Except as otherwise provided in NRS 645B.016, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, 12 U.S.C. §§ 5101 et seq., and any regulations adopted pursuant thereto and other applicable law, the provisions of this chapter do not apply to:
1. Any person doing business under the laws of this State, any other state or the United States relating to banks, savings banks, trust companies, savings and loan associations, industrial loan companies, credit unions, thrift companies or insurance companies, including, without limitation, a subsidiary or a holding company of such a bank, company, association or union.
2. A real estate investment trust, as defined in 26 U.S.C. § 856, unless the business conducted in this State is not subject to supervision by the regulatory authority of the other jurisdiction, in which case licensing pursuant to this chapter is required.
3. An employee benefit plan, as defined in 29 U.S.C. § 1002(3), if the loan is made directly from money in the plan by the plan’s trustee.
4. An attorney at law rendering services in the performance of his or her duties as an attorney at law.
5. A real estate broker rendering services in the performance of his or her duties as a real estate broker.
6. Any person doing any act under an order of any court.
7. Any one natural person, or married couple, who provides money for investment in commercial loans secured by a lien on real property, on his or her own account, unless such a person makes a loan secured by a lien on real property using his or her own money and assigns all or a part of his or her interest in the loan to another person, other than his or her spouse or child, within 3 years after the date on which the loan is made or the deed of trust is recorded, whichever occurs later.
8. A natural person who only offers or negotiates terms of a residential mortgage loan:
(a) With or on behalf of an immediate family member of the person;
(b) Secured by a dwelling that served as the person’s residence; or
(c) If:
(1) The residential mortgage loan is for a manufactured home, as defined in NRS 118B.015;
(2) The residential mortgage loan is financed by the seller; and
(3) The seller has not engaged in more than five such loans in this State during the immediately preceding 12 consecutive months.
9. Agencies of the United States and of this State and its political subdivisions, including the Public Employees’ Retirement System.
10. A seller of real property who offers credit secured by a mortgage of the property sold.
11. A nonprofit agency or organization:
(a) Which provides self-help housing for a borrower who has provided part of the labor to construct the dwelling securing the borrower’s loan;
(b) Which does not charge or collect origination fees in connection with the origination of residential mortgage loans;
(c) Which only makes residential mortgage loans at an interest rate of 0 percent per annum;
(d) Whose volunteers, if any, do not receive compensation for their services in the construction of a dwelling;
(e) Which does not profit from the sale of a dwelling to a borrower; and
(f) Which maintains tax-exempt status under section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3).
12. A housing counseling agency approved by the United States Department of Housing and Urban Development.
13. Except as otherwise required by the Director of the Department of Business and Industry pursuant to NRS 657A.430 or 657A.620, a participant in the Regulatory Experimentation Program for Product Innovation established and administered pursuant to chapter 657A of NRS.
(Added to NRS by 1973, 1542; A 1975, 962; 1977, 618; 1981, 1791; 1983, 1314, 1381; 1985, 2190; 1987, 499; 1989, 966, 1762; 1993, 494; 1995, 1098; 1999, 3779; 2003, 3546; 2007, 951; 2009, 1554; 2011, 3606; 2013, 114; 2015, 519; 2017, 797; 2019, 3995)
Structure Nevada Revised Statutes
Chapter 645B - Mortgage Companies and Mortgage Loan Originators
NRS 645B.0102 - "Applicant" defined.
NRS 645B.0104 - "Clerical or ministerial tasks" defined.
NRS 645B.01043 - "Commercial mortgage loan" defined.
NRS 645B.01047 - "Commercial property" defined.
NRS 645B.0105 - "Commissioner" defined.
NRS 645B.0107 - "Construction control" defined.
NRS 645B.0109 - "Depository financial institution" defined.
NRS 645B.0111 - "Division" defined.
NRS 645B.0112 - "Dwelling" defined.
NRS 645B.01125 - "Employee" defined.
