Nevada Administrative Code

NAC 645F.984 Report of mortgage servicer’s activities. (NRS 645F.255, 645F.520) 1. Upon request, a mortgage servicer shall submit to the Commissioner, on a date and in a form prescribed by the Commissioner, a report of the mortgage servicer’s activity in this State. The report mu…

NAC 645F.985 Filing of complaint. (NRS 645F.255, 645F.520) 1. Any person may file a complaint with the Commissioner alleging that another person has violated any provision of chapter 645F of NRS, the Nevada Mortgage Servicer Regulations or any order of the Commissioner. If the co…

NAC 645F.986 Investigation of complaint. (NRS 645F.255, 645F.520) 1. If the Commissioner conducts an investigation of a complaint filed pursuant to NAC 645F.985, the Commissioner will determine from the investigation whether there is reasonable cause to believe that the person co…

NAC 645F.987 Authorized disciplinary action. (NRS 645F.255, 645F.520) If the Commissioner finds that an applicant, licensee or mortgage servicer has violated, or directly or indirectly counseled, aided or abetted in a violation of, chapter 645F of NRS or the Nevada Mortgage Servi…

NAC 645F.988 Orders to cease and desist from certain activities. (NRS 645F.255, 645F.520) 1. If a person engages in an activity in violation of any provision of chapter 645F of NRS or the Nevada Mortgage Servicer Regulations, the Commissioner may issue an order to the person dire…

NAC 645F.989 Notice of disciplinary or other action; hearing; entry of final order. (NRS 645F.255, 645F.520) 1. The Commissioner will give notice to a licensee of his or her intention to enter an order suspending or revoking a license, or notice to an applicant of a refusal to is…

NAC 645F.990 Disciplinary proceedings, fines and penalties not affected by expiration, revocation or suspension of license. (NRS 645F.255, 645F.520) The expiration, revocation or suspension of a license by operation of law or by order or decision of the Commissioner or a court of…

NAC 645F.991 Summary suspension of license: Issuance of order; hearing; record. (NRS 645F.255, 645F.520) 1. After an investigation has been conducted pursuant to NAC 645F.985 and before conducting a hearing, the Commissioner may issue an order summarily suspending a license pursu…

NAC 645F.992 Appointment of receiver or conservator. (NRS 645F.255, 645F.520) 1. In addition to any other action that is required or permitted pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer Regulations, if the Commissioner has reasonable cause to believe that: (…

NAC 645F.993 Rules of practice. (NRS 645F.255, 645F.520) The hearing procedures set forth in the Nevada Covered Service Provider Regulations apply to any hearing conducted under the Nevada Mortgage Servicer Regulations. (Added to NAC by Comm’r of Mortgage Lending by R120-15, 12-2…

NAC 645F.994 Remedies cumulative. (NRS 645F.255, 645F.520) A summary suspension order, cease and desist order or injunctive relief issued or granted in relation to a license are in addition to and not in place of an informal conference, or proceeding to deny, revoke or suspend a …

NAC 645G.010 Definitions. (NRS 645.6065) As used in NAC 645G.010 to 645G.140, inclusive, unless the context otherwise requires: 1. “Agreement” means a written agreement between a qualified intermediary and a client in which the qualified intermediary agrees to act as an intermedi…

NAC 645G.020 “Act as a qualified intermediary” interpreted. (NRS 645.6065) As used in subsection 1 of NRS 645.6065, the Division will interpret “act as a qualified intermediary” to include: 1. Entering into an agreement with a client who wishes to: (a) Relinquish real property lo…

NAC 645G.030 “Advertises or holds himself or herself out as prepared to facilitate a tax-deferred exchange of property in this State by acting as the custodian of money or other property” interpreted. (NRS 645.606, 645.6065) 1. As used in subsection 2 of NRS 645.606, except as ot…

NAC 645G.040 “Officer” interpreted. (NRS 645.6065, 645.607) As used in NRS 645.607, the Division will interpret “officer” to include the president and any vice president, secretary, or treasurer of the corporation. (Added to NAC by Real Estate Div., eff. 3-30-94)—(Substituted in …

