Nevada Administrative Code

NAC 645A.385 Hearings: Disclosure of exhibits and list of witnesses; limitations on discovery. (NRS 645A.050) 1. If a hearing has been requested in a timely manner as set forth in this chapter or chapter 645A of NRS, each party shall provide to the opposing party and to the heari…

NAC 645A.390 Hearings: Motions. (NRS 645A.050) 1. All motions, unless made to exclude a witness, must be in writing. 2. A written motion must be served on the opposing party and the hearing officer at least 15 days before the time set for the hearing on the motion unless good cau…

NAC 645A.395 Hearings: Procedure. (NRS 645A.050) 1. The hearing officer shall: (a) Ascertain whether all persons ordered to appear under subpoena are present and whether all documents, books, records and other evidence under subpoena are present in the hearing room. (b) Administe…

NAC 645A.400 Hearings: Burden and standard of proof. (NRS 645A.050) The Division has the burden of proof in any hearing pursuant to this chapter or chapter 645A of NRS. The standard of proof in such a hearing is a preponderance of the evidence. (Added to NAC by Comm’r of Mortgage…

NAC 645A.405 Hearings: Rules of evidence; informality of proceedings. (NRS 645A.050) 1. In conducting any hearing, the hearing officer is not bound by the technical rules of evidence, and any informality in any proceeding or in the manner of taking testimony does not invalidate a…

NAC 645A.410 Hearings: Decision of hearing officer. (NRS 645A.050) The hearing officer shall issue and serve upon all parties, personally or by certified mail, a written decision meeting the requirements of NRS 233B.125 within 30 days after the close of the hearing. (Added to NAC…

NAC 645A.415 Posthearing motions. (NRS 645A.050) 1. A party may file a posthearing motion only to request a rehearing or to request a modification of the discipline, fine, costs or attorney’s fees imposed against a respondent. 2. Any posthearing motion must be filed within 15 day…

NAC 645A.420 Informal disposition of contested cases; consent and settlement agreements. (NRS 645A.050) 1. The provisions of this chapter or chapter 645A of NRS do not affect or limit the authority of the Commissioner, at any stage of a contested case, to make an informal disposi…

NAC 645A.425 Immunity from civil liability. (NRS 645A.050) 1. A person who provides a governmental entity, officer or employee with any information relating to a contested case is immune from any civil liability for providing that information if the person acted in good faith and…

NAC 645A.800 Confidentiality of records, reports and other information relating to certain investigations and examinations. (NRS 645A.050) 1. Any record or report prepared or received by the Division concerning the credit history, criminal history or background of a control perso…

NAC 645B.001 Definitions. (NRS 645B.0137, 645B.0138, 645B.060, 645F.292, 645F.293) As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 645B.0104 to 645B.01356, inclusive, and NAC 645B.002 to 645B.0084, inclusive, have the meanings as…

NAC 645B.002 “Affiliated business” defined. (NRS 645B.060) 1. “Affiliated business” means a business which a mortgage broker or any control person or employee of the mortgage broker: (a) Directly or indirectly owns or controls a controlling interest of the business; (b) Is a part…

NAC 645B.0025 “Approved course” defined. (NRS 645B.0137, 645B.0138, 645B.060, 645F.292, 645F.293) 1. “Approved course” means, for a mortgage broker or mortgage agent who: (a) Is required to register or voluntarily registers with the Registry, a course of education that has been r…

NAC 645B.0026 “Commercial property” defined. (NRS 645B.060) “Commercial property” has the meaning ascribed to it in NRS 645E.040. (Added to NAC by Comm’r of Mortgage Lending by R125-16, eff. 1-27-2017)

NAC 645B.0027 “Control person” defined. (NRS 645B.060) “Control person” means an executive officer, officer, general partner, partner, managing member, member, director, trustee or shareholder of a licensee or applicant. The term includes, without limitation, a chief executive of…

NAC 645B.004 “Major violation” defined. (NRS 645B.060, 645B.700) “Major violation” means a violation of the provisions of this chapter or chapter 645B of NRS: 1. Which causes substantial loss or harm to any person or which, in the opinion of the Commissioner, could have caused su…

