Nevada Administrative Code

NAC 645F.900 Hearings: Rules of evidence; informality of proceedings. (NRS 645F.255, 645F.390) 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 in…

NAC 645F.905 Hearings: Decision of hearing officer. (NRS 645F.255, 645F.390) 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. (Ad…

NAC 645F.910 Posthearing motions. (NRS 645F.255, 645F.390) 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 wit…

NAC 645F.915 Informal disposition of contested cases; consent and settlement agreements. (NRS 645F.255, 645F.390) 1. The provisions of the Nevada Covered Service Provider Regulations or chapter 645F of NRS do not affect or limit the authority of the Commissioner, at any stage of …

NAC 645F.920 Immunity from civil liability. (NRS 645F.255, 645F.390) 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…

NAC 645F.930 Short title. (NRS 645F.255, 645F.520) NAC 645F.930 to 645F.994, inclusive, may be referred to as the Nevada Mortgage Servicer 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.931 Definitions. (NRS 645F.255, 645F.520) As used in the Nevada Mortgage Servicer Regulations, unless the context otherwise requires, the words and terms defined in NRS 645F.010 to 645F.065, inclusive, and NAC 645F.932 to 645F.943, inclusive, have the meanings ascribed t…

NAC 645F.932 “Applicant” defined. (NRS 645F.255, 645F.520) “Applicant” means a person that has made application for a license pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer Regulations. (Added to NAC by Comm’r of Mortgage Lending by R120-15, 12-23-2015, eff. 1-1…

NAC 645F.933 “Borrower” defined. (NRS 645F.255, 645F.520) “Borrower” means a person that is a debtor on a mortgage loan. (Added to NAC by Comm’r of Mortgage Lending by R120-15, 12-23-2015, eff. 1-1-2016)

NAC 645F.934 “Branch office” defined. (NRS 645F.255, 645F.520) “Branch office” means any place of business, other than the principal office, from which a person engages in the activities of a mortgage servicer related to a dwelling located in this State. (Added to NAC by Comm’r o…

NAC 645F.935 “Control person” defined. (NRS 645F.255, 645F.520) 1. “Control person” means: (a) An executive officer, director, general partner, trustee, member, qualified employee or shareholder of a mortgage servicer, licensee or applicant; or (b) A person who is authorized to p…

NAC 645F.936 “Dwelling” defined. (NRS 645F.255, 645F.520) “Dwelling” means a structure that contains one to four residential units, whether or not that structure is attached to real property. The term includes, without limitation, an individual condominium unit, cooperative unit,…

NAC 645F.937 “License” defined. (NRS 645F.255, 645F.520) “License” means a license or other authority granted by the Commissioner pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer Regulations. (Added to NAC by Comm’r of Mortgage Lending by R120-15, 12-23-2015, eff.…

NAC 645F.938 “Licensee” defined. (NRS 645F.255, 645F.520) “Licensee” means a person who is licensed pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer Regulations. (Added to NAC by Comm’r of Mortgage Lending by R120-15, 12-23-2015, eff. 1-1-2016)

NAC 645F.939 “Mortgage loan” defined. (NRS 645F.255, 645F.520) 1. “Mortgage loan” includes, without limitation: (a) Any loan that is secured by a mortgage, deed of trust or other consensual security interest on a dwelling located in this State or real property located in this Sta…

NAC 645F.940 “Mortgage servicer” defined. (NRS 645F.255, 645F.520) “Mortgage servicer” means a person who engages in any activity for which a license is required. (Added to NAC by Comm’r of Mortgage Lending by R120-15, 12-23-2015, eff. 1-1-2016)

NAC 645F.941 “Person” defined. (NRS 645F.255, 645F.520) “Person” means a natural person, any form of business or social organization, governmental entity or political subdivision of a governmental entity, and any other legal entity, including, without limitation, a corporation, p…

