There Is a Newer Version of the Nevada Revised Statutes
2010 Nevada Code
TITLE 54 PROFESSIONS, OCCUPATIONS AND BUSINESSES
Chapter 645B Mortgage Brokers and Mortgage Agents
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GENERAL PROVISIONS
- NRS 645B.010 Definitions.
- NRS 645B.0104 "Clerical or ministerial tasks" defined.
- NRS 645B.0105 "Commissioner" defined.
- NRS 645B.0107 "Construction control" defined.
- NRS 645B.0109 "Depository financial institution" defined.
- NRS 645B.0111 "Division" defined.
- NRS 645B.0113 "Escrow agency" defined.
- NRS 645B.0115 "Escrow agent" defined.
- NRS 645B.0117 "Escrow officer" defined.
- NRS 645B.0119 "Financial services license or registration" defined.
- NRS 645B.0121 "Investor" defined.
- NRS 645B.0123 "Licensee" defined.
- NRS 645B.0125 "Mortgage agent" defined.
- NRS 645B.0127 "Mortgage broker" defined.
- NRS 645B.0128 "Nationwide Mortgage Licensing System and Registry" and "Registry" defined.
- NRS 645B.0129 "Policy of title insurance" defined.
- NRS 645B.01305 "Private investor" defined.
- NRS 645B.0131 "Relative" defined.
- NRS 645B.0132 "Residential mortgage loan" defined.
- NRS 645B.01325 "Residential mortgage loan originator" defined.
- NRS 645B.0133 "Title agent" defined.
- NRS 645B.0135 "Title insurer" defined.
- NRS 645B.0137 Requirements for initial licensing as mortgage broker or mortgage agent; regulations.
- NRS 645B.0138 Courses of continuing education: Adoption of regulations by Commissioner.
- NRS 645B.0145 Statutory and common-law rights, remedies and punishments unaffected; limitation on actions against State and its officers and employees.
- NRS 645B.0147 Fiduciary obligation of licensee to client. EXEMPTIONS
- NRS 645B.015 Exemptions for certain persons and entities.
- NRS 645B.016 Certificate of exemption required for certain persons and entities; application; fee; automatic expiration; prohibitions; administrative fine.
- NRS 645B.018 Exemptions for certain loans; application; grounds for granting exemption; powers and duties of Commissioner. LICENSING OF MORTGAGE BROKERS
- NRS 645B.020 Application for license; application for branch offices; requirements for issuance of license.
- NRS 645B.021 Mortgage broker who is not natural person to designate natural person as qualified employee; regulations.
- NRS 645B.023 Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner. [Effective until the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]
- NRS 645B.023 Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner. [Effective on the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings and expires by limitation 2 years after that date.]
- NRS 645B.0243 Grounds for denial of license: Employing or associating with certain persons who are ineligible to be mortgage agents.
- NRS 645B.0245 Grounds for denial of license: Control by relative who would be ineligible to be licensed; act or omission of partner, officer or director.
- NRS 645B.0247 Grounds for denial of license: Authority of Commissioner not limited.
- NRS 645B.025 Posting of license; restrictions on transfer or assignment of license.
- NRS 645B.035 Activities authorized by license; dual licensure as mortgage banker and mortgage broker. SURETY BONDS
- NRS 645B.042 Duty of mortgage broker to deposit surety bond with Commissioner; mortgage broker and mortgage agents must be named as principals on bond; form and amount of bond.
- NRS 645B.044 Mortgage broker may deposit substitute form of security in lieu of security bond; amount deposited must equal amount of bond; interest or dividends accrue to depositor.
- NRS 645B.046 Cancellation of bond: Notices required; revocation of license unless equivalent bond or substitute form of security furnished.
- NRS 645B.048 Action on bond: Procedure; limitation of time; duties of Commissioner; preliminary payment by surety; action for interpleader; payment. EXPIRATION AND RENEWAL OF BROKER'S LICENSE OR CERTIFICATE OF EXEMPTION; FEES
- NRS 645B.050 Annual expiration of license or certificate of exemption; procedure for renewal; fees.
