1. Except as otherwise provided in subsection 2, it shall be unlawful for any person to engage in or carry on, or hold himself or herself out as engaging in or carrying on, the business of administering escrows or to act in the capacity of an escrow agent or escrow agency within this State or with respect to any transaction involving real or personal property located in this State without first obtaining a license as an escrow agent or escrow agency issued by the Commissioner pursuant to the requirements of this chapter.
2. The licensing requirements of this chapter do not apply to:
(a) Any person doing business under the laws of this State or the United States relating to banks, mutual savings banks, trust companies, savings and loan associations, savings banks, common and consumer finance companies or industrial loan companies;
(b) Any person licensed pursuant to chapter 692A of NRS;
(c) Any person licensed to practice law in this State if:
(1) The escrow transaction is performed by the attorney while engaged in the practice of law, or by employees of the law firm under the direct supervision of the attorney while engaged in the practice of law;
(2) The escrow transaction is performed under the name of a person or entity identified and operated as a law firm; and
(3) Any money provided to the attorney related to the escrow, other than money designated for attorney’s fees and costs, is deposited into, maintained within and disbursed from a client trust account that complies with rules of this State governing the conduct of attorneys;
(d) Any firm or corporation which lends money on real or personal property and is subject to licensing, supervision or auditing by an agency of the United States or of this State; or
(e) Any person doing any act under order of any court.
3. As used in this section, "law firm" has the meaning ascribed to it in NRS 38.435.
(Added to NRS by 1973, 1312; A 1985, 1818; 1987, 1314; 2015, 2791)
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.