Nevada Revised Statutes
Chapter 645B - Mortgage Companies and Mortgage Loan Originators
NRS 645B.670 - Authorized disciplinary or other action; grounds for disciplinary action.


1. Except as otherwise provided in NRS 645B.690:
(a) For each violation committed by an applicant for a license issued pursuant to this chapter, whether or not the applicant is issued a license, the Commissioner may impose upon the applicant an administrative fine of not more than $25,000 if the applicant:
(1) Has knowingly made or caused to be made to the Commissioner any false representation of material fact;
(2) Has suppressed or withheld from the Commissioner any information which the applicant possesses and which, if submitted by the applicant, would have rendered the applicant ineligible to be licensed pursuant to the provisions of this chapter; or
(3) Has violated any provision of this chapter, a regulation adopted pursuant to this chapter or an order of the Commissioner in completing and filing his or her application for a license or during the course of the investigation of his or her application for a license.
(b) For each violation committed by a mortgage company, the Commissioner may impose upon the mortgage company an administrative fine of not more than $25,000, may suspend, revoke or place conditions upon the mortgage company’s license, or may do both, if the mortgage company, whether or not acting as such:
(1) Is insolvent;
(2) Is grossly negligent or incompetent in performing any act for which the mortgage company is required to be licensed pursuant to the provisions of this chapter;
(3) Does not conduct his or her business in accordance with law or has violated any provision of this chapter, a regulation adopted pursuant to this chapter or an order of the Commissioner;
(4) Is in such financial condition that the mortgage company cannot continue in business with safety to his or her customers;
(5) Has made a material misrepresentation in connection with any transaction governed by this chapter;
(6) Has suppressed or withheld from a client any material facts, data or other information relating to any transaction governed by the provisions of this chapter which the mortgage company knew or, by the exercise of reasonable diligence, should have known;
(7) Has knowingly made or caused to be made to the Commissioner any false representation of material fact or has suppressed or withheld from the Commissioner any information which the mortgage company possesses and which, if submitted by the mortgage company, would have rendered the mortgage company ineligible to be licensed pursuant to the provisions of this chapter;
(8) Has failed to account to persons interested for all money received for a trust account;
(9) Has refused to permit an examination by the Commissioner of his or her books and affairs or has refused or failed, within a reasonable time, to furnish any information or make any report that may be required by the Commissioner pursuant to the provisions of this chapter or a regulation adopted pursuant to this chapter;
(10) Has 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;
(11) Has refused or failed to pay, within a reasonable time, any fees, assessments, costs or expenses that the mortgage company is required to pay pursuant to this chapter or a regulation adopted pursuant to this chapter;
(12) Has failed to satisfy a claim made by a client which has been reduced to judgment;
(13) Has failed to account for or to remit any money of a client within a reasonable time after a request for an accounting or remittal;
(14) Has commingled the money or other property of a client with his or her own or has converted the money or property of others to his or her own use;
(15) Has engaged in any other conduct constituting a deceitful, fraudulent or dishonest business practice;
(16) Has repeatedly violated the policies and procedures of the mortgage company;
(17) Has failed to exercise reasonable supervision and control over the activities of a mortgage loan originator as required by NRS 645B.460;
(18) Has instructed a mortgage loan originator to commit an act that would be cause for the revocation of the license of the mortgage company, whether or not the mortgage loan originator commits the act;
(19) Has employed a person as a mortgage loan originator or authorized a person to be associated with the mortgage company as a mortgage loan originator at a time when the mortgage company knew or, in light of all the surrounding facts and circumstances, reasonably should have known that the person:
