Nevada Administrative Code

NAC 645.915 Expiration date; requirements and fee for renewal. (NRS 645.190, 645.863) 1. A permit expires on the same date as the license of the holder of the permit expires. 2. The Division may renew a permit if the holder of the permit submits to the Division: (a) A request for…

NAC 645.917 Effective date of renewal. (NRS 645.190, 645.863) The renewal of a permit is effective on the date on which the applicant submits to the Division an application to renew his or her license or the applicant pays the renewal fees for the license and the permit, whicheve…

NAC 645.919 Approval of courses for educational requirements. (NRS 645.190, 645.863) 1. For an applicant to receive credit for a course of instruction in business brokerage that is designed to fulfill the educational requirements for the issuance or renewal of a permit, the cours…

NAC 645A.005 “Trust account” defined. (NRS 645A.050) As used in this chapter, unless the context otherwise requires, “trust account” means an account held by an escrow agent or agency pursuant to NRS 645A.160. (Added to NAC by Comm’r of Mortgage Lending by R086-04, eff. 8-25-2004…

NAC 645A.055 Definitions. As used in NAC 645A.055 to 645A.160, inclusive, unless the context otherwise requires, the words and terms defined in NAC 645A.060 and 645A.065 have the meanings ascribed to them in those sections. (Supplied in codification)

NAC 645A.060 “Approved course” defined; consideration by Commissioner of alternative sources of programs. (NRS 645A.021, 645A.039, 645A.050) 1. “Approved course” means a course of education that has been approved by the Commissioner as a course for initial licensure or continuing…

NAC 645A.065 “Hour of instruction” defined. (NRS 645A.021, 645A.039, 645A.050) “Hour of instruction” means 50 minutes of instruction or more. (Added to NAC by Comm’r of Mortgage Lending by R143-08, eff. 4-20-2010)

NAC 645A.070 Requirements for initial licensure. (NRS 645A.021, 645A.050) 1. An applicant for an initial license as an escrow agent must complete at least 15 hours of instruction in the areas of instruction set forth in subsection 2. The instruction may be completed through live …

NAC 645A.075 Requirements for continuing education. (NRS 645A.039, 645A.050) 1. A person licensed as an escrow agent shall complete, during the 12 months immediately preceding the date on which the license expires, at least 10 hours of instruction in approved courses of continuin…

NAC 645A.080 Course material for initial licensure and continuing education: Approved subjects. (NRS 645A.021, 645A.039, 645A.050) The following subjects are approved as course material for initial licensure and continuing education: 1. Federal laws and regulations relating to es…

NAC 645A.085 Approval of provider; appeal of denial of approval. (NRS 645A.021, 645A.039, 645A.050) 1. A provider that wishes to offer approved courses to meet the educational requirements for licensure or continuing education under this chapter and chapter 645A of NRS must apply…

NAC 645A.090 Approval of provider: Notice of material change in information provided in application for approval; qualification for and denial of renewal of approval; waiver of requirements. (NRS 645A.021, 645A.039, 645A.050) 1. Within 15 days after the occurrence of any material…

NAC 645A.095 Approval of individual courses; appeal of denial of approval; restricted attendance; policy of provider concerning cancellations and refunds; waiver of requirements. (NRS 645A.021, 645A.039, 645A.050) 1. A provider must submit an application for the approval of each …

NAC 645A.100 Annual approval and contents of courses; unacceptable courses. (NRS 645A.021, 645A.039, 645A.050) 1. A course must: (a) Be approved annually by the Commissioner; and (b) Relate to the subject matters prescribed by NAC 645A.080. 2. None of the following kinds of cours…

NAC 645A.105 Prerequisites to approval of computer-based distance education course. (NRS 645A.021, 645A.039, 645A.050) A provider seeking approval of a computer-based distance education course must submit a complete copy of the course to the Commissioner in the medium to be used …

NAC 645A.110 Renewal of approval of approved courses; review and audit of approved courses and instructors by Commissioner. (NRS 645A.021, 645A.039, 645A.050) 1. A provider must apply annually for the renewal of approval of a course on a form prescribed by the Commissioner. An ap…

