Nevada Administrative Code

NAC 645F.230 Grounds for refusal to issue license: Authority of Commissioner not limited. (NRS 645F.255, 645F.390) The provisions of the Nevada Covered Service Provider Regulations do not limit the authority of the Commissioner to refuse to issue a license to an applicant for any…

NAC 645F.235 Denial of application for license: Issuance; hearing. (NRS 645F.255, 645F.390) 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 …

NAC 645F.240 Applicant not licensed until license issued and written notice given by Commissioner. (NRS 645F.255, 645F.390) An applicant for a license as a covered service provider, foreclosure consultant or loan modification consultant is not licensed as a covered service provid…

NAC 645F.245 Activities authorized by license. (NRS 645F.255, 645F.390) A license as a covered service provider, foreclosure consultant or loan modification consultant entitles the licensee to engage only in the activities authorized by this chapter and chapter 645F of NRS for a …

NAC 645F.250 Licensee not precluded from holding certain other licenses. (NRS 645F.255, 645F.390) A person who holds a license as a covered service provider, foreclosure consultant or loan modification consultant is not precluded from also holding other licenses which may be issu…

NAC 645F.255 Display of license; restriction on use of name of business; license number required on contract; transfer of license prohibited. (NRS 645F.255, 645F.390) A licensee: 1. Shall post each license, including, but not limited to, those of any associated licensees, in a co…

NAC 645F.260 Use of fictitious name. (NRS 645F.255, 645F.390) 1. A licensee may conduct business using a new fictitious name only if the licensee: (a) Obtains a certified copy, issued by the appropriate county clerk, of the certificate filed by the licensee pursuant to chapter 60…

NAC 645F.265 Use of same name, confusingly similar name or name not approved by Commissioner. (NRS 645F.255, 645F.390) 1. The Commissioner will not issue a license with a fictitious name that is the same as or confusingly similar to a name on a license previously issued by the Co…

NAC 645F.270 Expiration of license; requirements for renewal of license; reinstatement of cancelled license. (NRS 645F.255, 645F.390) 1. A license issued pursuant to the Nevada Covered Service Provider Regulations and chapter 645F of NRS expires each year on July 1, unless it is …

NAC 645F.275 Reinstatement of license without meeting requirements if licensee called into military service. (NRS 645F.255, 645F.390) 1. Any licensee who is a natural person and who is called into the military service of the United States will be, upon request, relieved from comp…

NAC 645F.280 Conducting other business in same office or place of business. (NRS 645F.255, 645F.390) A licensee is not prohibited from conducting any other business in the same office or place of business if each business has a designated space within the office and each business…

NAC 645F.285 Closure of principal or branch office. (NRS 645F.255, 645F.390) 1. A licensee may not close a principal office or a branch office until: (a) The licensee has returned his or her license; and (b) The Commissioner has approved the closure. 2. The request for approval o…

NAC 645F.300 Independent licensee who is natural person. (NRS 645F.255, 645F.390) An independent licensee who is a natural person must be licensed and conduct business using a fictitious name. (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)

NAC 645F.305 Independent licensee who is natural person: Required experience; restrictions on employment and other association. (NRS 645F.255, 645F.390) An independent licensee who is a natural person: 1. Must have at least 2 years of verifiable experience working in the real est…

NAC 645F.310 Independent licensee which is not natural person: Restrictions on employment and other association. (NRS 645F.255, 645F.390) An independent licensee which is not a natural person: 1. If the independent licensee is a loan modification consultant, shall not employ or o…

NAC 645F.315 Fees. (NRS 645F.255, 645F.390) 1. The Commissioner will charge and collect the following nonrefundable fees from an independent licensee or from an applicant for a license who will be an independent licensee: (a) To file an original application for a license, $750 fo…

NAC 645F.320 Prohibited acts; restriction on employment and other association of associated licensee. (NRS 645F.255, 645F.390) 1. An independent licensee shall not: (a) Employ or otherwise associate with a person as a covered service provider, foreclosure consultant or loan modif…

NAC 645F.325 Supervision of associated licensees. (NRS 645F.255, 645F.390) 1. An independent licensee shall exercise reasonable and adequate supervision over the activities of the associated licensees, if any, who are employed by or otherwise associated with the independent licen…

NAC 645F.330 Statements required if independent licensee terminates employment of or association with associated licensee. (NRS 645F.255, 645F.390) If an independent licensee terminates the employment of or association with an associated licensee for any reason, the independent l…

NAC 645F.335 Statements required if associated licensee terminates employment by or association with independent licensee. (NRS 645F.255, 645F.390) If an associated licensee terminates his or her employment by or association with an independent licensee for any reason, the associ…

NAC 645F.350 Application; qualifications; fingerprints; fees. (NRS 622.530, 645F.255, 645F.390) The Commissioner may issue a license by endorsement as a covered service provider, foreclosure consultant or loan modification consultant to a natural person who holds a corresponding …

NAC 645F.355 Submission of additional information concerning application; approval or denial of application. (NRS 622.530, 645F.255, 645F.390) 1. Not later than 21 business days after receiving an application for a license by endorsement as a covered service provider, foreclosure…

NAC 645F.360 Duties, restrictions, penalties, liabilities, conditions and limitations; expiration and renewal. (NRS 622.530, 645F.255, 645F.390) 1. Except as otherwise provided in NAC 645F.350, a person who has been issued a license by endorsement as a covered service provider, f…

NAC 645F.400 Qualified employee: Designation and approval. (NRS 645F.255, 645F.390) 1. If a licensee is not a natural person, the licensee must designate a natural person as a qualified employee to act on behalf of the licensee. 2. The Commissioner may approve the qualified emplo…