(I) Had 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 application, or at any time if such felony involved an act of fraud, dishonesty or a breach of trust, moral turpitude or money laundering; or
(II) 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 or registration revoked within the immediately preceding 10 years;
(20) Has violated NRS 645C.557;
(21) Has failed to pay a tax as required pursuant to the provisions of chapter 363A or 363C of NRS; or
(22) Has, directly or indirectly, paid any commission, fees, points or any other compensation as remuneration for the services of a mortgage loan originator to a person other than a mortgage loan originator who:
(I) Is an employee of or associated with the mortgage company; or
(II) If the mortgage loan originator is required to register with the Registry, is an employee of and whose sponsorship has been entered with the Registry by the mortgage company as required by subsection 2 of NRS 645B.450.
(c) For each violation committed by a mortgage loan originator, the Commissioner may impose upon the mortgage loan originator an administrative fine of not more than $25,000, may suspend, revoke or place conditions upon the mortgage loan originator’s license, or may do both, if the mortgage loan originator, whether or not acting as such:
(1) Is grossly negligent or incompetent in performing any act for which the mortgage loan originator is required to be licensed pursuant to the provisions of this chapter;
(2) Has made a material misrepresentation in connection with any transaction governed by this chapter;
(3) Has suppressed or withheld from a client any material facts, data or other information relating to any transaction governed by the provisions of this chapter which the mortgage loan originator knew or, by the exercise of reasonable diligence, should have known;
(4) Has knowingly made or caused to be made to the Commissioner any false representation of material fact or has suppressed or withheld from the Commissioner any information which the mortgage loan originator possesses and which, if submitted by the mortgage loan originator, would have rendered the mortgage loan originator ineligible to be licensed pursuant to the provisions of this chapter;
(5) Has 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;
(6) Has failed to account for or to remit any money of a client within a reasonable time after a request for an accounting or remittal;
(7) Has commingled the money or other property of a client with his or her own or has converted the money or property of others to his or her own use;
(8) Has engaged in any other conduct constituting a deceitful, fraudulent or dishonest business practice;
(9) Has violated NRS 645C.557;
(10) Has repeatedly violated the policies and procedures of the mortgage company with whom the mortgage loan originator is associated or by whom he or she is employed;
(11) Has, directly or indirectly, received any commission, fees, points or any other compensation as remuneration for his or her services as a mortgage loan originator:
(I) From a person other than the mortgage company with whom the mortgage loan originator is associated or by whom he or she is employed; or
(II) If the mortgage loan originator is required to be registered with the Registry, from a person other than the mortgage company by whom the mortgage loan originator is employed and on whose behalf sponsorship was entered as required by subsection 2 of NRS 645B.450; or
(12) Has violated any provision of this chapter, a regulation adopted pursuant to this chapter or an order of the Commissioner or has assisted or offered to assist another person to commit such a violation.
2. This section does not prohibit the co-brokering of a commercial loan through the cooperation of two or more mortgage companies so long as such a transaction is not inconsistent with any other provision of this chapter.
3. An order that imposes discipline and the findings of fact and conclusions of law supporting that order are public records.
(Added to NRS by 1973, 1539; A 1977, 93; 1981, 1790; 1983, 1380, 1704; 1985, 2188; 1987, 1880; 1993, 498; 1999, 3787; 2001, 2474; 2003, 2724, 3555; 2003, 20th Special Session, 221, 258; 2009, 1510, 2684; 2011, 3621; 2013, 117; 2015, 2939; 2017, 3075)

Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 645B - Mortgage Companies and Mortgage Loan Originators

NRS 645B.010 - Definitions.

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.0137 - Requirements for initial licensing as mortgage company or mortgage loan originator; regulations.

NRS 645B.0138 - Courses of continuing education; regulations.

NRS 645B.0145 - Statutory and common-law rights, remedies and punishments unaffected; limitation on actions against State and its officers and employees.

NRS 645B.0147 - Fiduciary obligation of licensee to client.

NRS 645B.0149 - Inapplicability to wholesale lender who only funds or purchases commercial mortgage loans.

NRS 645B.015 - Exemptions for certain persons and entities.

NRS 645B.016 - Certificate of exemption: Application; fee; automatic expiration; prohibitions; administrative fine; authority to file application for purposes of complying with requirements of Registry; applicability.

NRS 645B.017 - Certificate of exemption: Expiration; procedure for renewal; cancellation and reinstatement; fees; duplicate copy; deposit of fees; regulations.

NRS 645B.018 - Exemptions for certain loans: Grounds for granting; revocation; issuance of statement by Commissioner of reasons for granting, denying or revoking.

NRS 645B.019 - Creation; members; appointment; terms and vacancies; no compensation or per diem allowance; protections afforded members who are public officers or employees.

NRS 645B.0191 - Chair and Vice Chair; meetings; quorum; subcommittees.

NRS 645B.0192 - Purpose.

NRS 645B.020 - Application for license; application for branch offices; requirements for issuance of license; license for office outside Nevada which conducts business in Nevada.

NRS 645B.021 - Mortgage company who is not natural person to designate natural person as qualified employee; regulations.

NRS 645B.023 - Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establis...

NRS 645B.0243 - Grounds for denial of license: Employing or associating with certain persons who are ineligible to be mortgage loan originators.

NRS 645B.0245 - Grounds for denial of license: Control by relative who would be ineligible to be licensed; act or omission of partner, officer or director.

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.035 - Activities authorized by license; dual licensure as mortgage banker and mortgage broker.

NRS 645B.042 - Duty of mortgage company to deposit surety bond with Commissioner; mortgage company and mortgage loan originators must be named as principals on bond; amount of bond; Commissioner to determine amount of initial deposit.

NRS 645B.046 - Cancellation of surety bond: Notices required; revocation of license unless equivalent bond furnished.

NRS 645B.048 - Action on surety bond: Procedure; limitation of time; duties of Commissioner; preliminary payment by surety; action for interpleader; payment.

NRS 645B.050 - Expiration of license; procedure for renewal; cancellation and reinstatement; fees; duplicate copy; deposit of fees; regulations. [Parts of this section were replaced in revision in 2015 by NRS 645B.017.]

NRS 645B.051 - Continuing education required for renewal of license.

NRS 645B.060 - Duties of Commissioner: General supervision and control over mortgage companies and mortgage loan originators; regulations; investigations; examinations; periodic and special audits; hearings; related fees; classification of certain re...

NRS 645B.070 - Subpoenas; oaths; examination of witnesses; penalty; assessment of costs.

NRS 645B.075 - Payment of statutory assessment by mortgage company; duty of mortgage company and loan originators to cooperate fully with audits and examinations.

NRS 645B.080 - Records relating to mortgage transactions, financial condition and trust accounts; monthly report to Commissioner; accounting procedures for trust accounts; regulations; reports.

NRS 645B.085 - Annual financial statement; audit of trust accounts; regulations.

NRS 645B.090 - Records of Commissioner: General provisions governing public inspection, confidentiality and disclosure of information relating to investigations, examinations, disciplinary actions and certain investments in promissory notes secured b...

NRS 645B.092 - Records of Commissioner: Certain records relating to complaint or investigation deemed confidential; certain records relating to disciplinary action and orders imposing discipline deemed public records; disclosure by Commissioner.

NRS 645B.093 - Commingling certain money prohibited. [Effective through June 30, 2022.] Commingling certain money prohibited. [Effective July 1, 2022.]

NRS 645B.095 - Notification of certain transfers required; application to Commissioner for approval of change of control; investigation; waiver.

NRS 645B.115 - Minimum net worth required for certain mortgage companies; initial and annual determination of net worth; examination by Commissioner; regulations.

NRS 645B.165 - Escrow account required for fee, salary, deposit or money paid in advance; release from escrow; exceptions; refunds; penalty.

NRS 645B.170 - Trust account required for money deposited to pay taxes or insurance premiums; fiduciary duty of mortgage company; accounting to debtor and Commissioner; additional duties and prohibitions.

NRS 645B.175 - Trust or escrow account required for money received from investor to fund loan; trust or escrow account required for money received from debtor to repay loan; release of money; accounting to investor, debtor and Commissioner; additiona...

NRS 645B.180 - Limitations on execution or attachment of money in trust account; commingling of money prohibited.

NRS 645B.185 - Use of disclosure forms required; release of financial statements; duties of mortgage company and loan originators; prohibitions; powers of Commissioner; regulations.

NRS 645B.186 - Disclosure of certain business and personal relationships required.

NRS 645B.187 - Prohibition on making certain guarantees in advertisements and solicitations; limitations on payment of premium interest; penalty.

