Nevada Administrative Code

NAC 645B.068 Results of examination: Preparation and review of draft report; final report; confidentiality; action by Commissioner. (NRS 645B.060, 645B.090) 1. Not more than 30 days after the completion of an examination of a mortgage broker, the examiner that performed the exami…

NAC 645B.070 Monthly reports. (NRS 645B.060, 645B.080) 1. Each mortgage broker shall submit, for each month, on a form approved by the Commissioner, a report on the volume of loans arranged in that month, unless the Commissioner waives the requirement pursuant to subsection 3 of …

NAC 645B.072 “Complete and suitable records” interpreted for purposes of NRS 645B.080. (NRS 645B.060, 645B.080) As used in NRS 645B.080, the Commissioner interprets “complete and suitable records” to mean all books, accounts, records and documents of the business conducted by the…

NAC 645B.077 Retention and maintenance of certain records. (NRS 645B.060, 645B.080) 1. The mortgage broker shall retain records of all his or her completed mortgage transactions for a period of at least 4 years after the date of the last activity relating to the transaction. 2. T…

NAC 645B.080 Provision and retention of certain documents. (NRS 645B.060, 645B.080) 1. Except as otherwise provided in NAC 645B.038, before a private investor makes a loan for which a licensed mortgage broker is acting as a broker, the mortgage broker must provide, unless specifi…

NAC 645B.095 Determination by Commissioner. (NRS 645B.060, 645B.115) For the purpose of determining the net worth of a mortgage broker pursuant to NRS 645B.115, the Commissioner will interpret the term “net worth” to mean the amount by which the assets of a mortgage broker exceed…

NAC 645B.150 Money received to acquire loans: Required statements and ledgers. (NRS 645B.060, 645B.080, 645B.085, 645B.175) A licensed mortgage broker maintaining any accounts described in subsection 1 of NRS 645B.175 shall: 1. Provide to the Commissioner a financial statement of…

NAC 645B.160 Money received to repay loans: Required statements and records. (NRS 645B.060, 645B.080, 645B.085, 645B.175) A licensed mortgage broker maintaining any accounts described in subsection 4 of NRS 645B.175 shall: 1. Provide to the Commissioner a statement of the account…

NAC 645B.165 Money received to acquire or repay loans: Required financial statements. (NRS 645B.060, 645B.080, 645B.085, 645B.175) 1. A licensed mortgage broker maintaining any accounts described in subsection 1 or 4 of NRS 645B.175 shall, not later than 120 days after the end of…

NAC 645B.170 Money received to acquire or repay loans: Period for retention of records. (NRS 645B.060, 645B.080, 645B.175) A licensed mortgage broker shall retain all records of accounts maintained pursuant to subsections 1 and 4 of NRS 645B.175 for at least 2 years after the dat…

NAC 645B.210 Disclosure of involvement. (NRS 645B.060, 645B.185, 645B.186) 1. If a control person, manager or employee of a licensed mortgage broker, or a relative of a control person, manager or employee of a licensed mortgage broker: (a) Has any personal involvement in a lendin…

NAC 645B.215 Disclosures to purchaser of note secured by deed of trust; retention of documents. (NRS 645B.060, 645B.080) 1. Before a person purchases an existing note secured by a deed of trust or an interest therein for which a licensed mortgage broker is acting as a broker or a…

NAC 645B.220 Disclosure form. (NRS 645B.060, 645B.185) The disclosure form given to a private investor pursuant to NRS 645B.185 must be the form prescribed by the Commissioner. (Added to NAC by Comm’r of Financial Institutions by R045-00, eff. 9-5-2000; A by Comm’r of Mortgage Le…

NAC 645B.230 Provision to Division of financial statement for private investors. (NRS 645B.060, 645B.185) 1. A mortgage broker may submit to the Division a financial statement to be provided to a private investor pursuant to subsection 3 of NRS 645B.185 that: (a) Is dated not ear…

