2020 Nevada Revised Statutes
Chapter 645B - Mortgage Companies and Mortgage Loan Originators
NRS 645B.0147 - Fiduciary obligation of licensee to client.
1. In addition to any other duties set forth in this chapter, any person licensed pursuant to this chapter has a fiduciary obligation to a client.
2. For the purposes of this section, a person’s fiduciary obligation does not impose a requirement to offer or obtain access to loan products or services for a client other than those that are offered by the person at the time of the transaction.
3. As used in this section, "fiduciary obligation" means a duty of good faith and fair dealing, including, without limitation, the duty to:
(a) Act in the client’s best interest;
(b) Conduct only those mortgage transactions which are suitable for the client’s needs;
(c) Disclose any financial, business, professional or personal interest the person has in conducting a mortgage transaction for the client;
(d) Disclose any material fact that the person knows or should know may affect the client’s rights or interests or the ability to obtain the intended benefit from the mortgage transaction;
(e) Provide an accounting to the client that lists all money and property received from the client;
(f) Not accept or collect any fee for services rendered unless the fee was disclosed to the client before the service is provided; and
(g) Exercise reasonable care in performing any other duty relating to a mortgage transaction.
(Added to NRS by 2009, 745)