NAC 645F.942 “Principal office” defined. (NRS 645F.255, 645F.520) “Principal office” means the office where the principal executive offices of a mortgage servicer, licensee or applicant are located. (Added to NAC by Comm’r of Mortgage Lending by R120-15, 12-23-2015, eff. 1-1-2016…

NAC 645F.943 “Shareholder” defined. (NRS 645F.255, 645F.520) “Shareholder” includes, without limitation: 1. Any person that owns, or is authorized to vote directly or indirectly, any percentage of a class of voting securities or voting interests of a mortgage servicer, applicant …

NAC 645F.950 License required. (NRS 645F.255, 645F.520) Except as otherwise provided in NRS 645F.500, a person shall not advertise services as, provide any of the services of, act as or conduct business as a mortgage servicer or otherwise engage in, carry on or hold himself or he…

NAC 645F.951 Exemption. (NRS 645F.255, 645F.520) A person claiming an exemption pursuant to NRS 645F.500 has the burden of demonstrating that the person qualifies for such an exemption. (Added to NAC by Comm’r of Mortgage Lending by R120-15, 12-23-2015, eff. 1-1-2016)

NAC 645F.952 Supplemental mortgage servicer license. (NRS 645F.255, 645F.520) 1. A person that holds a license issued pursuant to chapter 645B or 645E of NRS must file an application for and obtain a supplemental mortgage servicer license pursuant to this section before acting as…

NAC 645F.953 Application for license. (NRS 645F.255, 645F.520) An application for a license as a mortgage servicer must be made to the Commissioner through the Registry and must include: 1. The fee required pursuant to NAC 645F.961. 2. All content and information required to be i…

NAC 645F.954 Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner; suspension of license for failure to pay or comply with certain subpoenas or warrants; reinstatement of license. [Effective until the date o…

NAC 645F.955 Qualifications for license. (NRS 645F.255, 645F.520) The Commissioner may issue a license to an applicant for a license as a mortgage servicer if, after investigation, the Commissioner finds that the applicant and, if applicable, any control persons of the applicant:…

NAC 645F.956 Principal office, branch offices and assumed names. (NRS 645F.255, 645F.520) 1. An applicant for a license shall obtain a license for its principal office. 2. An applicant for a license that will engage in the activities of a mortgage servicer related to any dwelling…

NAC 645F.957 Qualified employee: Designation and approval. (NRS 645F.255, 645F.520) 1. A licensee must designate a natural person to serve as a qualified employee for each principal or branch office, if any, licensed pursuant to chapter 645F of NRS and the Nevada Mortgage Service…

NAC 645F.958 Transfer or assignment of license; change in ownership or control. (NRS 645F.255, 645F.520) 1. A license issued pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer Regulations may not be transferred or assigned without the prior written consent and appro…

NAC 645F.959 Mortgage servicer must conduct business in accordance with license; application to amend name or address of principal office or to add or remove branch office. (NRS 645F.255, 645F.520) 1. A mortgage servicer shall not conduct the business of a mortgage servicer in an…

NAC 645F.960 Expiration of license; application for renewal. (NRS 645F.255, 645F.520) 1. Each license issued pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer Regulations expires on December 31 of the year in which it is issued unless it is renewed pursuant to this…

NAC 645F.961 Fees. (NRS 645F.255, 645F.520) 1. The following fees will be assessed and collected pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer Regulations: (a) To file an initial application for a license as a mortgage servicer, not more than $2,500 for the pri…

NAC 645F.962 Application; qualifications; fingerprints; fees. (NRS 622.530, 645F.255, 645F.520) The Commissioner may issue a license by endorsement as a mortgage servicer to a natural person who holds a corresponding valid and unrestricted license to engage in the activities of a…

NAC 645F.963 Submission of additional information concerning application; approval or denial of application. (NRS 622.530, 645F.255, 645F.520) 1. Not later than 21 business days after receiving an application for a license by endorsement as a mortgage servicer pursuant to NAC 645…