NAC 645A.115 Withdrawal of approval of approved courses. (NRS 645A.021, 645A.039, 645A.050) 1. If the Commissioner determines, through an audit or otherwise, that an approved course does not meet the standards for such a course set forth in this chapter or chapter 645A of NRS, th…

NAC 645A.120 Approved providers: Maintenance and availability of certain records; provision of tentative schedules and evidence of licensure to Commissioner. (NRS 645A.021, 645A.039, 645A.050) 1. A provider approved by the Commissioner to offer courses to meet the requirements fo…

NAC 645A.125 Approved providers: Misrepresentation in advertising prohibited. (NRS 645A.021, 645A.039, 645A.050) A provider approved by the Commissioner shall not make any misrepresentation in its advertising about any approved course which it offers to fulfill requirements for l…

NAC 645A.130 Providers of approved courses: Employment of instructors; miscellaneous duties and restrictions. (NRS 645A.021, 645A.039, 645A.050) A provider that conducts approved courses: 1. May employ as instructors of the approved courses only persons who meet the qualification…

NAC 645A.135 Instructors: Requirements for and restrictions on approval; periodic review and evaluation; credit for continuing education; waiver of requirements. (NRS 645A.021, 645A.039, 645A.050) 1. An instructor must have written approval from the Commissioner before teaching a…

NAC 645A.140 Instructors: Denial or withdrawal of approval; appeal of denial or withdrawal. (NRS 645A.021, 645A.039, 645A.050) 1. The Commissioner may deny or withdraw the approval of an instructor who: (a) Does not meet the standards prescribed in NAC 645A.135; (b) Does an inade…

NAC 645A.145 Instructors: Duties. (NRS 645A.021, 645A.039, 645A.050) 1. An instructor of an approved course shall ensure that: (a) Class sessions are commenced in a timely manner and are conducted for the full amount of time that is approved; and (b) Each approved course is taugh…

NAC 645A.150 Evaluation of approved courses and instructors by students; provision of certificates of completion. (NRS 645A.021, 645A.039, 645A.050) 1. Each approved course and each instructor of an approved course must be evaluated by students on a form prescribed by the Commiss…

NAC 645A.155 Certificates of completion of approved courses: Prerequisites to receipt; review of denial. (NRS 645A.021, 645A.039, 645A.050) 1. To receive a certificate of completion for an approved course, a student must: (a) Direct his or her attention to the instruction being p…

NAC 645A.160 Credit for approved course of continuing education: Prerequisites to receipt. (NRS 645A.039, 645A.050) 1. To receive credit for an approved course of continuing education, an escrow agent shall complete the course not more than 12 months immediately preceding the dat…

NAC 645A.180 Application; qualifications; fingerprints; fees. (NRS 622.530, 645A.050) The Commissioner may issue a license by endorsement as an escrow agent or escrow agency to a natural person who holds a corresponding valid and unrestricted license to engage in the activities o…

NAC 645A.185 Submission of additional information concerning application; approval or denial of application. (NRS 622.530, 645A.050) 1. Not later than 21 business days after receiving an application for a license by endorsement as an escrow agent or escrow agency pursuant to NAC …

NAC 645A.190 Duties, restrictions, penalties, liabilities, conditions and limitations; expiration and renewal. (NRS 622.530, 645A.050) 1. Except as otherwise provided in NAC 645A.180, a person who has been issued a license by endorsement as an escrow agent or escrow agency pursua…

NAC 645A.210 Surety bond: Requirements for deductible. (NRS 645A.041, 645A.050) A surety bond required by NRS 645A.041 may contain a deductible if the escrow agency deposits with the Commissioner a surety bond or substitute form of security satisfactory to the Commissioner in the…

NAC 645A.215 Qualified employee: Designation and approval. (NRS 645A.050, 645A.195) 1. An escrow agency shall designate a natural person to serve as the qualified employee for each office designated in a license issued to the escrow agency pursuant to chapter 645A of NRS. 2. A pe…