NRS 645B.189 - Statements of disclosure required in certain advertisements; review of advertisements by Commissioner; advertisements must comply with state and federal laws concerning deceptive trade practices and deceptive advertising; regulations.

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.250 - Prohibition on advancing payments to investor on behalf of debtor in default; exceptions.

NRS 645B.260 - Monthly report to Commissioner on delinquencies in payments and defaults; monthly notice to investors; regulations.

NRS 645B.300 - Written appraisal of real property required; persons authorized to perform appraisal; retention and inspection of appraisal; exceptions.

NRS 645B.305 - Requirement that loan include disclosure concerning fees.

NRS 645B.307 - Mortgage company required to include his or her license number or identifying number with loan.

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.340 - Multiple holders of beneficial interest in loan: Holders of majority of outstanding principal balance may act on behalf of all holders for certain matters; notice; exception.

NRS 645B.350 - Mortgage company required to provide investors certain options before acquiring ownership or beneficial interest in loan.

NRS 645B.351 - Mortgage company prohibited from including in loan document provision which requires participation in binding arbitration in event of dispute.

NRS 645B.352 - Written servicing agreement required before servicing loan.

NRS 645B.353 - Mortgage company prohibited from releasing borrower or guarantor from personal liability without certain approval.

NRS 645B.354 - Restrictions on withholding money from certain investors; loan servicing agreement may contain provision which provides written consent to withhold money.

NRS 645B.355 - Mortgage company prohibited from acting as construction control.

NRS 645B.356 - Restrictions on placing private investor into certain entities before foreclosure of real property securing loan.

NRS 645B.357 - Restriction on collection of fees by mortgage company; application of fees.

NRS 645B.400 - Requirements to provide services of or engage in activities of mortgage loan originator.

NRS 645B.405 - License as mortgage loan originator required for mortgage company or qualified employee who engages in or supervises a mortgage loan originator who engages in activities as residential mortgage loan originator.

NRS 645B.410 - Qualifications and procedure for issuance of license; fees.

NRS 645B.420 - Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establis...

NRS 645B.430 - Annual expiration of license; procedure for renewal; continuing education; fees.

NRS 645B.450 - Conditions and limitations regarding employment of or association with mortgage loan originator; duties of mortgage company or certain exempt persons upon termination of mortgage loan originator.

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.620 - Duties of Commissioner when violation is suspected; referral of violations to Attorney General for criminal prosecution; civil action for injunctive relief.

NRS 645B.630 - Duties of Commissioner when unsafe condition or practice is suspected; seizure of property and assets of mortgage company; duties of Attorney General.

NRS 645B.640 - Persons entitled to correct unsafe conditions and practices; effect of failure to correct; receivership and liquidation of assets.

NRS 645B.670 - Authorized disciplinary or other action; grounds for disciplinary action.

NRS 645B.680 - Suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license. [Effective until 2 years after the date of the repeal of 42 U.S.C. § 666, the federal law requiring each sta...

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.710 - Act or omission of partner, officer or director deemed act or omission of partnership, corporation or unincorporated association.

NRS 645B.720 - Authority of Commissioner to order summary suspension of license and take other action to protect public before conducting hearing.

NRS 645B.740 - Investigations, actions, disciplinary proceedings, fines and penalties not affected by expiration, revocation or voluntary surrender of license.

NRS 645B.750 - Duty of Commissioner to provide written notice of disciplinary action or denial of license; right to administrative hearing; entry of final order; appeals.

NRS 645B.760 - Effect of failure to appear at hearing; penalty.

NRS 645B.800 - Attorney General has primary criminal jurisdiction; duty to provide Attorney General with information to assist prosecution; penalty.

NRS 645B.810 - Attorney General may bring civil action; recovery of costs in civil action.

NRS 645B.820 - Exercise of jurisdiction over party to civil action; service of summons to confer jurisdiction.

NRS 645B.900 - Unlawful to conduct business of mortgage company or mortgage loan originator without being licensed or exempt from licensing.

NRS 645B.910 - Unlawful for foreign corporation, association or business trust to conduct business of mortgage company without meeting certain requirements.

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.