As used in this chapter, unless the context otherwise requires:
1. "Business of administering escrows" or "administering escrows" means the process of managing, conducting or supervising an escrow or escrow-related transaction as an escrow agent or escrow agency.
2. "Client" means a person that has engaged an escrow agent or escrow agency to administer an escrow related to a transaction.
3. "Commissioner" means the Commissioner of Mortgage Lending.
4. "Construction control" has the meaning ascribed to it in NRS 627.050.
5. "Control person" means an executive officer, director, general partner, trustee, member or shareholder of an applicant or a licensee, or a person, who has the authority to participate in the direction, directly or indirectly through one or more other persons, of the management or policies of an applicant or a licensee.
6. "Division" means the Division of Mortgage Lending of the Department of Business and Industry.
7. "Escrow" means any transaction wherein one person, for the purpose of effecting or closing the sale, purchase, exchange, transfer, encumbering or leasing of real or personal property to another person or persons, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person, in compliance with instructions under which he or she is to act, to a grantee, grantor, promisee, promisor, obligee, obligor, lessee, lessor, bailee, bailor or any agent or employee thereof. The term includes the performance of the services of a construction control.
8. "Escrow agency" means:
(a) Any person who employs one or more escrow agents; or
(b) An escrow agent who administers escrows on his or her own behalf.
9. "Escrow agent" means any natural person employed by and associated with an escrow agency engaged in the business of administering escrows for compensation.
10. "Registry" has the meaning ascribed to it in NRS 645B.0128.
(Added to NRS by 1973, 1305; A 1985, 536, 1809; 1991, 1847; 1993, 1891; 2003, 3539; 2011, 3596; 2015, 2790)
Structure Nevada Revised Statutes
Chapter 645A - Escrow Agencies and Agents
NRS 645A.021 - Application: Educational prerequisites; regulations.
NRS 645A.034 - Delivery and possession of license of escrow agent; display of licenses.
NRS 645A.038 - License not transferable.
NRS 645A.039 - Continuing education: Standards; regulations.
NRS 645A.040 - Expiration; renewal; fees; deposit of money received.
NRS 645A.050 - Duties of Commissioner.
NRS 645A.060 - Powers of Commissioner: Subpoenas, oaths and examination of witnesses; penalty.
NRS 645A.067 - Payment of assessment and cooperation in audits and examinations.
NRS 645A.070 - Records of transactions in escrow: Maintenance; filing.
NRS 645A.085 - Change in ownership of voting stock of escrow agency.
NRS 645A.086 - Duty of Commissioner to take disciplinary action for certain violations.
NRS 645A.130 - Procedures following decision on appeal.
NRS 645A.140 - Powers of Commissioner when agency’s affairs in unsafe condition.
NRS 645A.170 - Limitations on execution or attachment; commingling prohibited.
NRS 645A.171 - Limitations on disbursements.
NRS 645A.193 - Attorney General to represent Division.
NRS 645A.199 - Proof of licensure required in action for collection of compensation.
NRS 645A.200 - Statutory and common-law rights unaffected.
NRS 645A.220 - Transactions by foreign corporations.
NRS 645A.222 - Civil action authorized for certain violations.
NRS 645A.224 - Employee of Division prohibited from interest in escrow agency.
NRS 645A.225 - Charge for statement of interest payments prohibited.