2014 Nevada Revised Statutes
Chapter 645B - Mortgage Brokers and Mortgage Agents
NRS 645B.018 - Exemptions for certain loans; application; grounds for granting exemption; powers and duties of Commissioner.
1. A person may apply to the Commissioner for an exemption from the provisions of this chapter governing the making of a loan of money, except that an exemption may not be issued for the making of a residential mortgage loan.
2. The Commissioner may grant the exemption if the Commissioner finds that:
(a) The making of the loan would not be detrimental to the financial condition of the lender, the debtor or the person who is providing the money for the loan;
(b) The lender, the debtor or the person who is providing the money for the loan has established a record of sound performance, efficient management, financial responsibility and integrity;
(c) The making of the loan is likely to increase the availability of capital for a sector of the state economy; and
(d) The making of the loan is not detrimental to the public interest.
3. The Commissioner:
(a) May revoke an exemption unless the loan for which the exemption was granted has been made; and
(b) Shall issue a written statement setting forth the reasons for his or her decision to grant, deny or revoke an exemption.
(Added to NRS by 1989, 965; A 1999, 3800; 2009, 2678)
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