagraph (b) of subsection 1 if the applicant submits with his applicationsatisfactory proof that he, in good standing, currently holds a license, orheld a license within 1 year before the date he submits his application, whichwas issued pursuant to the provisions of NRS645A.020.

4. A license issued pursuant to this chapter continuesin force for 3 years unless it is suspended, revoked or otherwise terminated.The license may be renewed upon submission of the statement required pursuantto NRS 692A.1033 and payment of theapplicable fee for renewal to the Commissioner on or before the last day of themonth in which the license is renewable.

5. A license which is not renewed expires at midnighton the last day specified for its renewal. The Commissioner may accept arequest for renewal received by him within 30 days after the expiration of thelicense if the request is accompanied by the statement required pursuant to NRS 692A.1033 and a fee for renewal of150 percent of the fee otherwise required.

6. The Commissioner shall adopt regulations to carryout the provisions of this section.

(Added to NRS by 1985, 1822; A 1987, 465; 1995, 1006;1997, 2201)

NRS 692A.103 Licensing of escrow officers:Application; qualifications; term; renewal; regulations. [Effective on the dateof the repeal of the federal law requiring each state to establish proceduresfor withholding, 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. A person who wishes to obtain a license as anescrow officer must:

(a) File a written application in the Office of theCommissioner;

(b) Except as otherwise provided in subsection 3,demonstrate competency in matters relating to escrows by:

(1) Having at least 1 year of recent experiencewith respect to escrows of a sufficient nature to allow him to fulfill theresponsibilities of an escrow officer; or

(2) Passing a written examination concerningescrows as prescribed by the Commissioner;

(d) Pay the fees required by NRS 680B.010.

2. The Commissioner shall issue a license as an escrowofficer to any person who satisfies the requirements of subsection 1.

4. A license issued pursuant to this chapter continuesin force for 3 years unless it is suspended, revoked or otherwise terminated.The license may be renewed by payment of the applicable fee for renewal to theCommissioner on or before the last day of the month in which the license isrenewable.

5. A license which is not renewed expires at midnighton the last day specified for its renewal. The Commissioner may accept arequest for renewal received by him within 30 days after the expiration of thelicense if the request is accompanied by a fee for renewal of 150 percent ofthe fee otherwise required.

6. The Commissioner shall adopt regulations to carryout the provisions of this section.

(Added to NRS by 1985, 1822; A 1987, 465; 1995, 1006;1997, 2201, 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)

1. An applicant for the issuance or renewal of alicense as a title agent or escrow officer 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. A license as a title agent or escrow officer maynot be issued or renewed by the Commissioner if the applicant:

(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 1997, 2200)

NRS 692A.1035 Suspensionof license for failure to pay child support or comply with certain subpoenas orwarrants; reinstatement of license. [Expires by limitation on 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. 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 title agent or escrow officer, the Commissioner shall deem the licenseissued to that person to be suspended at the end of the 30th day after the dateon which the court order was issued unless the Commissioner receives a letterissued to the holder of the license by the district attorney or other publicagency pursuant to NRS 425.550 statingthat the holder of the license has complied with the subpoena or warrant or hassatisfied the arrearage pursuant to NRS425.560.

2. The Commissioner shall reinstate a license as atitle agent or escrow officer that has been suspended by a district courtpursuant to NRS 425.540 if the Commissionerreceives a letter issued by the district attorney or other public agencypursuant to NRS 425.550 to the personwhose license was suspended stating that the person whose license was suspendedhas complied with the subpoena or warrant or has satisfied the arrearagepursuant to NRS 425.560.

(Added to NRS by 1997, 2201)

NRS 692A.104 Feefor issuance or renewal of license as title agent or escrow officer. Before the issuance or renewal of a license as a titleagent or escrow officer the applicant must pay a fee established by theCommissioner of not more than $15 for deposit in the insurance recovery accountcreated by NRS 679B.305.

(Added to NRS by 1987, 465; A 1995, 1103; 2005, 2147)

SURETY BONDS

NRS 692A.1041 Dutyof title agent and insurer to deposit surety bond with Commissioner; titleagency, title insurer and escrow agents required to be named as principals onbond; form and amount of bond.

1. In addition to all other requirements set forth inthis title and except as otherwise provided in subsection 4 and NRS 692A.1042, as a condition to doingbusiness in this state, each title agent and title insurer shall deposit withthe Commissioner and keep in full force and effect a corporate surety bondpayable to the State of Nevada, in the amount set forth in subsection 3, whichis executed by a corporate surety satisfactory to the Commissioner and whichnames as principals the title agency or title insurer and all escrow officersemployed by or associated with the title agent or title insurer.

2. The bond must be in substantially the followingform:

Know All Men by These Presents, that........................, as principal, and ........................, assurety, are held and firmly bound unto the State of Nevada for the use andbenefit of any person who suffers damages because of a violation of any of theprovisions of chapter 692A of NRS, in thesum of ............, lawful money of the United States, to be paid to the Stateof Nevada for such use and benefit, for which payment well and truly to bemade, and that we bind ourselves, our heirs, executors, administrators,successors and assigns, jointly and severally, firmly by these presents.