NAC 645F.964 Duties, restrictions, penalties, liabilities, conditions and limitations; expiration and renewal. (NRS 622.530, 645F.255, 645F.520) 1. Except as otherwise provided in NAC 645F.962, a person who has been issued a license by endorsement as a mortgage servicer pursuant …

NAC 645F.965 Powers and duties of Commissioner. (NRS 645F.255, 645F.520) 1. Subject to the administrative control of the Director of the Department of Business and Industry, the Commissioner will exercise general supervision and control over all mortgage servicers governed by cha…

NAC 645F.966 Records of Commissioner: General provisions governing public inspection, confidentiality and disclosure of information relating to investigations, examinations and disciplinary actions. (NRS 645F.255, 645F.520) 1. Except as otherwise provided in the Nevada Mortgage S…

NAC 645F.970 Surety bonds: Duty of mortgage servicer to deposit bond with Commissioner; form and amount of bond. (NRS 645F.255, 645F.520) 1. Each mortgage servicer shall deposit with the Commissioner and maintain in full force and effect a corporate surety bond payable to the Sta…

NAC 645F.971 Surety bonds: Cancellation of bond. (NRS 645F.255, 645F.520) 1. The surety may cancel a bond upon giving 60 days’ notice, by certified mail, to the Commissioner and to the mortgage servicer who is the principal on the bond. Upon receipt by the Commissioner of such a …

NAC 645F.972 Surety bonds: Action on bond. 1. Subject to the requirements of this section, any person claiming against a surety bond may bring an action in a court of competent jurisdiction on the bond for damages to the extent covered by the bond. 2. A claim filed pursuant to su…

NAC 645F.973 Annual financial statement. (NRS 645F.255, 645F.520) 1. Each applicant and licensee shall submit to the Commissioner an independently audited financial statement: (a) At the time of application; and (b) Not later than 90 days after the end of each fiscal year of the …

NAC 645F.974 Minimum net worth. (NRS 645F.255, 645F.520) 1. An applicant must demonstrate a minimum net worth of $100,000. 2. Each mortgage servicer shall continuously maintain a minimum net worth of $100,000. (Added to NAC by Comm’r of Mortgage Lending by R120-15, 12-23-2015, ef…

NAC 645F.975 Supervision of employees and agents. (NRS 645F.255, 645F.520) 1. A mortgage servicer shall exercise reasonable supervision and control over the activities, and be responsible for the actions or inactions, of his or her employees or agents. 2. The Commissioner may pre…

NAC 645F.976 Fiduciary obligation. (NRS 645F.255, 645F.520) 1. A mortgage servicer has a duty of good faith and fair dealing in its communications, transactions and course of dealings with each borrower in connection with the servicing of the borrower’s mortgage loan. 2. In addit…

NAC 645F.977 Compliance with federal law and regulations. (NRS 645F.255, 645F.520) 1. A mortgage servicer shall comply with all applicable federal laws and regulations relating to mortgage servicing, including, without limitation, the Real Estate Settlement Procedures Act, 12 U.S…

NAC 645F.978 Transfer of mortgage servicing rights and obligations. (NRS 645F.255, 645F.520) A person shall not transfer mortgage servicing rights or obligations to a person unless that person holds a license as a mortgage servicer or is a person otherwise exempt from holding a l…

NAC 645F.979 Mortgage servicing agreements. (NRS 645F.255, 645F.520) A mortgage servicer that acts as a mortgage servicer for another party, or a mortgage servicer that contracts with another party to service mortgage loans on behalf of the mortgage servicer, shall have a written…

NAC 645F.980 Prohibited acts. (NRS 645F.255, 645F.520) In addition to any other activity prohibited or required by chapter 645F of NRS and the Nevada Mortgage Servicer Regulations, it is a violation for any applicant, licensee or mortgage servicer to: 1. Fail to conduct his or he…