- NRS 645B.051 Continuing education required for renewal of license. SUPERVISION BY COMMISSIONER General Provisions
- NRS 645B.060 Duties of Commissioner: Regulations; investigations; annual examinations; periodic and special audits; hearings; related fees; biennial examinations.
- NRS 645B.070 Subpoenas; oaths; examination of witnesses; penalty; assessment of costs.
- NRS 645B.075 Payment of statutory assessment by mortgage broker; duty of mortgage broker and agents to cooperate fully with audits and examinations. Records and Financial Statements
- NRS 645B.080 Records relating to mortgage transactions, financial condition and trust accounts; monthly report to Commissioner; accounting procedures for trust accounts; regulations.
- NRS 645B.085 Annual financial statement; audit of trust accounts; regulations.
- NRS 645B.090 Records of Commissioner: General provisions governing public inspection, confidentiality and disclosure of information relating to investigations, examinations, disciplinary actions and certain investments in promissory notes secured by liens on real property.
- NRS 645B.092 Records of Commissioner: Certain records relating to investigation deemed confidential; certain records relating to disciplinary action and orders imposing discipline deemed public records. Commingling Money
- NRS 645B.093 Commingling certain money prohibited. Transfer of Stock
- NRS 645B.095 Notification of certain transfers required; application to Commissioner for approval of change of control; investigation; waiver. Net Worth
- NRS 645B.115 Minimum net worth required for certain mortgage brokers; initial and annual determination of net worth; examination by Commissioner; regulations. ESCROW AND TRUST ACCOUNTS
- NRS 645B.165 Escrow account required for fee, salary, deposit or money paid in advance; release from escrow; exceptions; refunds; penalty.
- NRS 645B.170 Trust account required for money deposited to pay taxes or insurance premiums; fiduciary duty of mortgage broker; accounting to debtor and Commissioner; additional duties and prohibitions.
- NRS 645B.175 Trust or escrow account required for money received from investor to fund loan; trust or escrow account required for money received from debtor to repay loan; release of money; accounting to investor, debtor and Commissioner; additional conditions, limitations and prohibitions.
- NRS 645B.180 Limitations on execution or attachment of money in trust account; commingling of money prohibited. DISCLOSURES AND ADVERTISING
- NRS 645B.185 Use of disclosure forms required; release of financial statements; duties of mortgage broker and agents; prohibitions; powers of Commissioner; regulations.
- NRS 645B.186 Disclosure of certain business and personal relationships required.
- NRS 645B.187 Prohibition on making certain guarantees in advertisements and solicitations; limitations on payment of premium interest; penalty.
- NRS 645B.189 Statements of disclosure required in certain advertisements; review of advertisements by Commissioner; advertisements must comply with state and federal laws concerning deceptive trade practices and deceptive advertising; regulations.
- NRS 645B.196 Liability of advertising spokesperson for mortgage broker for certain damages. LOAN PAYMENTS AND DEFAULTS
- NRS 645B.240 Limitations on charging late fee, additional amount of interest or other penalty.
- NRS 645B.250 Prohibition on advancing payments to investor on behalf of debtor in default; exceptions.
- NRS 645B.260 Monthly report to Commissioner on delinquencies in payments and defaults; monthly notice to investors; regulations. CONDITIONS AND LIMITATIONS ON CERTAIN MORTGAGE TRANSACTIONS
- NRS 645B.300 Written appraisal of real property required; persons authorized to perform appraisal; retention and inspection of appraisal; exceptions.
- NRS 645B.305 Requirement that loan include disclosure concerning fees and specification of fee for servicing loan in certain circumstances.
- NRS 645B.307 License number of mortgage broker required to be included in loan.
- NRS 645B.310 Requirements for mortgage broker to assign interest in loan.
- NRS 645B.320 Copy of recorded deed of trust must be mailed to each investor.
- NRS 645B.330 Limitations on use of power of attorney.
- NRS 645B.340 Multiple holders of beneficial interest in loan: Holders of majority of outstanding principal balance may act on behalf of all holders for certain matters; exception. LICENSING AND REGULATION OF MORTGAGE AGENTS
- NRS 645B.400 License required to provide services of or engage in activities of mortgage agent.
