1. Whether or not a complaint has been filed, the Commissioner may investigate a mortgage company, mortgage loan originator or other person if, for any reason, it appears that:
(a) The mortgage company or mortgage loan originator is conducting business in an unsafe and injurious manner or in violation of any provision of this chapter, a regulation adopted pursuant to this chapter or an order of the Commissioner;
(b) The person is offering or providing any of the services of a mortgage company or mortgage loan originator or otherwise engaging in, carrying on or holding himself or herself out as engaging in or carrying on the business of a mortgage company or mortgage loan originator without being appropriately licensed or exempt from licensing pursuant to the provisions of this chapter; or
(c) The person is violating any other provision of this chapter, a regulation adopted pursuant to this chapter or an order of the Commissioner.
2. If, upon investigation, the Commissioner has reasonable cause to believe that the mortgage company, mortgage loan originator or other person has engaged in any conduct or committed any violation described in subsection 1:
(a) The Commissioner shall notify the Attorney General of the conduct or violation and, if applicable, the Commissioner shall immediately take possession of the property of the mortgage company pursuant to NRS 645B.630; and
(b) The Attorney General shall, if appropriate:
(1) Investigate and prosecute the mortgage company, mortgage loan originator or other person pursuant to NRS 645B.800; and
(2) Bring a civil action to:
(I) Enjoin the mortgage company, mortgage loan originator or other person from engaging in the conduct, operating the business or committing the violation; and
(II) Enjoin any other person who has encouraged, facilitated, aided or participated in the conduct, the operation of the business or the commission of the violation, or who is likely to engage in such acts, from engaging in or continuing to engage in such acts.
3. If the Attorney General brings a civil action pursuant to subsection 2, the district court of any county of this State is hereby vested with the jurisdiction in equity to enjoin the conduct, the operation of the business or the commission of the violation and may grant any injunctions that are necessary to prevent and restrain the conduct, the operation of the business or the commission of the violation. During the pendency of the proceedings before the district court:
(a) The court may issue any temporary restraining orders as may appear to be just and proper;
(b) The findings of the Commissioner shall be deemed to be prima facie evidence and sufficient grounds, in the discretion of the court, for the ex parte issuance of a temporary restraining order; and
(c) The Attorney General may apply for and on due showing is entitled to have issued the court’s subpoena requiring forthwith the appearance of any person to:
(1) Produce any documents, books and records as may appear necessary for the hearing of the petition; and
(2) Testify and give evidence concerning the conduct complained of in the petition.
(Added to NRS by 1973, 1540; A 1983, 1705; 1987, 1882; 1999, 3790; 2003, 3554; 2017, 3073)
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.