The condition of that obligation is such that: Whereas,the Commissioner of Insurance of the Department of Business and Industry of theState of Nevada has issued the principal a license or certificate of authorityas a title agent or title insurer, and the principal is required to furnish abond, which is conditioned as set forth in this bond:

Now, therefore, if the principal, his agents andemployees, strictly, honestly and faithfully comply with the provisions of chapter 692A of NRS, and pay all damagessuffered by any person because of a violation of any of the provisions of chapter 692A of NRS, or by reason of any fraud,dishonesty, misrepresentation or concealment of material facts growing out ofany transaction governed by the provisions of chapter692A of NRS, then this obligation is void; otherwise it remains in fullforce.

This bond becomes effective on the ..........(day) of................(month) of ......(year), and remains in force until the suretyis released from liability by the Commissioner of Insurance or until this bondis cancelled by the surety. The surety may cancel this bond and be relieved offurther liability hereunder by giving 60 days written notice to the principaland to the Commissioner of Insurance of the Department of Business and Industryof the State of Nevada.

In Witness Whereof, the seal and signature of theprincipal hereto is affixed, and the corporate seal and the name of the suretyhereto is affixed and attested by its authorized officers at........................, Nevada, this ................(day) of ................(month)of ......(year).

......................................................... (Seal)

Principal

......................................................... (Seal)

Surety

By..................................................

Attorney-in-fact

.......................................................

Licensedresident agent

3. Each title agent and title insurer shall deposit acorporate surety bond that complies with the provisions of this section or asubstitute form of security that complies with the provisions of NRS 692A.1042 in an amount that:

(a) Is not less than $20,000 or 2 percent of theaverage collected balance of the trust account or escrow account maintained bythe title agent or title insurer pursuant to NRS 692A.250, whichever is greater; and

(b) Is not more than $250,000.

TheCommissioner shall determine the appropriate amount of the surety bond orsubstitute form of security that must be deposited initially by the title agentor title insurer based upon the expected average collected balance of the trustaccount or escrow account maintained by the title agent or title insurerpursuant to NRS 692A.250. After theinitial deposit, the Commissioner shall, on an annual basis, determine theappropriate amount of the surety bond or substitute form of security that mustbe deposited by the title agent or title insurer based upon the averagecollected balance of the trust account or escrow account maintained by thetitle agent or title insurer pursuant to NRS692A.250.

4. A title agent or title insurer may offset or reducethe amount of the surety bond or substitute form of security that the titleagent or title insurer is required to deposit pursuant to subsection 3 by theamount of any of the following:

(a) Cash or securities deposited with the Commissionerin this state pursuant to NRS 680A.140or 682B.015.

(b) Reserves against unpaid losses and loss expensesmaintained pursuant to NRS 692A.150 or692A.170.

(d) Fidelity bonds maintained by the title agent ortitle insurer.

(e) Other bonds or policies of insurance maintained bythe title agent or title insurer covering liability for economic losses tocustomers caused by the title agent or title insurer.

(Added to NRS by 1999, 3811)

1. As a substitute for the surety bond required by NRS 692A.1041, a title agent or titleinsurer may, in accordance with the provisions of this section, deposit withany bank or trust company authorized to do business in this state, in a formapproved by the Commissioner:

(a) An obligation of a bank, savings and loanassociation, thrift company or credit union licensed to do business in thisstate;

(b) Bills, bonds, notes, debentures or otherobligations of the United States or any agency or instrumentality thereof, orguaranteed by the United States; or

(c) Any obligation of this state or any city, county,town, township, school district or other instrumentality of this state, orguaranteed by this state.

2. The obligations of a bank, savings and loanassociation, thrift company or credit union must be held to secure the sameobligation as would the surety bond. With the approval of the Commissioner, thedepositor may substitute other suitable obligations for those deposited whichmust be assigned to the State of Nevada and are negotiable only upon approvalby the Commissioner.

3. Any interest or dividends earned on the depositaccrue to the account of the depositor.

4. The deposit must be in an amount at least equal tothe required surety bond and must state that the amount may not be withdrawnexcept by direct and sole order of the Commissioner. The value of any itemdeposited pursuant to this section must be based upon principal amount ormarket value, whichever is lower.

(Added to NRS by 1999, 3813)

NRS 692A.1043 Cancellationof bond: Notices required; revocation of license unless equivalent bond orsubstitute form of security furnished.

1. The surety may cancel a bond upon giving 60 daysnotice to the Commissioner by certified mail. Upon receipt by the Commissionerof such a notice, the Commissioner immediately shall notify the title agent ortitle insurer who is the principal on the bond of the effective date ofcancellation of the bond, and that his license or certificate of authority willbe revoked unless he furnishes an equivalent bond or a substitute form ofsecurity authorized by NRS 692A.1042before the effective date of the cancellation. The notice must be sent to thetitle agent or title insurer by certified mail to his last address of recordfiled in the office of the Division.