- NRS 645B.405 License as mortgage agent required for mortgage broker or qualified employee who engages in or supervises a mortgage agent who engages in activities as residential mortgage loan originator.
- NRS 645B.410 Qualifications and procedure for issuance of license; fees.
- NRS 645B.420 Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner. [Effective until the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]
- NRS 645B.420 Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner. [Effective on the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings and expires by limitation 2 years after that date.]
- NRS 645B.430 Annual expiration of license; procedure for renewal; continuing education; fees.
- NRS 645B.450 Conditions and limitations regarding employment of or association with mortgage agent; duties of mortgage broker upon termination of mortgage agent.
- NRS 645B.455 License issued on behalf of professional corporation or limited-liability company; limitations on license; automatic expiration of license. [Repealed.]
- NRS 645B.460 Supervision by mortgage broker; requirements; regulations. RIGHTS OF BROKERS AND AGENTS DURING MILITARY SERVICE
- NRS 645B.490 Right to be placed on inactive status; procedure for reinstatement. INVESTIGATION OF VIOLATIONS AND UNSAFE PRACTICES; REMEDIAL ACTION
- NRS 645B.600 Person may file complaint alleging violation; requirements.
- NRS 645B.610 Duties of Commissioner when complaint is filed.
- NRS 645B.620 Duties of Commissioner when violation is suspected; referral of violations to Attorney General for criminal prosecution; civil action for injunctive relief.
- NRS 645B.630 Duties of Commissioner when unsafe condition or practice is suspected; seizure of property and assets of mortgage broker; duties of Attorney General.
- NRS 645B.640 Persons entitled to correct unsafe conditions and practices; effect of failure to correct; receivership and liquidation of assets. DISCIPLINARY ACTION
- NRS 645B.670 Authorized disciplinary action; grounds for disciplinary action.
- NRS 645B.680 Suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license. [Effective until 2 years after the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]
- NRS 645B.690 Duty of Commissioner to take disciplinary action for certain violations.
- NRS 645B.700 Categorization of major and minor violations; regulations.
- NRS 645B.710 Act or omission of partner, officer or director deemed act or omission of partnership, corporation or unincorporated association.
- NRS 645B.720 Authority of Commissioner to order summary suspension of license and take other action to protect public before conducting hearing.
- NRS 645B.740 Disciplinary proceedings, fines and penalties not affected by expiration, revocation or voluntary surrender of license. HEARINGS; APPEALS
- NRS 645B.750 Duty of Commissioner to provide written notice of disciplinary action or denial of license; right to administrative hearing; entry of final order; appeals.
- NRS 645B.760 Effect of failure to appear at hearing; penalty. ENFORCEMENT
- NRS 645B.800 Attorney General has primary criminal jurisdiction; duty to provide Attorney General with information to assist prosecution; penalty.
- NRS 645B.810 Attorney General may bring civil action; recovery of costs in civil action.
- NRS 645B.820 Exercise of jurisdiction over party to civil action; service of summons to confer jurisdiction. ADVISORY COUNCIL ON MORTGAGE INVESTMENTS AND MORTGAGE LENDING
- NRS 645B.860 Creation; members; appointment; terms and vacancies; no compensation or per diem allowance; protections afforded members who are public officers or employees.
- NRS 645B.865 Chair and Vice Chair; meetings; quorum; subcommittees.
- NRS 645B.870 Purpose. UNLAWFUL ACTS; PENALTIES; REMEDIES
- NRS 645B.900 Unlawful to conduct business of mortgage broker or mortgage agent without being licensed or exempt from licensing.
- NRS 645B.910 Unlawful for foreign corporation, association or business trust to conduct business of mortgage broker without meeting certain requirements.
- NRS 645B.920 Contracts for mortgage transaction voidable for certain violations.
- NRS 645B.930 Civil action authorized for certain violations.
- NRS 645B.950 Penalties for general violations.
- NRS 645B.955 Commissioner may require licensee to pay restitution.
- NRS 645B.960 Penalties for violations relating to escrow or trust accounts.
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