NAC 645B.006 “Minor violation” defined. (NRS 645B.060, 645B.700) “Minor violation” means any violation that is not a major violation. (Added to NAC by Comm’r of Financial Institutions by R045-00, eff. 9-5-2000)

NAC 645B.0065 “Nontraditional mortgage product” defined. (NRS 645B.060) “Nontraditional mortgage product’’ means any mortgage product other than a 30-year fixed rate mortgage. (Added to NAC by Comm’r of Mortgage Lending by R035-10, eff. 7-22-2010)

NAC 645B.007 “Provider” defined. (NRS 645B.0137, 645B.0138, 645B.060, 645F.292, 645F.293) “Provider” means any person or entity that provides an approved course. (Added to NAC by Comm’r of Mortgage Lending by R093-09, eff. 10-27-2009; A by R035-10, 7-22-2010; R125-16, 1-27-2017)

NAC 645B.008 “Qualified employee” defined. (NRS 645B.021, 645B.060) “Qualified employee” means a natural person who is designated by a mortgage broker to act on behalf of the mortgage broker and who is approved by the Commissioner pursuant to NAC 645B.055. (Added to NAC by Comm’r…

NAC 645B.0082 “S.A.F.E. Mortgage Licensing Act” defined. (NRS 645B.060, 645F.292, 645F.293) “S.A.F.E. Mortgage Licensing Act” means the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, Public Law 110-289, 122 Stat. 2654, Title V, July 30, 2008. (Added to NAC by Com…

NAC 645B.0084 “Unique identifier” defined. (NRS 645B.060, 645F.292, 645F.293) “Unique identifier” means a number or other identifier assigned by protocols established by the Registry. (Added to NAC by Comm’r of Mortgage Lending by R035-10, eff. 7-22-2010)

NAC 645B.0085 “Commercial loan” interpreted. (NRS 645B.060) As used in this chapter and chapter 645B of NRS, the Commissioner will interpret the term “commercial loan” to have the meaning ascribed to “commercial mortgage loan” in NRS 645E.030. (Added to NAC by Comm’r of Mortgage …

NAC 645B.0086 “Insolvent” interpreted. (NRS 645B.060) For the purposes of subparagraph (1) of paragraph (b) of subsection 1 of NRS 645B.670, “insolvent” is interpreted to mean that the liabilities of a mortgage broker exceed his or her assets, as calculated by the Commissioner in…

NAC 645B.0087 “Mobile home” interpreted. (NRS 645B.060, 645F.292, 645F.293) For the purposes of NRS 645B.0132, the term “mobile home,” as used in the definition of “dwelling” in 15 U.S.C. § 1602(v), is interpreted to include a manufactured home or a trailer if that trailer is use…

NAC 645B.009 Deposits, disclosures and appraisals: Interpretation of certain statutory terms. (NRS 645B.060, 645B.175, 645B.185, 645B.300) 1. The Commissioner will not consider escrow instructions to have been “approved by the parties” within the meaning of subparagraph (2) of pa…

NAC 645B.0115 Change of electronic mail address or contact information. (NRS 645B.060, 645F.292, 645F.293) If an applicant for the issuance or renewal of a license or a person licensed pursuant to chapter 645B of NRS wishes to change his or her electronic mail address or contact …

NAC 645B.012 Licensure by endorsement: Application; qualifications; fingerprints; fees. (NRS 622.530, 645B.060) The Commissioner may issue a license by endorsement as a mortgage broker or mortgage agent to a natural person who holds a corresponding valid and unrestricted license …

NAC 645B.0123 Licensure by endorsement: Submission of additional information concerning application; approval or denial of application. (NRS 622.530, 645B.060) 1. Not later than 21 business days after receiving an application for a license by endorsement as a mortgage broker or m…

NAC 645B.0126 Licensure by endorsement: Duties, restrictions, penalties, liabilities, conditions and limitations; expiration and renewal. (NRS 622.530, 645B.060) 1. Except as otherwise provided in NAC 645B.012, a person who has been issued a license by endorsement as a mortgage b…

NAC 645B.016 Qualifications of applicant: Required experience. (NRS 645B.020, 645B.060) 1. An applicant for a license as a mortgage broker must have, within the 5 years immediately preceding the date of his or her application, at least 2 years of verifiable experience in the busi…

