Nevada Administrative Code

NAC 645E.323 Surety bonds. (NRS 645E.300, 645F.292, 645F.293) 1. A mortgage banker shall deposit with the Commissioner and keep in full force and effect a corporate surety bond payable to the State of Nevada which is in the amount set forth in this section and is executed by a co…

NAC 645E.327 Submission of information or payment of fees by applicant or licensee. (NRS 645E.300, 645F.292, 645F.293) When an applicant or licensee is required to submit information or pay fees to the Division, the Commissioner may: 1. Require the applicant or licensee to submit…

NAC 645E.330 Assessment for costs related to audits and examinations. (NRS 645E.300, 645E.320) 1. Each mortgage banker 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…

NAC 645E.335 Authority of Commissioner or designee in conducting examination, investigation or audit. (NRS 645E.300) For the purposes of conducting an examination, investigation or periodic or special audit pursuant to this chapter or chapter 645E of NRS: 1. The Commissioner or h…

NAC 645E.337 Proof of adverse change in financial condition. (NRS 645E.300) For the purposes of paragraph (b) of subsection 4 of NRS 645E.300, an adverse change in financial condition: 1. Is not proven solely by a decrease in income from any previous period if the mortgage banker…

NAC 645E.340 Rating of mortgage banker upon completion of examination. (NRS 645E.300) Upon completion of an examination of a mortgage banker, the examiner shall rate the mortgage banker on a scale of “1” to “5,” as follows: 1. A rating of “1” indicates that the mortgage banker an…

NAC 645E.345 Results of examination: Preparation and review of draft report; final report; confidentiality; action by Commissioner. (NRS 645E.300, 645E.310, 645E.370) 1. Not more than 30 days after the completion of an examination of a mortgage banker, the examiner that performed…

NAC 645E.350 Monthly reports. (NRS 645E.300, 645E.350) 1. Each mortgage banker shall submit, for each month, on a form approved by the Commissioner, a report on the volume of loans made by the mortgage banker in that month. The monthly report must be submitted to the Commissioner…

NAC 645E.355 “Complete and suitable records” interpreted for purposes of NRS 645E.350. (NRS 645E.300, 645E.350) As used in NRS 645E.350, the Commissioner interprets “complete and suitable records” to mean: 1. For residential mortgage loans, a file that includes, but is not limite…

NAC 645E.360 Retention and maintenance of certain records. (NRS 645E.300, 645E.350) 1. Each mortgage banker shall retain records of all its completed mortgage transactions for a period of at least 4 years after the date of the last activity relating to the transaction. 2. Each mo…

NAC 645E.400 Preparation of appraisal submitted to lender. (NRS 645E.300) An appraisal submitted to a lender by a mortgage banker must meet, at a minimum, the standards set forth in the Uniform Standards of Professional Appraisal Practice adopted by reference pursuant to NAC 645C…

NAC 645E.500 Referral of certain suspected violations to and cooperation and sharing of information with federal and state agencies for investigation and action of certain suspected violations; grounds for disciplinary action. (NRS 645E.300, 645E.670, 645F.292, 645F.293) 1. The C…

NAC 645E.505 Reporting of violations to Registry; procedure for challenging report. (NRS 645E.300, 645F.292, 645F.293) 1. The Division shall regularly report violations of this chapter and chapter 645E of NRS, enforcement actions and other relevant information, including, without…

NAC 645E.510 Orders to cease and desist from certain activities. (NRS 645E.300) 1. If a person engages in an activity in violation of the provisions of this chapter or chapter 645E of NRS, the Commissioner may issue an order to the person directing the person to cease and desist …

NAC 645E.515 Coordination and notice of time and location. (NRS 645E.300) 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 writing of the t…

NAC 645E.520 Continuances. (NRS 645E.300) 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 the time tha…

NAC 645E.522 Designation of hearing officer. (NRS 645E.300) The Commissioner may designate a hearing officer to conduct any hearing required pursuant to this chapter or chapter 645E of NRS. (Added to NAC by Comm’r of Mortgage Lending by R126-16, eff. 1-27-2017)

NAC 645E.525 Representation of respondent. (NRS 645E.300) 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 R070-08, eff. 4-23-2009)

NAC 645E.530 Disclosure of exhibits and list of witnesses; limitations on discovery. (NRS 645E.300) 1. If a hearing has been requested pursuant to NRS 645E.750 in a timely manner, each party must provide to the opposing party, not less than 10 days before a hearing, a copy of all…

NAC 645E.535 Motions. (NRS 645E.300) 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 cause is show…

NAC 645E.540 Procedure. (NRS 645E.300) 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) Administer the oath…

NAC 645E.545 Burden and standard of proof. (NRS 645E.300) 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 R070-08, eff. 4-23-20…

NAC 645E.550 Rules of evidence; informality of proceedings. (NRS 645E.300) 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 any order o…

NAC 645E.555 Decision of hearing officer. (NRS 645E.300) 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 R070-08, e…