NAC 645A.220 General and miscellaneous standards of practice; noncompliance with certain provisions. (NRS 645A.050) 1. Each escrow agent and agency shall conduct the business of the escrow agency openly, fairly and honestly, and shall at all times conform to the accepted business…

NAC 645A.230 Disclosure of certain relationships and affiliations. (NRS 645A.050) 1. If an escrow agency, escrow agent, relative of an escrow agent or a company related to or affiliated with the escrow agency or the escrow agent is a principal to an escrow transaction or is actin…

NAC 645A.240 Disposition of money deposited in escrow. (NRS 645A.050) Except as otherwise provided in any written escrow instructions or an escrow agreement, each escrow agent or agency shall: 1. Hold all money deposited in escrow with the agent or agency in trust for the person …

NAC 645A.250 Deposit of money held in trust; maintenance and availability of certain records. (NRS 645A.050, 645A.070, 645A.160) 1. Each escrow agency shall: (a) Deposit all money held in trust by the escrow agency into a trust account in a financial institution pursuant to NRS 6…

NAC 645A.260 Maintenance and provision of certain records in electronic format. (NRS 645A.050, 645A.070) The records required by NAC 645A.250 may be maintained by an escrow agency pursuant to NAC 645A.250 and provided to the Commissioner or an authorized representative of the Com…

NAC 645A.270 Transfer of funds between escrow accounts. (NRS 645A.050) 1. A transfer of funds between escrow accounts may not be accomplished by the making of book entries alone but must be accomplished by: (a) The wire transfer or writing of a check from one escrow account to th…

NAC 645A.280 Semiannual activity report: Requirement; contents; review and certification by control person. (NRS 645A.050) 1. Each escrow agency shall file with the Commissioner a semiannual activity report on a date and in a form prescribed by the Commissioner. 2. The semiannual…

NAC 645A.290 Closure of principal or branch office. (NRS 645A.050) 1. An escrow agency may not close its principal office or a branch office until: (a) The escrow agency has: (1) Returned its original license; and (2) Submitted to the Commissioner a request for approval of the cl…

NAC 645A.300 Fee for supervision and related activities: Amount; collection; failure to pay; accounting of time billed. (NRS 645A.050, 645A.065) 1. The Commissioner will charge and collect a fee of $60 per hour from each escrow agency for any supervision, examination, audit, inve…

NAC 645A.305 Annual examination of escrow agencies: Rating of escrow agency upon completion of examination. (NRS 645A.050) Upon completion of an examination of an escrow agency pursuant to paragraph (b) of subsection 2 of NRS 645A.050, the examiner shall, in a report of findings,…

NAC 645A.310 Annual financial statement. (NRS 645A.050, 645A.070) 1. Except as otherwise provided in this section, an escrow agency shall submit to the Commissioner, not later than 120 days after the last day of each fiscal year of the escrow agency, a financial statement that: (…

NAC 645A.315 Notification of Commissioner of certain claims, complaints and judgments. (NRS 645A.050) An escrow agency shall notify the Commissioner in writing immediately after: 1. The filing of a claim upon the surety bond required by NRS 645A.041. 2. The entry of a money judgm…

NAC 645A.350 Orders to cease and desist from certain activities. (NRS 645A.050) 1. If a person engages in an activity in violation of the provisions of this chapter or chapter 645A of NRS or an order of the Commissioner, the Commissioner may issue an order to the person directing…

NAC 645A.355 Denial of application for license: Issuance; hearing. (NRS 645A.050) 1. The Commissioner may issue the denial of any application for a license. 2. Upon receipt of a denial of an application, the applicant must request a hearing within 20 days after receipt of the not…

NAC 645A.360 Imposition of disciplinary action; hearing on taking possession of property of escrow agency. (NRS 645A.050) 1. If an escrow agency or escrow agent violates any provision of NRS 645A.090 and the escrow agency or escrow agent fails, without reasonable cause, to remedy…

NAC 645A.365 Notice of and hearing on certain orders of Commissioner; entry of final order; appeal of final order taking disciplinary action. (NRS 645A.050) 1. If the Commissioner enters an order taking any disciplinary action against a person, denying a person’s application for …