Nevada Revised Statutes
Chapter 645B - Mortgage Companies and Mortgage Loan Originators
NRS 645B.720 - Authority of Commissioner to order summary suspension of license and take other action to protect public before conducting hearing.

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.