2. If the title agent or title insurer does not complywith the requirements set out in the notice from the Commissioner, his licenseor certificate of authority must be revoked on the date the bond is cancelled.

(Added to NRS by 1999, 3813)

NRS 692A.1044 Actionon bond: Procedure; limitation on time; duties of Commissioner; preliminarypayment by surety; action for interpleader; payment.

1. Any person claiming against a bond may bring anaction in a court of competent jurisdiction on the bond for damages to theextent covered by the bond. A person who brings an action on a bond shallnotify the Commissioner in writing upon filing the action. An action may not becommenced after the expiration of 3 years following the commission of the acton which the action is based.

2. Upon receiving a request from a person for whosebenefit a bond is required, the Commissioner shall notify him:

(a) That a bond is in effect and the amount of thebond; and

(b) If there is an action against the bond, the title,court and case number of the action and the amount sought by the plaintiff.

3. If a surety wishes to make payment without awaitingaction by a court, the amount of the bond must be reduced to the extent of anypayment made by the surety in good faith under the bond. Any payment must bebased on written claims received by the surety before any action is taken by acourt.

4. The surety may bring an action for interpleaderagainst all claimants upon the bond. If it does so, it shall publish notice ofthe action at least once each week for 2 weeks in every issue of a newspaper ofgeneral circulation in the county where the title agent or title insurer hasits principal place of business. The surety may deduct its costs of the action,including attorneys fees and publication, from its liability under the bond.

5. Claims against a bond have equal priority, and ifthe bond is insufficient to pay all claims in full, they must be paid on a prorata basis. Partial payment of claims is not full payment, and any claimant maybring an action against the title agent or title insurer for the unpaidbalance.

(Added to NRS by 1999, 3813)

SUPERVISION; DISCIPLINARY ACTION

NRS 692A.1045 Titleinsurers and title agents: Fees for supervision and examination byCommissioner; standards for determining adequate supervision of title agentsand escrow officers.

1. The Commissioner shall establish by regulation thefees to be paid by title agents and title insurers for their supervision andexamination by the Commissioner or his representative.

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

(a) The complexity of the various examinations to whichthe fees apply;

(b) The skill required to conduct such examinations;

(d) Any other factors the Commissioner deems relevant.

3. The Commissioner shall, with the approval of theCommissioner of Financial Institutions, adopt regulations prescribing thestandards for determining whether a title insurer or title agent has maintainedadequate supervision of a title agent or escrow officer pursuant to theprovisions of this chapter.

(Added to NRS by 1991, 1855; A 1993, 580; 2001, 2228)

NRS 692A.105 Disciplinaryaction against title agent or escrow officer or refusal to license.

1. The Commissioner may refuse to license any titleagent or escrow officer or may suspend or revoke any license or impose a fineof not more than $500 for each violation by entering an order to that effect,with his findings in respect thereto, if upon a hearing, it is determined thatthe applicant or licensee:

(a) In the case of a title agent, is insolvent or insuch a financial condition that he cannot continue in business with safety tohis customers;

(b) Has violated any provision of this chapter or anyregulation adopted pursuant thereto or has aided and abetted another to do so;

(d) Has intentionally or knowingly made anymisrepresentation or false statement to, or concealed any essential or materialfact known to him from, any principal or designated agent of the principal inthe course of the escrow business;

(e) Has intentionally or knowingly made or caused to bemade to the Commissioner any false representation of a material fact or hassuppressed or withheld from him any information which the applicant or licenseepossesses;

(f) Has failed without reasonable cause to furnish tothe parties of an escrow their respective statements of the settlement within areasonable time after the close of escrow;

(g) Has failed without reasonable cause to deliver,within a reasonable time after the close of escrow, to the respective partiesof an escrow transaction any money, documents or other properties held inescrow in violation of the provisions of the escrow instructions;

(h) 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;

(i) Has been convicted of a felony relating to thepractice of title agents or any misdemeanor of which an essential element isfraud;

(j) In the case of a title agent, has failed tomaintain complete and accurate records of all transactions within the last 7years;

(k) Has commingled the money of other persons with hisown or converted the money of other persons to his own use;

(l) Has failed, before the close of escrow, to obtainwritten instructions concerning any essential or material fact or intentionallyfailed to follow the written instructions which have been agreed upon by theparties and accepted by the holder of the escrow;

(m) Has failed to disclose in writing that he is actingin the dual capacity of escrow agent or agency and undisclosed principal in anytransaction;

(n) In the case of an escrow officer, has beenconvicted of, or entered a plea of guilty or nolo contendere to, any crimeinvolving moral turpitude; or

(o) Has failed to obtain and maintain a copy of theexecuted agreement or contract that establishes the conditions for the sale ofreal property.

