1. A person who wishes to be licensed as a mortgage company must file a written application for a license with the Office of the Commissioner and pay the fee required pursuant to NRS 645B.050. The Commissioner may require the applicant or person to submit the information or pay the fee directly to the Division or, if the applicant or person is required to register or voluntarily registers with the Registry, to the Division through the Registry. An application for a license as a mortgage company must:
(a) State the name, residence address and business address of the applicant and, if the applicant is a mortgage company other than a wholesale lender, the location of each principal office and branch office at which the mortgage company will conduct business within this State.
(b) State the location of any principal office, office or other place of business located outside this State from which the mortgage company will conduct business in this State and any office or other place of business which the applicant maintains as a corporate or home office.
(c) State the name under which the applicant will conduct business as a mortgage company.
(d) List the name, residence address and business address of each person who will:
(1) If the applicant is not a natural person, have an interest in the mortgage company as a principal, partner, officer, director or trustee, specifying the capacity and title of each such person.
(2) Be associated with or employed by the mortgage company as a mortgage loan originator.
(e) Include a general business plan and a description of the policies and procedures that the mortgage company and his or her mortgage loan originators will follow to arrange and service loans and to conduct business pursuant to this chapter.
(f) State the length of time the applicant has been engaged in the business of a mortgage company.
(g) Include a financial statement of the applicant and, if applicable, satisfactory proof that the applicant will be able to maintain continuously the net worth required pursuant to NRS 645B.115.
(h) Include all information required to complete the application.
(i) Unless fingerprints were submitted to the Registry for the person, include a complete set of fingerprints for each natural person who is a principal, partner, officer, director or trustee of the applicant which the Division may forward to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report.
(j) Include any other information required pursuant to the regulations adopted by the Commissioner or an order of the Commissioner.
2. If a mortgage company will conduct business in this State at one or more branch offices, the mortgage company must apply for a license for each such branch office.
3. Except as otherwise provided by law, the Commissioner shall issue a license to an applicant as a mortgage company if:
(a) The application is verified by the Commissioner and complies with the requirements of this chapter; and
(b) The applicant and each general partner, officer or director of the applicant, if the applicant is a partnership, corporation or unincorporated association:
(1) Has demonstrated financial responsibility, character and general fitness so as to command the confidence of the community and warrant a determination that the applicant will operate honestly, fairly and efficiently for the purposes of this chapter.
(2) Has not been convicted of, or entered or agreed to enter a plea of guilty or nolo contendere to, a felony in a domestic, foreign or military court within the 7 years immediately preceding the date of the application, or at any time if such felony involved an act of fraud, dishonesty or a breach of trust, moral turpitude or money laundering.
(3) Has not made a false statement of material fact on the application.
(4) Has never had a license or registration as a mortgage agent, mortgage banker, mortgage broker, mortgage company, mortgage loan originator or residential mortgage loan originator revoked in this State or any other jurisdiction or had a financial services license revoked within the immediately preceding 10 years.
(5) Has not violated any provision of this chapter, a regulation adopted pursuant thereto or an order of the Commissioner.
4. A person may apply for a license for an office or other place of business located outside this State from which the applicant will conduct business in this State if the applicant has a license issued pursuant to this chapter for an office or other place of business located in this State or if the applicant will conduct business in this State only as a wholesale lender, and the applicant submits with the application for a license a statement signed by the applicant which states that the applicant agrees to:
(a) Make available electronically or at a location within this State the books, accounts, papers, records and files of the office or place of business located outside this State to the Commissioner or a representative of the Commissioner; or
(b) Pay the reasonable expenses for travel, meals and lodging of the Commissioner or a representative of the Commissioner incurred during any investigation or examination made at the office or place of business located outside this State.
The applicant must be allowed to choose between paragraph (a) or (b) in complying with the provisions of this subsection.
(Added to NRS by 1973, 1536; A 1981, 1786; 1983, 1701; 1985, 2186; 1987, 1877; 1989, 1763; 1993, 495; 1997, 2171; 1999, 3780; 2001, 2464; 2003, 2721; 2005, 2781, 2807, 2816; 2007, 2852; 2009, 2679; 2011, 3608; 2015, 2797; 2017, 3039)
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.