NAC 645B.0165 Qualifications of applicant: Requirements for licensure pursuant to NRS 645B.020. (NRS 645B.060) 1. Pursuant to subsection 3 of NRS 645B.020, the Commissioner will not issue a license as a mortgage broker unless the requirements of that subsection have been fulfille…

NAC 645B.017 Activity not constituting services as mortgage broker. (NRS 645B.060, 645F.292, 645F.293) A person does not hold himself or herself out as being able to perform the services described in NRS 645B.0127 if the person: 1. Is in compliance with the S.A.F.E. Mortgage Lice…

NAC 645B.020 Documentation required with application for license; conditional approval; effect of failure to respond to written request for information in timely manner. (NRS 645B.020, 645B.060, 645F.292, 645F.293) 1. An applicant must submit with his or her application for a lic…

NAC 645B.030 Branch office: Prerequisites and name for issuance of license; responsibilities of mortgage broker; conditional approval; effect of failure to respond to written request for information in timely manner. (NRS 645B.020, 645B.060, 645F.292, 645F.293) 1. An applicant mu…

NAC 645B.032 Sharing office space with another business. (NRS 645B.060) 1. Except as otherwise provided in subsection 2, a mortgage broker may share office space with any other business if each business has a designated space within the office space and each business is separatel…

NAC 645B.035 Use of fictitious name. (NRS 645B.020, 645B.060) 1. A mortgage broker shall not conduct business using a fictitious name unless the mortgage broker: (a) Complies with chapter 602 of NRS; (b) Files with the Division a certified copy, issued by the appropriate county c…

NAC 645B.037 Use of same name, confusingly similar name or name not approved by Commissioner; display of license. (NRS 645B.060) 1. The Commissioner will not issue a license or certificate of exemption with a name that is the same as or confusingly similar to a name on a license …

NAC 645B.0375 Professional conduct. (NRS 645B.060, 645F.255, 645F.520) 1. In addition to any other duty imposed by this chapter or chapter 645B of NRS or any other applicable law, a mortgage broker who acts as a mortgage servicer in connection with one or more mortgage loans whic…

NAC 645B.038 Insider loans: Limitations and conditions. (NRS 645B.060) 1. Insider loans made or arranged by a mortgage broker are subject to the following limitations and conditions: (a) The lending limit must not exceed 25 percent of the total dollar amount of the outstanding ba…

NAC 645B.044 Burden of demonstrating qualification for exemption from provisions of chapter 645B of NRS. (NRS 645B.016, 645B.060, 645F.292, 645F.293) A person who claims an exemption from the provisions of chapter 645B of NRS pursuant to NRS 645B.015 has the burden of demonstrati…

NAC 645B.045 Unexpired certificate of exemption. (NRS 645B.060) A person who has an unexpired certificate of exemption issued pursuant to chapter 645B of NRS shall be deemed to have an unexpired certificate of exemption issued pursuant to chapter 645E of NRS. (Added to NAC by Com…

NAC 645B.055 Qualified employee: Designation and approval. (NRS 645B.021, 645B.060, 645F.292, 645F.293) 1. Every person, other than a natural person, doing business as a mortgage broker in this State shall designate a natural person as a qualified employee who may, upon approval …

NAC 645B.057 Change in control or control person of mortgage broker; change of location or closure of principal or branch office; surrender of license. (NRS 645B.060, 645B.095, 645F.292, 645F.293) 1. Any material change in the control persons of a mortgage broker must be reported…

NAC 645B.060 Fees for supervision and related activities: Amount; collection; failure to pay; accounting of time billed upon request. (NRS 645B.050, 645B.060, 645F.280) 1. Except as otherwise provided in subsection 2, the Commissioner will annually charge and collect a fee for su…

NAC 645B.061 Grounds for denial of renewal of license. (NRS 645B.060, 645F.292, 645F.293) The Commissioner will not renew the license of a mortgage broker or mortgage agent if the mortgage broker or mortgage agent: 1. Has not paid all fees, fines and assessments owed to the Divis…

NAC 645B.064 Assessment for costs related to audits and examinations. (NRS 645B.060) 1. Each mortgage broker shall pay to the Division an annual assessment as required pursuant to NRS 645F.180 to cover the costs related to the employment of a certified public accountant and the p…