2. It is sufficient cause for the imposition of a fineor the refusal, suspension or revocation of the license of a partnership,corporation or any other association if any member of the partnership or anyofficer or director of the corporation or association has been guilty of anyact or omission directly arising from the business activities of a title agentwhich would be cause for such action had the applicant or licensee been anatural person.

3. The Commissioner may suspend or revoke the licenseof a title agent, or impose a fine, if the Commissioner finds that the titleagent:

(a) Failed to maintain adequate supervision of anescrow officer title agent he has appointed or employed.

(b) Instructed an escrow officer to commit an act whichwould be cause for the revocation of the escrow officers license and theescrow officer committed the act. An escrow officer is not subject todisciplinary action for committing such an act under instruction by the titleagent.

4. The Commissioner may refuse to issue a license toany person who, within 10 years before the date of applying for a currentlicense, has had suspended or revoked a license issued pursuant to this chapteror a comparable license issued by any other state, district or territory of theUnited States or any foreign country.

(Added to NRS by 1985, 1822; A 1991, 1857; 1997,3034; 1999, 2815;2003, 2733)

NRS 692A.107 Disciplinaryaction against title insurer or refusal to license.

1. In addition to the grounds provided in NRS 680A.200 for insurers generally, theCommissioner may refuse to license any title insurer or may suspend any licenseor impose a fine of not more than $500 for each violation by entering an orderto that effect, with his findings in respect thereto, if upon a hearing, it isdetermined that the applicant or licensee:

(a) Has committed fraud in connection with anytransaction governed by this chapter;

(b) Has failed without reasonable cause to furnish tothe parties of an escrow their respective statements of the settlement within areasonable time after the close of escrow;

(c) Has failed without reasonable cause to deliver,within a reasonable time after the close of escrow, to the respective partiesof an escrow transaction any money, documents or other properties held inescrow in violation of the provisions of the escrow instructions;

(d) Has commingled the money of others with his own orconverted the money of others to his own use;

(e) Has failed, before the close of escrow, to obtainwritten instructions concerning any essential or material fact or intentionallyfailed to follow the written instructions which have been agreed upon by theparties and accepted by the holder of the escrow;

(f) Has failed to disclose in writing that he is actingin the dual capacity of escrow agent or agency and undisclosed principal in anyescrow transaction; or

(g) Has failed to maintain adequate supervision of anescrow officer or title agent whom he has certified pursuant to subsection 3 ofNRS 692A.110.

2. The Commissioner may refuse to issue a license toany person who, within 10 years before the date of applying for a currentlicense, has had suspended or revoked a license issued pursuant to this chapteror a comparable license issued by any other state, district or territory of theUnited States or any foreign country.

(Added to NRS by 1985, 1824; A 1991, 1859)

NRS 692A.108 Powersof Commissioner when capital of title agent impaired or title agents affairsare in unsafe condition.

1. If the Commissioner ascertains that the assets orcapital of any title agent are impaired or that a title agents affairs are inan unsafe condition, he may immediately take possession of all the property,business and assets of the title agent which are located in this state andretain possession of them pending further proceedings provided for in thischapter.

2. If the board of directors or any officer or personin charge of the offices of such a title agent refuses to permit theCommissioner to take possession of the property, the Commissioner shallcommunicate that fact to the Attorney General. Thereupon the Attorney Generalshall immediately institute such proceedings as may be necessary to place theCommissioner in immediate possession of the property of the title agent. TheCommissioner thereupon shall make or cause to be made an inventory of theassets and known liabilities of the title agent.

3. The Commissioner shall file one copy of theinventory in his office and one copy in the office of the clerk of the districtcourt of the county in which the principal office of the title agent is locatedand shall mail one copy to each stockholder, partner, officer or associate ofthe agent 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 1991, 1856)

NRS 692A.109 Receivership.

1. The officers, directors, partners, associates orstockholders of the title agent may, within 60 days after the date theCommissioner takes possession of the property, business and assets, make goodany deficit which may exist or remedy the unsafe condition of its affairs.

2. At the expiration of such time, if the deficiencyin assets or capital has not been made good or the unsafe condition remedied,the Commissioner may apply to the court to be appointed receiver and proceed toliquidate the assets of the title agent which are located in this state in thesame manner as now provided by law for liquidation of a private corporation inreceivership.

3. No other person may be appointed receiver by anycourt without first giving the Commissioner reasonable notice of hisapplication.

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 that hepossesses as receiver.

(Added to NRS by 1991, 1856)

NRS 692A.110 Titleinsurers: Authorized activities; prohibited activity; certification andsupervision of title agents and escrow officers.

1. Each title insurer may:

(a) Engage in title insurance business if licensed todo so by the Commissioner.

(b) Take action incidental to the making of a contractor policy of title insurance, directly or through a title agent or escrowofficer employed by the title insurer, including the conducting or holding ofmoney in escrow, making settlements and closing transactions.