NAC 645B.235 Disclosures to borrowers by certain persons acting in dual capacity. (NRS 645B.060) 1. A mortgage broker or mortgage agent who is also licensed as a real estate broker or real estate salesperson and who acts in both capacities in a single transaction must make to the…

NAC 645B.240 Representation of activity as licensed; advertisements; disclosure to private investors; Internet links. (NRS 645B.060, 645B.189, 645F.292, 645F.293) 1. A licensed mortgage broker or mortgage agent shall not represent an activity which is not licensed pursuant to cha…

NAC 645B.250 Prohibition against acting as trustee or substitute trustee under certain circumstances; exception. (NRS 645B.060) 1. Except as otherwise provided in subsection 3, a mortgage broker and any partnership, corporation or limited-liability company in which the mortgage b…

NAC 645B.255 Minimum financial requirement for private investors. (NRS 645B.060) 1. Except as otherwise provided in subsection 5, before a private investor enters into a transaction with a mortgage broker or mortgage agent to acquire ownership of or a beneficial interest in a loa…

NAC 645B.260 Decisions regarding investments. (NRS 645B.060) All decisions regarding the funding of investments in mortgages must be made by the investor. [Comm’r of Savings Associations, Mortgage Reg. § 10, eff. 6-29-82]—(NAC A by Comm’r of Financial Institutions by R045-00, 9-5…

NAC 645B.280 Power of attorney: Submission to and action by Commissioner; maintenance of written communications; extension of term; inclusion of date of approval. (NRS 645B.060, 645B.330) 1. Before a mortgage broker or mortgage agent engages in any act or transaction on behalf of…

NAC 645B.290 Power of attorney: Form. (NRS 645B.060, 645B.330) The power of attorney required pursuant to NRS 645B.330 must be in substantially the following form: Special Power of Attorney The undersigned, ________________________, does hereby appoint (name of mortgage broker) m…

NAC 645B.300 Application for licensing; association with or employment by mortgage broker or mortgage banker; investigation of background; confidentiality of certain documents; termination of association or employment. (NRS 645B.060, 645B.410, 645B.450, 645F.292, 645F.293) 1. In …

NAC 645B.305 Qualifications of applicant: Requirements for licensure pursuant to NRS 645B.410. (NRS 645B.060) 1. Pursuant to subsection 3 of NRS 645B.410, the Commissioner is not required to and will not issue a license as a mortgage agent unless the requirements of that subsecti…

NAC 645B.307 Request for change of association with mortgage broker; fee. (NRS 645B.060, 645B.430) A mortgage agent who wishes to change the mortgage broker with whom the mortgage agent is associated must submit a request to the Commissioner and pay a fee of $50. (Added to NAC by…

NAC 645B.310 Determination by Commissioner of adequate supervision of mortgage agent by mortgage broker. (NRS 645B.060, 645B.460) In determining whether a mortgage broker has maintained adequate supervision of a mortgage agent, the Commissioner will consider whether: 1. The mortg…

NAC 645B.360 Designation of Registry to certify approved courses. (NRS 645B.0137, 645B.0138, 645B.060, 645B.430, 645F.292, 645F.293) 1. The Commissioner hereby designates: (a) The Registry to certify approved courses for the purposes of an initial license or renewal of a license …

NAC 645B.363 Course material for initial licensure and continuing education: Approved subjects. (NRS 645B.0137, 645B.0138, 645B.060, 645F.292, 645F.293) The following subjects are approved as course material for initial licensing and continuing education: 1. Federal laws and regu…

NAC 645B.367 Requirements for initial licensure. (NRS 645B.0137, 645B.0138, 645B.060, 645F.292, 645F.293) 1. A natural person who is an applicant for an initial license as a mortgage broker or mortgage agent must complete at least 30 hours of instruction in approved courses from …

NAC 645B.370 Qualified written test required for initial licensure. (NRS 645B.0137, 645B.0138, 645B.060, 645F.292, 645F.293) 1. To satisfy the requirement prescribed in NRS 645B.0137, a natural person must pass, in accordance with the standards established under this section, a q…

