1. An application for, or renewal of, a license as an escrow agency or escrow agent shall be made in writing to the Commissioner on a form and in a manner prescribed by the Commissioner.
2. An applicant shall include in an application for an initial license:
(a) Any application fee required pursuant to NRS 645A.040;
(b) All content required to be included in the application by the Commissioner;
(c) Written consent authorizing the Commissioner to conduct a background investigation of the applicant and, if applicable, each control person of the applicant, including, without limitation, authorization to obtain:
(1) An independent credit report from a consumer reporting agency described in section 603(f) of the Fair Credit Reporting Act, 15 U.S.C. § 1681a(f);
(2) A criminal history report from the Federal Bureau of Investigation or any criminal history repository of any state, national or international governmental agency or entity; and
(3) Information related to any administrative, civil or criminal proceedings in any jurisdiction in which the applicant, or a control person of the applicant, is or has been a party;
(d) A complete set of fingerprints of the applicant or, if the applicant is not a natural person, a complete set of fingerprints of each control person of the applicant to forward to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report; and
(e) Any other information required by this chapter, the Commissioner, an order of the Commissioner or requested in connection with the evaluation and investigation of the qualifications and suitability of the applicant for licensure.
3. The applicant shall include in an application for renewal of an existing license:
(a) Any renewal fee required pursuant to NRS 645A.040;
(b) All content required by the Commissioner in the application form; and
(c) Any other information required by this chapter, the Commissioner, an order of the Commissioner or requested in connection with the evaluation and investigation of the qualifications and suitability of the applicant for licensure.
4. If the Commissioner determines, after investigation, that the experience, character, financial condition, business reputation and general fitness of the applicant, or the control persons of the applicant, are such as to command the confidence of the public and to warrant the belief that the business conducted will protect and safeguard the public, the Commissioner shall issue or renew a license to the applicant as an escrow agent or escrow agency.
5. An applicant for a license, and a licensee upon the issuance or renewal of a license, shall have a continuing obligation to provide written notification to the Division of any material change in the information contained in the application for an initial license or renewal of an existing license.
6. A person may not be licensed as an escrow agent or agency or be a control person of an escrow agency if the person is the holder of an active license issued pursuant to chapter 645 of NRS.
7. If the Commissioner finds that additional information is required to consider the application, the Commissioner shall send a letter to the applicant which specifies the additional requirements that the applicant must satisfy within 30 days after receiving the letter to obtain a license. If the applicant does not satisfy all additional requirements set forth in the letter within 30 days after receipt of the letter, the application will be deemed to have been denied, and the applicant must reapply to obtain a license. The Commissioner may, for good cause, extend the 30-day period prescribed in this subsection.
(Added to NRS by 1973, 1306; A 1985, 1810; 1987, 117; 1991, 1848; 1995, 1003; 1997, 2169; 2005, 2779, 2807; 2011, 3596; 2015, 2792)
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.