(c) Provide any other service related or incidental tothe sale and transfer of property if it has filed notice with the Commissionerof its intention to provide the service, and the Commissioner has notdisapproved the service within 30 days after his receipt of the notice.

(d) Invest in title plants.

2. No title insurer may engage in the business ofguaranteeing the obligations of other persons.

3. Each title insurer shall, no later than February 1of each calendar year, certify to the Commissioner the title agents and escrowofficers it employs or appoints, including title agents and escrow officersemployed by a title agent whom it has appointed. Each title insurer isresponsible for and shall supervise the acts of each person that is required tobe certified pursuant to this section.

(Added to NRS by 1977, 979; A 1985, 1826; 1991, 1859)

NRS 692A.113 Notificationof change of name or location of business; reissuance of license to escrowofficer who transfers association; penalties.

1. A title agent or title insurer shall notify theDivision in writing within 10 days after any change in the name or the locationof the business of the agent or insurer or any change of association by theholder of a license as an escrow officer. Upon the surrender of the existinglicense and payment of the required fee, the Division shall issue a new licenseto the agent or insurer for the unexpired term of the license.

2. An escrow officer who transfers his associationmust apply to the Division for the reissuance of his license. The Divisionshall reissue the license for the unexpired term upon application and paymentof the required fee if:

(a) The transfer is into an association with a licensedtitle agent or title insurer; and

(b) The agent or insurer certifies that the escrowofficer is employed or will be employed by the agent or insurer.

3. Failure to give notice as required by this sectionconstitutes cause for the imposition of a fine not to exceed $500 against thelicensee or the suspension or revocation of his license.

(Added to NRS by 1985, 1824; A 1991, 1633; 1993,1921)

NRS 692A.117 Confidentialrecords.

1. The Commissioner shall classify as confidential thefinancial statements of a title agent, escrow officer and title insurer andthose records and information obtained by the Division which:

(a) Are obtained from a governmental agency upon theexpress condition that they remain confidential.

(b) Consist of information compiled by the Division inthe investigation of possible violations of this chapter. This paragraph doesnot limit examination by the Legislative Auditor or any other person pursuantto a court order.

2. The contents of the file for an escrow areconfidential and, subject to the rights to discover the contents by subpoena orother lawful process, must not be disclosed without the express written consentof one party of the escrow other than the holder of the escrow.

(Added to NRS by 1985, 1825; A 1991, 1633; 1993,1921)

NRS 692A.120 Rateschedules, schedules of charges and forms: Filing; approval by Commissioner.

1. Each title insurer shall file with the Commissionerall rate schedules, schedules of charges and all forms, including:

(a) Preliminary reports of title.

(b) Binders for insurance and commitments to insure.

(d) Policies of insurance or guaranty.

(e) Terms and conditions of insurance coverage orguarantee which relate to title to any interest in property.

2. A title insurer need not file:

(a) Reinsurance contracts and agreements.

(b) Closing letters.

(c) Specific defects in title which may be ascertainedfrom an examination of the risk and excepted in reports, binders, commitmentsor policies, or any affirmative assurances of the title insurer with respect tothose defects, whether given by endorsement or otherwise.

(d) Specific exceptions from coverage by reason oflimitations upon the examination of the risk imposed by the applicant forinsurance or through failure of the applicant to provide data requisite to ajudgment of insurability.

3. Unless the Commissioner disapproves a form orschedule within 30 days after it is filed in his office, the form or scheduleis approved.

4. No form or schedule may be used until it isapproved by the Commissioner.

5. No title insurer or title agent may make or imposeany charge for premium, escrow, settlement or closing services when performedin connection with the issue of a title insurance policy except in accordancewith the schedule of charges filed with the Commissioner as required by thissection.

6. A title insurer or title agent shall not charge afee for any statement or tax return regarding payments of interest whichfederal law requires the insurer or agent to furnish and file.

(Added to NRS by 1977, 979; A 1989, 1067; 1993, 2335)

NRS 692A.130 Publication,contents and filing of schedule of fees and charges; rating organizations;joint underwriting and reinsurance.

1. Every title insurer and every title agent shallprint and make available to the public the schedule of fees and charges filedwith the Commissioner.

2. The schedule:

(a) Shall show to the public the total premium, foreach type of policy regularly issued by the insurer, either by a statement ofthe particular charge for each type of policy in given amounts of coverage orby a statement of the charge per unit of the amount of coverage, or acombination of the two.

(b) May include a statement that additional charges aremade when unusual conditions of title are encountered or when special orunusual risks are insured against and that additional charges are made forspecial services rendered in connection with the issuance of a policy, thehandling of an escrow or the performance of other service.

(c) May provide different fees or changes for policiescovering property in different counties, and for other services rendered indifferent counties, or separate schedules may be adopted for policies coveringproperty in different counties, and for other services rendered in differentcounties.

