2020 Nevada Revised Statutes
Chapter 645B - Mortgage Companies and Mortgage Loan Originators
NRS 645B.700 - Categorization of major and minor violations; regulations.
1. Except as otherwise provided in subsection 2, for each violation that may be committed by a person pursuant to this chapter or the regulations adopted pursuant to this chapter, the Commissioner may adopt regulations:
(a) Categorizing the violation as a major violation or a minor violation; and
(b) Specifying the disciplinary action that will be taken by the Commissioner pursuant to this chapter against a person who commits:
(1) A major violation. The disciplinary action taken by the Commissioner for a major violation may include, without limitation, suspension or revocation of the person’s license.
(2) More than two minor violations. The Commissioner may establish graduated sanctions for a person who commits more than two minor violations based upon the number, the frequency and the severity of the minor violations and whether the person previously has committed any major violations.
2. The provisions of this section do not apply to a violation for which the Commissioner is required to take disciplinary action in accordance with NRS 645B.690.
(Added to NRS by 1999, 3777; A 2001, 2476)
