2020 Nevada Revised Statutes
Chapter 645B - Mortgage Companies and Mortgage Loan Originators
NRS 645B.042 - Duty of mortgage company to deposit surety bond with Commissioner; mortgage company and mortgage loan originators must be named as principals on bond; amount of bond; Commissioner to determine amount of initial deposit. [Effective January 1, 2020.]
1. As a condition to doing business in this State, each mortgage company shall deposit with the Commissioner and keep in full force and effect a corporate surety bond payable to the State of Nevada, in the amount set forth in subsection 4, which is executed by a corporate surety satisfactory to the Commissioner and which names as principals the mortgage company and all mortgage loan originators employed by or associated with the mortgage company.
2. At the time of filing an application for a license as a mortgage loan originator and at the time of filing an application for the renewal of a license as a mortgage loan originator, the applicant shall file with the Commissioner proof that the applicant is named as a principal on the corporate surety bond deposited with the Commissioner by the mortgage company with whom the applicant is associated or employed.
3. The bond must be in a form prescribed by the Commissioner.
4. Each mortgage company shall deposit a corporate surety bond that complies with the provisions of this section in the following amounts:
(a) For an annual loan production of $20,000,000 or less, $50,000.
(b) For an annual loan production of more than $20,000,000, $75,000.
5. Except as otherwise required by federal law or regulation, for the purposes of subsection 4, the Commissioner shall determine the appropriate amount of the surety bond that must be deposited initially by a mortgage company based upon the expected annual loan production amount and shall determine the appropriate amount of the surety bond annually based upon the actual annual loan production.
(Added to NRS by 2009, 743; A 2011, 3610; 2017, 3042, 3044, effective January 1, 2020)