3. Every title insurer and title agent shall file withthe Commissioner the schedule of fees and charges and every modificationthereof which it proposes to use. The filing shall state the effective datethereof which shall be not less than 30 days after the date of the filing. TheCommissioner may by order suspend or modify the requirement of filing as to aspecific service, the charges for which cannot practically be determined beforethe service is performed.

4. A title insurer may be a member or subscriber anduse the services of a title insurance rating organization, and engage in jointunderwriting and joint reinsurance of title insurance risks, in the samemanner, with the same effect, and subject to the same applicable terms andconditions as provided with respect to property and casualty insurance under chapter 686B of NRS (rates and ratingorganizations).

(Added to NRS by 1977, 979)

NRS 692A.140 Scheduleof fees and charges: Printing; display; copies; changes and amendments;retention; inspection.

1. The schedules provided for in NRS 692A.130 shall:

(a) Be printed in type not smaller than 10-point;

(b) Be dated to show the date they became effective;and

(c) So long as they are effective, be kept at all timesreadily available to the public and prominently displayed in a public place ineach of the offices of the title insurer or title agent in this state, and ineach of the offices of any person authorized to issue the policy of title insuranceof the insurer, or to perform the service of an insurer or title agent in theparticular county to which they relate.

2. On request, copies of the schedules shall befurnished to the public.

3. All or any part of any schedule may be changed oramended at any time or from time to time. Each change or amendment shall beprinted and dated to show the effective date of the change or amendment. Nochange or amendment shall become effective until at least 30 days after it hasbeen filed with the Commissioner and been displayed in the offices mentioned insubsection 1 in the same manner as provided for the display of schedules, andno change or amendment increasing fees or charges applies to policies orservices ordered prior to the effective date of the change or amendment.

4. Each title insurer and each title agent shall keepa complete file of its schedules and of all changes and amendments theretountil at least 5 years after they have ceased to be in effect, and the fileshall be available for inspection by the Commissioner at any appropriate time.

(Added to NRS by 1977, 980)

RESERVES, RISKS & PREMIUMS

NRS 692A.150 Reserveagainst unpaid losses and loss expenses.

1. Each domestic title insurer shall establish and atall times maintain a reserve against:

(a) Unpaid losses; and

(b) Loss expenses,

and shallcalculate the reserves by making a careful estimate in each case of the lossand loss expense likely to be incurred by reason of each claim presented uponreceiving notice from or on behalf of the insured of a title defect in or lienor adverse claim against the title of the insured which may result in a loss orcause expense to be incurred for the proper disposition of the claim.

2. Reserves required by this section may be revisedfrom time to time and shall be redetermined at least once each year.

3. Amounts set aside in reserves in any year shall bededucted in determining the net profit of the year of the insurer.

(Added to NRS by 1977, 981)

NRS 692A.160 Unearnedpremium reserve.

1. Each domestic title insurer shall establish andmaintain an unearned premium reserve composed of the unearned portions ofpremiums due or received, which shall be charged as a reserve liability of theinsurer in determining its financial condition.

2. The unearned premium reserve shall be retained andheld by the title insurer for the protection of holders of policies which havenot expired. Except as provided in this section, assets equal in value to theunearned premium reserve are not subject to distribution among depositors orother creditors or stockholders of the insurer until all claims ofpolicyholders or holders of other title insurance contracts have been paid infull, and all liability on the policies or other title insurance has been paid infull and discharged or lawfully reinsured.

3. Income from the unearned premium reserve need notbe added to that reserve.

4. Each title insurer shall place in its unearnedpremium reserve:

(a) The amount held in unearned premium reserve on July1, 1977; and

(b) A sum equal to 5 percent of title insurancepremiums collected in each calendar year.

5. A title insurer shall release from the unearnedpremium reserve and restore to net profits a sum equal to 5 percent of theamount added to the reserve during a calendar year on July 1 of the yearfollowing the year in which the sum was added, and an additional 5 percentshall be released from the reserve on each succeeding July 1 until the entireamount for that year has been restored to net profits.

(Added to NRS by 1977, 981)

NRS 692A.170 Foreignor alien title insurers to maintain same reserves required of domesticinsurers. Each foreign or alien title insurerlicensed to transact title insurance business in this state shall maintain thesame reserves as are required of domestic insurers, unless the laws of thejurisdiction of domicile of the insurer requires a higher amount.

(Added to NRS by 1977, 981)

NRS 692A.180 Limitationon net retained liability for single risk; waiver of limitation by Commissioner.

1. The net retained liability of any title insurer fora single risk, whether assumed directly or as reinsurance, may not exceed 50percent of the sum of the capital, surplus, unearned premium reserve andvoluntary reserves less the value assigned to its title plants, all as shown inthe most recent report of the insurer which is on file in the Office of theCommissioner.

2. The Commissioner may waive the limitation of thissection for a particular risk upon application of the insurer and for goodcause shown.

(Added to NRS by 1977, 983)

NRS 692A.190 Whenpremiums and charges from personal and controlled insurance constitute unlawfulrebates.