NAC 645G.050 Registration: Application; effective date; expiration; notice of denial. (NRS 645.6065) 1. An application for registration submitted pursuant to NRS 645.6065 is not effective until the application is accepted by the Division. Within 10 days after receipt of an applic…

NAC 645G.060 Rejection of application. (NRS 645.190, 645.6065) 1. The Division will reject an application which: (a) Does not conform with the requirements of NRS 645.6065; (b) Does not include information sufficient for the Division to determine the minimum amount of the bond or…

NAC 645G.070 Renewal of registration. (NRS 645.6065) 1. A registrant must file annually with the Division an application for the renewal of his or her registration on forms supplied by the Division. For renewal of his or her registration, a registrant must submit any information …

NAC 645G.080 Revocation of registration; procedure. (NRS 645.6065) 1. After acceptance of a registration, the Division may revoke a registration if: (a) The Division discovers that a registrant supplied information in his or her application for registration which is false, materi…

NAC 645G.090 Bond or deposit: Minimum amount; increase of minimum amount; objection by applicant; procedural requirements. (NRS 645.6065, 645.608) 1. Except as otherwise provided in subsection 2, the minimum amount of a bond or other deposit required by NRS 645.608 must be $50,00…

NAC 645G.100 Purposes and restrictions of bond. (NRS 645.6065, 645.608) 1. Except as otherwise provided in subsection 2, a bond posted pursuant to NRS 645.608, must, to the satisfaction of the Division: (a) Assure payment to all clients up to the amount of the bond in all covered…

NAC 645G.110 Deposit of security in lieu of bond. (NRS 645.6065, 645.608) 1. If, in accordance with subsection 2 of NRS 645.608, an applicant posts a letter of credit with the Division, the letter of credit must: (a) Be irrevocable and be effective for a period not less than 18 m…

NAC 645G.120 Claim for reimbursement of financial losses caused by qualified intermediary; exceptions. (NRS 645.6065, 645.6085) 1. To obtain reimbursement for financial losses caused by the illegal conduct of a qualified intermediary pursuant to NRS 645.6085, a person must file a…

NAC 645G.130 Approval and payment of claim. (NRS 645.6065, 645.6085) 1. If the Division approves a claim, it will inform the claimant of the amount of the claim approved, and will explain the procedures for payment of claims set forth in subsection 2. 2. If the Division allows a …

NAC 645G.140 Denial of claim; appeal. (NRS 645.6065, 645.6085) 1. If the Division denies a claim, it will inform the claimant of its decision in writing and explain the claimant’s rights of appeal set forth in subsection 2. 2. If a claimant is not satisfied with the amount of a c…

NAC 645H.010 Definitions. (NRS 645H.290) As used in this chapter, unless the context otherwise requires, the words and terms defined in NAC 645H.020 and 645H.030 have the meanings ascribed to them in those sections. (Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013)

NAC 645H.020 “Certificate of registration” and “certificate” defined. (NRS 645H.290) “Certificate of registration” or “certificate” means a certificate of registration as an asset management company issued by the Division pursuant to this chapter and chapter 645H of NRS. (Added t…

NAC 645H.030 “Permit” defined. (NRS 645H.290) “Permit” means a permit to engage in asset management issued by the Division pursuant to this chapter and chapter 645H of NRS. (Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013)

NAC 645H.040 Confidentiality of records of Division. (NRS 645H.290, 645H.320) Except as otherwise provided in NRS 239.0115 and 645H.320, the Division will, unless otherwise ordered by a court, keep confidential the criminal and financial records, social security number and photog…

NAC 645H.050 Disclosure of certain information on Division website. (NRS 645H.290, 645H.320) The Division may post on its Internet website: 1. Any disciplinary action it takes against an asset management company or asset manager; and 2. Any denial of an application for a certific…

