1. Subject to the administrative control of the Director of the Department of Business and Industry, the Commissioner shall exercise general supervision and control over mortgage companies and mortgage loan originators doing business in this State.
2. In addition to the other duties imposed upon him or her by law, the Commissioner shall:
(a) Adopt regulations:
(1) Setting forth the requirements for an investor to acquire ownership of or a beneficial interest in a loan secured by a lien on real property. The regulations must include, without limitation, the minimum financial conditions that the investor must comply with before becoming an investor.
(2) Establishing reasonable limitations and guidelines on loans made by a mortgage company to a director, officer, mortgage loan originator or employee of the mortgage company.
(b) Adopt any other regulations that are necessary to carry out the provisions of this chapter, except as to loan fees.
(c) Conduct such investigations as may be necessary to determine whether any person has violated any provision of this chapter, a regulation adopted pursuant to this chapter or an order of the Commissioner.
(d) Conduct, at his or her discretion, periodic standard examinations of each mortgage company doing business in this State which must include, without limitation, a formal exit review with the mortgage company. The Commissioner shall adopt regulations prescribing:
(1) Standards for determining the rating of each mortgage company based upon the results of a periodic standard examination; and
(2) Procedures for resolving any objections made by the mortgage company to the results of a periodic standard examination. The results of a periodic standard examination may not be opened to public inspection pursuant to NRS 645B.090 until after a period of time set by the Commissioner to determine any objections made by the mortgage company.
(e) Conduct such other examinations, periodic or special audits, investigations and hearings as may be necessary for the efficient administration of the laws of this State regarding mortgage companies and mortgage loan originators. The Commissioner shall adopt regulations specifying the general guidelines that will be followed when a periodic or special audit of a mortgage company is conducted pursuant to this chapter.
(f) Classify as confidential certain records and information obtained by the Division when those matters are obtained from a governmental agency upon the express condition that they remain confidential. This paragraph does not limit examination by:
(1) The Legislative Auditor; or
(2) The Department of Taxation if necessary to carry out the provisions of chapters 363A and 363C of NRS.
(g) Conduct such examinations and investigations as are necessary to ensure that mortgage companies and mortgage loan originators meet the requirements of this chapter for obtaining a license, both at the time of the application for a license and thereafter on a continuing basis.
3. For each special audit, investigation or examination, a mortgage company or mortgage loan originator shall pay a fee based on the rate established pursuant to NRS 645F.280.
(Added to NRS by 1973, 1538; A 1973, 1669; 1981, 1789; 1983, 1380, 1703; 1987, 1878, 2224; 1993, 497, 1893; 1995, 526; 1999, 3784; 2001, 2467; 2003, 3552; 2003, 20th Special Session, 220; 2007, 955; 2009, 1448; 2015, 2938; 2017, 3046, 3592)
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.