1. If the premiums and charges received from any onesource through personal or controlled insurance exceed 25 percent of the totalpremiums and charges received by a title insurer during a calendar year, or ifthe premiums and charges received from all personal and controlled insuranceexceed 50 percent of the total premiums and charges received by the titleinsurer during the calendar year, the excess of those percentages is anunlawful rebate under NRS 686A.130.

2. Personal or controlled insurance means a policyof title insurance under which one of the following is an insured, or the lossis payable to one of the following:

(a) The title insurer who issued the policy or any ofthe following:

(1) Any person who owns or controls a majorityof the voting stock or a controlling interest, directly or indirectly, in thetitle insurer;

(2) A corporation which is directly orindirectly controlled by a person who also controls the title insurer; or

(3) A corporation which makes consolidatedreturns for federal income tax purposes with a title insurer or with acorporation which is listed in subparagraph (1) or (2) of this paragraph.

(b) A title insurance agent who is a natural person,his spouse, any person related to him within the second degree by blood ormarriage, and:

(1) If his employer is a natural person, hisemployer, his employers spouse and any person related to his employer withinthe second degree by blood or marriage;

(2) If his employer is a corporation, any personwho owns or controls a majority of the voting stock or a controlling interestin the corporation, either directly or indirectly; or

(3) If his employer is a partnership orassociation, any person owning an interest in the partnership or association.

(1) Any person who owns or controls, directly orindirectly, a majority of the voting stock or controlling interest in thecorporation;

(2) Any corporation which is directly orindirectly controlled by a person who also controls the title insurance agent;or

(3) Any corporation which makes consolidatedreturns for federal income tax purposes with any corporation described insubparagraph (1) or (2) of this paragraph.

3. Interest which is held by an entity in a fiduciarycapacity for the true or beneficial owner of the property need not be includedin determinations of which insurance is personal or controlled.

(Added to NRS by 1977, 983)

NRS 692A.200 Divisionof rates and charges. Nothing in this chapterprohibits the division of rates and charges between or among:

1. A title insurer and its agent;

2. Two or more title insurers;

3. One or more title insurers and one or more titleagents; or

4. Two or more title agents,

if thedivision of rates and charges does not constitute an unlawful rebate under thelaws of this State.

(Added to NRS by 1977, 984)

MISCELLANEOUS

NRS 692A.210 Waiverof right to purchase owners title insurance upon issuance of policy tomortgagee; form of notice and waiver.

1. A title insurer or title agent who issues a policyof mortgagees title insurance upon a loan which is made simultaneously withthe purchase of all or part of the real property which secures the loan, whereno owners title insurance has been ordered shall, before the disbursement ofloan proceeds or the issuance of the mortgagees title policy, inform the ownerin writing that the title policy is to be issued, that the policy does notprotect the owner, and that the owner may obtain title insurance for hisprotection. If the owner elects not to purchase title insurance, the titleinsurer or title agent shall obtain from him a statement in writing that thenotice has been received and that the owner waives the right to purchase titleinsurance. The statement, together with the waiver, if any, shall be retainedby the title insurer or title agent for not less than 5 years after itsreceipt.

2. The form of the written notice and waiver shall besubstantially as follows:

NOTICE AND WAIVER

RE:...........................................................................................................................................

(Address or BriefProperty Description)

Notice is hereby given, as required in NRS 692A.210, that a mortgagees titleinsurance policy is to be issued to your mortgage lender. The policy does notafford title insurance protection to you in the event of a defect or claim ofdefect in title to the real estate which you are acquiring. An owners titleinsurance policy affording title insurance protection to you in the amount ofyour purchase price, or for the amount of your purchase price plus the cost ofany improvements which you anticipate making, may be purchased by you. NRS 692A.210 requires that you sign thestatement printed below if you do not wish to purchase an owners titleinsurance policy.

.......................................................................

Nameof Insurer Issuing Policy

We have received the foregoing notice, and waive ourright to purchase an owners title insurance policy for our protection.

.......................................................................

Mortgagors

(Added to NRS by 1977, 981)

NRS 692A.220 Searchand examination of title required; retention of records.

1. No policy or contract of title insurance may becompleted or executed until the title insurer has or has caused to be:

(a) Conducted a reasonable search and examination ofthe title; and

(b) Determined the insurability of the title inaccordance with its established underwriting practices.

2. Each title insurer shall maintain records andevidence of its search and examination and of its determination of insurabilityfor a period of not less than 5 years after the date of the policy or contract.

(Added to NRS by 1977, 982; A 1989, 585)

NRS 692A.230 Titleplant companies.

1. No person may engage in business as a title plantcompany unless he has been granted a license to do so by the Commissioner.

2. An applicant for a license to conduct business as atitle plant company shall submit as part of his application:

(a) A copy of the proposed articles of incorporation orassociation and bylaws, or the partnership agreement, which will govern theoperation of the business.

(b) A list of the owners or participants and the natureand degree of their interest.