NAC 645F.405 Change in ownership, control, management, principal employees or principal or branch office. (NRS 645F.255, 645F.390) 1. If a licensee is not a natural person: (a) Any material change in the ownership, management or principal employees of the licensee at its principa…

NAC 645F.410 Fee for supervision and related activities: Amount; collection; failure to pay; accounting of time billed. (NRS 645F.255, 645F.390) 1. Except as otherwise provided in this subsection, the Commissioner will charge and collect a fee of $60 per hour from each licensee f…

NAC 645F.415 Transfer of voting stock: Notification and approval; investigation; waiver of investigation. (NRS 645F.255, 645F.390) 1. If a licensee is not a natural person and has voting stock: (a) The Commissioner must be notified of a transfer of 5 percent or more of the outsta…

NAC 645F.420 Assessment for costs related to legal services. (NRS 645F.255, 645F.390) Each licensee shall pay to the Commissioner an annual assessment as required by NRS 645F.290 to cover the costs related to legal services rendered by the Attorney General. (Added to NAC by Comm’…

NAC 645F.430 Assessment for costs related to audits and examinations. (NRS 645F.255, 645F.390) 1. Each licensee shall pay to the Commissioner an annual assessment to cover the costs related to the employment of a certified public accountant and the performance of audits and exami…

NAC 645F.435 Duties of Commissioner; fee. (NRS 645F.255, 645F.390) 1. In addition to the other duties imposed upon the Commissioner by law for the general supervision of licensees, the Commissioner will: (a) Conduct such investigations as may be necessary to determine whether any…

NAC 645F.440 Authority of Commissioner. (NRS 645F.255, 645F.390) 1. In the conduct of any examination, periodic or special audit, investigation or hearing, the Commissioner may: (a) Compel the attendance of any person by subpoena. (b) Compel any person to produce records related …

NAC 645F.445 Authority of examiner, auditor or investigator. (NRS 645F.255, 645F.390) An examiner, auditor or investigator conducting an examination, periodic or special audit, or investigation of a licensee pursuant to the Nevada Covered Service Provider Regulations or chapter 6…

NAC 645F.450 Rating of licensee upon completion of examination. (NRS 645F.255, 645F.390) Upon completion of an examination of a licensee, the examiner shall rate the licensee on a scale of “1” to “5,” as follows: 1. A rating of “1” indicates that the licensee and the management o…

NAC 645F.455 Results of examination: Preparation and review of draft report; final report; confidentiality; action by Commissioner. (NRS 645F.255, 645F.390) 1. Not more than 30 days after the completion of an examination of a licensee, the examiner that performed the examination …

NAC 645F.460 Annual financial statement. (NRS 645F.255, 645F.390) 1. Except as otherwise provided in this section, not later than 120 days after the last day of each fiscal year for an independent licensee, the independent licensee shall submit to the Commissioner a financial sta…

NAC 645F.465 “Separate trust account” interpreted for purpose of compliance with NRS 645F.394. (NRS 645F.255, 645F.390) For the purpose of compliance with NRS 645F.394, a “separate trust account” means a trust account maintained with a federally insured depository institution loc…

NAC 645F.470 Required financial statements for separate trust accounts. (NRS 645F.255, 645F.390) 1. An independent licensee maintaining any account described in NAC 645F.465 shall, not later than 120 days after the end of the fiscal year for the independent licensee, provide to t…

NAC 645F.475 Retention and maintenance of certain records; “complete and suitable records” interpreted. (NRS 645F.255, 645F.390) 1. Each licensee shall keep and maintain, at all times at each location where the licensee conducts business, complete and suitable records of all tran…

NAC 645F.480 Records of Commissioner: General provisions governing public inspection, confidentiality and disclosure of information relating to investigations, examinations and disciplinary actions. (NRS 645F.255, 645F.390) 1. Except as otherwise provided in this section or by sp…

NAC 645F.485 Confidentiality of certain records and information. (NRS 645F.255, 645F.390) 1. Except as otherwise provided in subsection 2, the Commissioner may classify as confidential certain records and information obtained by the Commissioner when those matters are obtained fr…

NAC 645F.500 Requirements for initial licensure. (NRS 645F.255, 645F.390) 1. A natural person who is an applicant for an initial license as a covered service provider, foreclosure consultant or loan modification consultant must complete at least: (a) If the applicant is applying …

NAC 645F.505 Requirements for continuing education. (NRS 645F.255, 645F.390) 1. A licensee who is a natural person must complete, during the 12 months immediately preceding the date on which his or her license expires, at least: (a) If the licensee is a covered service provider, …

NAC 645F.510 Course material for initial licensure and continuing education: Approved subjects. (NRS 645F.255, 645F.390) The following subjects are approved as course material for initial licensing and continuing education: 1. Federal and Nevada state laws and regulations relatin…

NAC 645F.515 Approval of provider: Application; appeal of denial of approval. (NRS 645F.255, 645F.390) 1. A provider that wishes to offer approved courses to meet the educational requirements for licensure or continuing education under the Nevada Covered Service Provider Regulati…

NAC 645F.520 Approval of provider: Notice of material change in information provided in application for approval; qualification for and denial of renewal of approval. (NRS 645F.255, 645F.390) 1. Within 15 days after the occurrence of any material change in the information provide…

NAC 645F.525 Approval of individual courses; appeal of denial of approval; restricted attendance; policy of provider concerning cancellations and refunds. (NRS 645F.255, 645F.390) 1. A provider must submit an application for the approval of each course the provider intends to off…

NAC 645F.530 Annual approval and content of courses; unacceptable courses. (NRS 645F.255, 645F.390) 1. A course must: (a) Be approved annually by the Commissioner; and (b) Relate to the subject matters prescribed in NAC 645F.510. 2. None of the following kinds of courses or activ…