NAC 645B.373 Requirements for continuing education. (NRS 645B.0137, 645B.0138, 645B.060, 645F.292, 645F.293) 1. To satisfy the requirements for continuing education provided for in subsection 1 of NRS 645B.051 or subsection 1 of NRS 645B.430, a mortgage agent or mortgage broker m…

NAC 645B.400 “Residential mortgage loan originator” interpreted. (NRS 645B.060, 645F.292, 645F.293) 1. As used in NRS 645B.01325, the term “residential mortgage loan originator” is interpreted not to include a person or entity which only performs real estate brokerage activity an…

NAC 645B.405 Unique identifier. (NRS 645B.060, 645F.292, 645F.293) The unique identifier of any person originating a residential mortgage loan must be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including, without limitation,…

NAC 645B.505 Referral of certain suspected violations for investigation and action; grounds for disciplinary action. (NRS 645B.060, 645B.670, 645F.292, 645F.293) 1. The Commissioner may refer to, cooperate with and share information with the appropriate federal or state agency fo…

NAC 645B.510 Reporting of violations to Registry; procedure for challenging report. (NRS 645B.060, 645F.292, 645F.293) 1. The Division shall regularly report violations of this chapter and chapter 645B of NRS, enforcement actions and other relevant information, including, without…

NAC 645B.515 Orders to cease and desist from certain activities. (NRS 645B.060, 645B.720) 1. If a person engages in an activity in violation of the provisions of this chapter or chapter 645B of NRS, the Commissioner may issue an order to the person directing the person to cease a…

NAC 645B.520 Suspension or revocation of license for major violation. (NRS 645B.060, 645B.700) The Commissioner will suspend or revoke the license of a person who commits a major violation. (Added to NAC by Comm’r of Financial Institutions by R045-00, eff. 9-5-2000)—(Substituted …

NAC 645B.525 Hearings: Coordination and notice of time and location. (NRS 645B.060) The hearing officer shall: 1. Attempt to coordinate the time and location of the hearing with the parties before setting the matter; and 2. Advise the Commissioner or his or her designee in writin…

NAC 645B.530 Hearings: Continuances. (NRS 645B.060) 1. The time of a hearing may be continued by the hearing officer upon the written petition of a party only for good cause shown. 2. The party requesting a continuance must serve the written petition upon the opposing party at th…

NAC 645B.532 Hearings: Designation of hearing officer. (NRS 645B.060) The Commissioner may designate a hearing officer to conduct any hearing required pursuant to this chapter or chapter 645B of NRS. (Added to NAC by Comm’r of Mortgage Lending by R125-16, eff. 1-27-2017)

NAC 645B.535 Hearings: Representation of respondent. (NRS 645B.060) A respondent may represent himself or herself at the hearing or be represented by an attorney. (Added to NAC by Comm’r of Mortgage Lending by R069-08, eff. 4-23-2009)

NAC 645B.540 Hearings: Disclosure of exhibits and list of witnesses; limitations on discovery. (NRS 645B.060) 1. If a hearing has been requested pursuant to NRS 645B.750 in a timely manner, each party must provide to the opposing party, not less than 10 days before a hearing, a c…

NAC 645B.545 Hearings: Motions. (NRS 645B.060) 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 645B.550 Hearings: Procedure. (NRS 645B.060) 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 645B.555 Hearings: Burden and standard of proof. (NRS 645B.060) The Division has the burden of proof in any hearing pursuant to this chapter. The standard of proof in such a hearing is a preponderance of the evidence. (Added to NAC by Comm’r of Mortgage Lending by R069-08, ef…

NAC 645B.560 Hearings: Rules of evidence; informality of proceedings. (NRS 645B.060) 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 645B.565 Hearings: Decision of hearing officer. (NRS 645B.060) The hearing officer shall issue and serve upon all parties a written decision meeting the requirements of NRS 233B.125 within 30 days after the close of the hearing. (Added to NAC by Comm’r of Mortgage Lending by …

NAC 645B.570 Posthearing motions. (NRS 645B.060) 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…