1. If, in carrying on his or her business, a mortgage company uses an advertisement that is designed, intended or reasonably likely to solicit money from private investors, the mortgage company shall include in each such advertisement a statement of disclosure in substantially the following form:
Money invested through a mortgage company is not guaranteed to earn any interest or return and is not insured.
2. A mortgage company shall include in each advertisement that the mortgage company uses in carrying on his or her business any statements of disclosure required pursuant to the regulations adopted by the Commissioner or required pursuant to an order of the Commissioner entered in accordance with subsections 7 and 8 of NRS 645B.185.
3. Each mortgage company who has received an initial license within the past 12 months shall submit any proposed advertisement that the mortgage company intends to use in carrying on his or her business to the Commissioner for approval.
4. In addition to the requirements set forth in this chapter, each advertisement that a mortgage company uses in carrying on his or her business must comply with the requirements of:
(a) NRS 598.0903 to 598.0999, inclusive, concerning deceptive trade practices; and
(b) Any applicable federal statute or regulation concerning deceptive advertising and the advertising of interest rates.
5. If a mortgage company violates any provision of NRS 598.0903 to 598.0999, inclusive, concerning deceptive trade practices or any federal statute or regulation concerning deceptive advertising or the advertising of interest rates, in addition to any sanction or penalty imposed by state or federal law upon the mortgage company for the violation, the Commissioner may take any disciplinary action set forth in paragraph (b) of subsection 1 of NRS 645B.670 against the mortgage company.
6. The Commissioner may adopt any regulations that are necessary to carry out the provisions of this section.
(Added to NRS by 1985, 2185; A 1987, 1886; 1999, 3799; 2001, 2470; 2007, 958; 2013, 115; 2017, 3058)
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.