NRS 645B.0113 - "Escrow agency" defined.
NRS 645B.0115 - "Escrow agent" defined.
NRS 645B.0117 - "Escrow officer" defined.
NRS 645B.0119 - "Financial services license or registration" defined.
NRS 645B.012 - "Institutional investor" defined.
NRS 645B.0121 - "Investor" defined.
NRS 645B.0123 - "Licensee" defined.
NRS 645B.0124 - "Loan processor" defined.
NRS 645B.01245 - "Majority of the investors" defined.
NRS 645B.0125 - "Mortgage loan originator" defined.
NRS 645B.0127 - "Mortgage company" defined.
NRS 645B.0128 - "Nationwide Mortgage Licensing System and Registry" and "Registry" defined.
NRS 645B.0129 - "Policy of title insurance" defined.
NRS 645B.01305 - "Private investor" defined.
NRS 645B.0131 - "Relative" defined.
NRS 645B.0132 - "Residential mortgage loan" defined.
NRS 645B.01325 - "Residential mortgage loan originator" defined.
NRS 645B.0133 - "Title agent" defined.
NRS 645B.0135 - "Title insurer" defined.
NRS 645B.01356 - "Wholesale lender" defined.
NRS 645B.0138 - Courses of continuing education; regulations.
NRS 645B.0147 - Fiduciary obligation of licensee to client.
NRS 645B.015 - Exemptions for certain persons and entities.
NRS 645B.0191 - Chair and Vice Chair; meetings; quorum; subcommittees.
NRS 645B.0247 - Grounds for denial of license: Authority of Commissioner not limited.
NRS 645B.025 - Posting of license; restrictions on transfer or assignment of license.
NRS 645B.051 - Continuing education required for renewal of license.
NRS 645B.070 - Subpoenas; oaths; examination of witnesses; penalty; assessment of costs.
NRS 645B.085 - Annual financial statement; audit of trust accounts; regulations.
NRS 645B.186 - Disclosure of certain business and personal relationships required.
NRS 645B.196 - Liability of advertising spokesperson for mortgage company for certain damages.
NRS 645B.240 - Limitations on charging late fee, additional amount of interest or other penalty.
NRS 645B.305 - Requirement that loan include disclosure concerning fees.
NRS 645B.310 - Requirements for mortgage company to assign interest in loan.
NRS 645B.320 - Copy of recorded deed of trust must be mailed to each investor.
NRS 645B.330 - Limitations on use of power of attorney.
NRS 645B.352 - Written servicing agreement required before servicing loan.
NRS 645B.355 - Mortgage company prohibited from acting as construction control.
NRS 645B.357 - Restriction on collection of fees by mortgage company; application of fees.
NRS 645B.410 - Qualifications and procedure for issuance of license; fees.
NRS 645B.430 - Annual expiration of license; procedure for renewal; continuing education; fees.
NRS 645B.460 - Supervision by mortgage company; requirements; regulations.
NRS 645B.490 - Right to be placed on inactive status; procedure for reinstatement.
NRS 645B.600 - Person may file complaint alleging violation; requirements.
NRS 645B.610 - Duties of Commissioner when complaint is filed.
NRS 645B.670 - Authorized disciplinary or other action; grounds for disciplinary action.
NRS 645B.690 - Duty of Commissioner to take disciplinary action for certain violations.
NRS 645B.700 - Categorization of major and minor violations; regulations.
NRS 645B.760 - Effect of failure to appear at hearing; penalty.
NRS 645B.810 - Attorney General may bring civil action; recovery of costs in civil action.
NRS 645B.920 - Contracts for mortgage transaction voidable for certain violations.
NRS 645B.930 - Civil action authorized for certain violations.
NRS 645B.950 - Penalties for general violations.
NRS 645B.955 - Commissioner may require licensee to pay restitution.
NRS 645B.960 - Penalties for violations relating to escrow or trust accounts.