(d) The conditions under which ownership orparticipation in the business may be sold or acquired.

(e) A statement of whether or not title informationwill be compiled for persons other than owners or participants in the business.

(f) A pro forma balance sheet and other financialinformation to indicate the sufficiency of financing of the business.

(g) Other information which the Commissioner requires.

(h) A fee of $10.

3. If the Commissioner finds that:

(a) The business of the applicant will be sufficiently financed;

(b) The persons who will be operating the business arequalified;

(c) The rules of operation expressed in the articles ofincorporation or association and the bylaws, or in the partnership agreement,will promote the efficiency of the operation of the owners or participants; and

(d) The operation of the business will not undulyrestrict competition, he may issue a license to the applicant and permitorganization of the business.

4. A license issued under this section is valid for aperiod of 1 year, and may be renewed by the submission of any information whichthe Commissioner requires and a fee of $10.

5. A license issued under this section may besuspended or revoked by the Commissioner if:

(a) The licensee ceases to operate in a manner setforth in its approved application.

(b) In the opinion of the Commissioner, the operationof the business has become a restraint on competition or is not in the bestinterests of the public.

6. The Commissioner shall give written notice to anylicensee whose license he intends to suspend or revoke, and the licensee shallbe granted a hearing if he requests it in writing within 15 days after thereceipt of the notice from the Commissioner. A decision of the Commissionerafter hearing is final administrative action.

7. This section does not apply to any person licensedunder the provisions of this chapter engaged in the business of a title plantcompany when the operation is not in concert with others.

(Added to NRS by 1977, 982)

NRS 692A.240 Licenseas title insurer, title agent, escrow officer, escrow agent or escrow agencyrequired to engage in business of administering escrows. It is unlawful for any person to engage in or carry on, orhold himself out as engaging in or carrying on, the business of administeringescrows without first obtaining a license as a title insurer, title agent orescrow officer issued pursuant to this title or as an escrow agent or escrowagency issued pursuant to chapter 645A ofNRS.

(Added to NRS by 1985, 1826)

NRS 692A.250 Moneydeposited in escrow: Exemption from execution; designation; permissibledepository; Commissioner to define commingling.

1. Money deposited in escrow is not subject toexecution or attachment on any claim against the title insurer, title agent orescrow officer.

2. A title insurer, title agent or escrow officershall not knowingly keep or cause to be kept any money in any bank, creditunion or other financial institution under any name designating the money asbelonging to his clients or those of another such person unless the money wasactually entrusted to him for deposit in escrow.

3. All money deposited in escrow to be delivered uponthe close of the escrow or upon any other contingency must be kept separatefrom money belonging to the title insurer, title agent or escrow officer andmust be deposited in a financial institution that is federally insured orinsured by a private insurer approved pursuant to NRS 678.755 unless another financialinstitution has been designated in writing in the instructions for the escrow.The money when deposited must be designated as trust funds or escrowaccounts or under some other appropriate name indicating that the money is notthe money of the title insurer, title agent or escrow officer.

4. The Commissioner shall adopt regulations definingthe term commingling for the purposes of this chapter and prescribingacceptable business practices for title agents and escrow officers for handlingmoney deposited in escrow.

(Added to NRS by 1985, 1825; A 1999, 1552)

NRS 692A.260 Recordsof escrow transactions and financial condition; making and filing of statementof business. Each title insurer and titleagent shall keep at all times in his principal place of business or branchoffice complete and suitable records of all escrow transactions made by him,together with books, papers and data clearly reflecting the financial conditionof his business. Each title insurer and title agent shall, at the timesrequired by the Commissioner, make and file with the Division a correctstatement of his business in the form and containing the data the Commissionermay require.

(Added to NRS by 1985, 1825; A 1991, 1633; 1993,1921)

1. A title insurer, title agent or escrow officershall not handle an escrow, settlement or closing in which a qualifiedintermediary is involved unless he first verifies that the qualifiedintermediary is registered pursuant to NRS645.606 to 645.6085, inclusive.

2. The Real Estate Division of the Department ofBusiness and Industry shall, each calendar quarter, publish and distribute toeach title insurer, title agent and escrow officer licensed by theCommissioner, a list of the qualified intermediaries registered pursuant to NRS 645.606 to 645.6085, inclusive. For the purposes ofsubsection 1, the registration of a qualified intermediary may be verified byascertaining whether his name appears on the list most recently publishedpursuant to this subsection or, if his name does not appear on that list, bycontacting the Real Estate Division.

3. As used in this section, qualified intermediaryhas the meaning ascribed to it in NRS645.606.

(Added to NRS by 1995, 995)

NRS 692A.270 Applicabilityof other provisions to title insurers, title agents and escrow officers. The provisions of NRS683A.341, 683A.400, 683A.451 to 683A.490, inclusive, and 683A.520 apply to title insurers, titleagents and escrow officers.

(Added to NRS by 1985, 1825; A 1991, 1860; 2001, 2228)

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