NAC 645H.060 Check or draft returned for lack of payment. (NRS 645H.290) 1. If a person submits a check or draft to the Division to obtain a certificate of registration or permit and the check or draft is returned to the Division because the person had insufficient money or credi…

NAC 645H.100 Application for certificate of registration as asset management company. (NRS 645H.290, 645H.480, 645H.550, 645H.560) An application for registration as an asset management company filed with the Division pursuant to NRS 645H.480 must be accompanied by: 1. The social…

NAC 645H.110 Application for permit to engage in asset management. (NRS 645H.290, 645H.530, 645H.550, 645H.560) An application for a permit to engage in asset management submitted to the Division pursuant to NRS 645H.530 must be submitted on a form provided by the Division and ac…

NAC 645H.120 Fee for application nonrefundable. (NRS 645H.290) The fee for an application for a certificate of registration or permit is nonrefundable. (Added to NAC by Real Estate Div. by R147-12, eff. 6-3-2013)

NAC 645H.130 Grounds for denial of application; appeal of denial. (NRS 645H.290, 645H.480, 645H.490, 645H.530, 645H.540) 1. The Division may deny any application for a certificate of registration or permit when one or more of the following conditions exist: (a) The application is…

NAC 645H.140 Personal completion required. (NRS 645H.290) 1. Each application for a certificate of registration or permit must be completed personally by the applicant. 2. An employee of the Division shall not help a person to prepare an application for a certificate of registrat…

NAC 645H.150 Minimum age. (NRS 645H.290) The Administrator shall not: 1. Accept an application for a certificate of registration or permit from a person under 17 years of age; or 2. Issue a certificate of registration or permit to a person under 18 years of age. (Added to NAC by …

NAC 645H.200 Unlawful to engage in certain activities without certificate of registration, permit or other authorization. (NRS 645H.290) A person who has applied to the Division for a certificate of registration, permit or other authorization to engage in an activity for which th…

NAC 645H.210 Issuance of certificate of registration or permit by Division; authority of certificate. (NRS 645H.290, 645H.480, 645H.530) 1. The Division will issue a certificate of registration or permit to each eligible person in the form and size prescribed by the Division. A c…

NAC 645H.220 Display of certificate. (NRS 645H.290) Each asset management company or asset manager shall conspicuously display the original or a duplicate of its certificate of registration or permit conspicuously at each office at which the asset management company or asset mana…

NAC 645H.230 Compliance with local zoning requirements for location of certain offices. (NRS 645H.290) If an asset manager chooses to establish an office in a private home or in conjunction with another business, his or her business location must comply with local zoning and busi…

NAC 645H.240 Holder of a permit: Change of name, employer or business address. (NRS 645H.290, 645H.560) 1. The holder of a permit may request a change in his or her name, employer or business address by completing and submitting the appropriate form supplied by the Division and p…

NAC 645H.250 Application for renewal: Requirements; failure to renew before expiration. (NRS 645H.290, 645H.500, 645H.540, 645H.550) 1. An application for the renewal of a certificate of registration submitted by a natural person or for a permit must be accompanied by the stateme…

NAC 645H.260 Refusal to renew. (NRS 645H.290, 645H.500, 645H.540, 645H.550) 1. The Division may refuse to renew a certificate of registration or permit if: (a) The applicant has been convicted of, or entered a plea of guilty, guilty but mentally ill or nolo contendere to, forgery…

NAC 645H.270 Internet website for renewal; fees for electronic renewal. (NRS 645H.290, 645H.300) The Division may: 1. Create and maintain a secure Internet website through which a certificate of registration or permit may be renewed; and 2. Charge a fee for each certificate of re…

NAC 645H.300 Asset management company: Notification of change of address of principal office or branch office; cancellation of registration for failure to report. (NRS 645H.290) 1. An asset management company shall notify the Division in writing of any change in the address of it…

NAC 645H.310 Delivery of certificate or permit to Division. (NRS 645H.290) If the certificate of registration of an asset management company or the permit of an asset manager is cancelled, suspended or revoked, the asset management company or the asset manager shall surrender the…