NAC 645E.560 Posthearing motions. (NRS 645E.300) 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 645E.565 Informal disposition of contested cases; consent and settlement agreements. (NRS 645E.300) 1. The provisions of this chapter do not affect or limit the authority of the Commissioner or his or her designee, at any stage of a contested case, to make an informal disposi…

NAC 645E.570 Immunity from civil liability. (NRS 645E.300) 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 645F.002 Designation of Division, employee or other person by Commissioner to perform duties of Commissioner. (NRS 645F.255, 645F.390) The Commissioner may designate the Division, an appropriate employee of the Division or another appropriate person to perform any function or…

NAC 645F.003 Applicability of chapter. (NRS 645F.255, 645F.390) The provisions of this chapter are not intended to: 1. Limit any statutory or common-law right of a person to bring a civil action against a licensee or other person for any act or omission involved in the transactio…

NAC 645F.004 Short title. (NRS 645F.390) NAC 645F.004 to 645F.920, inclusive, may be referred to as the Nevada Covered Service Provider Regulations. (Added to NAC by Comm’r of Mortgage Lending by R120-15, 12-23-2015, eff. 1-1-2016; A by R180-18, 6-26-2019)

NAC 645F.005 Definitions. (NRS 645F.255, 645F.390) As used in the Nevada Covered Service Provider Regulations, unless the context otherwise requires, the words and terms defined in chapter 645F of NRS and NAC 645F.010 to 645F.060, inclusive, have the meanings ascribed to them in …

NAC 645F.010 “Approved course” defined. (NRS 645F.255, 645F.292, 645F.293, 645F.390) “Approved course” means a course of education that has been approved by the Commissioner as a course for initial licensure or continuing education and has been certified by: 1. The Mortgage Banke…

NAC 645F.015 “Associated licensee” defined. (NRS 645F.255, 645F.390) 1. “Associated licensee” means a licensee who: (a) Is an employee of or independent contractor for an independent licensee; and (b) Is authorized by the independent licensee to engage in, on behalf of the indepe…

NAC 645F.020 “Change of control” defined. (NRS 645F.255, 645F.390) “Change of control” means: 1. A transfer of voting stock which results in giving a person, directly or indirectly, the power to direct the management and policy of a licensee who is not a natural person; or 2. A t…

NAC 645F.025 “Covered service provider” defined. (NRS 645F.255, 645F.390) “Covered service provider” means a person who performs any covered service for compensation, as that phrase is used in paragraph (a) of subsection 1 of NRS 645F.390. (Added to NAC by Comm’r of Mortgage Lend…

NAC 645F.030 “Hour of instruction” defined. (NRS 645F.255, 645F.390) “Hour of instruction” means 50 minutes of instruction or more. (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)

NAC 645F.035 “Independent licensee” defined. (NRS 645F.255, 645F.390) “Independent licensee” means a licensee who is not an employee of or independent contractor for another licensee. (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)

NAC 645F.040 “Licensee” defined. (NRS 645F.255, 645F.390) “Licensee” means a person licensed under the Nevada Covered Service Provider Regulations and chapter 645F of NRS. (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009; A by R120-15, 12-23-2015, eff. 1-1-2…

NAC 645F.045 “Loan modification” defined. (NRS 645F.255, 645F.390) “Loan modification” means the adjustment of the terms of a mortgage loan in a manner that is not provided for in the original or previously modified mortgage loan. Such an adjustment includes, but is not limited t…

NAC 645F.050 “Provider” defined. (NRS 645F.255, 645F.390) “Provider” means any person or entity approved by the Commissioner pursuant to NAC 645F.515. (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)

NAC 645F.055 “Relative” defined. (NRS 645F.255, 645F.390) “Relative” means a spouse or any other person who is related within the second degree by blood or marriage. (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)

NAC 645F.060 “Residence” defined. (NRS 645F.255, 645F.390) “Residence” means residential real property located in this State and consisting of not more than four family dwelling units. (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)

NAC 645F.080 “Contacting a creditor on behalf of a homeowner” interpreted. (NRS 645F.255, 645F.390) As used in subsection 3 of NRS 645F.310, the phrase “contacting a creditor on behalf of a homeowner” includes, without limitation, all activity in which a loan modification consult…

NAC 645F.105 Persons subject to licensure for purposes of subsection 1 of NRS 645F.380. (NRS 645F.255, 645F.390) For the purposes of subsection 1 of NRS 645F.380, a person who: 1. Is not an attorney at law; and 2. Engages in any activity for which a license under the Nevada Cover…

NAC 645F.200 License required. (NRS 645F.255, 645F.390) A person shall not advertise services as, provide any of the services of, act as or conduct business as a covered service provider, foreclosure consultant or loan modification consultant or otherwise engage in, carry on or h…

NAC 645F.205 Application for license; waiver of investigation; application for branch offices; license for office outside State which conducts business in State; requirements for issuance of license. (NRS 645F.255, 645F.390) 1. A person who desires to be licensed as a covered ser…

NAC 645F.210 Documentation required with application for license; effect of failure to respond to written request for information. (NRS 645F.255, 645F.390) 1. If applicable, an applicant must submit with the application for a license as a covered service provider, foreclosure con…