Title 54

NRS 645H.050 “Asset manager” defined. “Asset manager” means a person engaged in the business of asset management who is an employee or independent contractor of a registered asset management company. (Added to NRS by 2011, 2819)

NRS 645H.060 “Client” defined. “Client” means: 1. A bank, mortgage company, mortgage servicer as that term is defined in NRS 645F.063, credit union, thrift company, savings and loan association or savings bank, or any subsidiary thereof that is authorized to transact business in …

NRS 645H.070 “Division” defined. “Division” means the Real Estate Division of the Department of Business and Industry. (Added to NRS by 2011, 2819)

NRS 645H.080 “Foreclosure sale” defined. “Foreclosure sale” means a sale of real property to enforce an obligation secured by a mortgage or lien on the property, including, without limitation, the exercise of a trustee’s power of sale pursuant to NRS 107.080. (Added to NRS by 201…

NRS 645H.090 “Homeowner” defined. “Homeowner” means the owner of record of a residence, including, without limitation, the owner of record of a residence in foreclosure at the time the notice of the pendency of an action for foreclosure is recorded pursuant to NRS 14.010 or the n…

NRS 645H.110 “Mortgage company” defined. “Mortgage company” has the meaning ascribed to it in NRS 645B.0127. (Added to NRS by 2011, 2819; A 2017, 3083)

NRS 645H.120 “Real property in foreclosure” defined. “Real property in foreclosure” includes, without limitation, a residence in foreclosure or commercial real property against which there is an outstanding notice of the pendency of an action for foreclosure recorded pursuant to …

NRS 645H.130 “Real property owner” defined. “Real property owner” means the owner of record of real property, including, without limitation, a homeowner or an owner of real property in foreclosure. (Added to NRS by 2011, 2819)

NRS 645H.140 “Residence in foreclosure” defined. “Residence in foreclosure” means any residential real property consisting of: 1. Not more than four family dwelling units, one of which the homeowner or a tenant of the homeowner occupies as his or her principal place of residence;…

NRS 645H.150 “Service report” defined. “Service report” means a written report on a form prescribed by the Division which is provided by an asset management company or asset manager and which lists the specific services performed on real property for a client. (Added to NRS by 20…

NRS 645H.160 Applicability of chapter. 1. The provisions of this chapter which require a certificate of registration or permit do not apply to a person or broker who has a current permit to engage in property management pursuant to chapter 645 of NRS. 2. A person or broker who ha…

NRS 645H.280 Duties of Division; restrictions on employees of Division. 1. The Division shall administer the provisions of this chapter and may employ legal counsel, investigators and other professional consultants necessary to discharge its duties pursuant to this chapter. 2. An…

NRS 645H.290 Adoption of regulations. The Division shall adopt: 1. Regulations prescribing a standard of practice and code of ethics for registered asset management companies. The regulations must include, without limitation, provisions establishing the degree of care that must b…

NRS 645H.300 Authority for Division to conduct business electronically; regulations; fees; use of unsworn declaration; exclusions. 1. The Administrator may adopt regulations which establish procedures for the Division to conduct business electronically pursuant to title 59 of NRS…

NRS 645H.310 Inspection of certain documents by Division; regulations. 1. The Division may inspect any service report, contractual agreement, power of attorney or other legal authorization entered into by an asset management company and a client to ensure compliance with the prov…

NRS 645H.320 Records: Maintenance by Division; general provisions governing public inspection and confidentiality. 1. The Division shall maintain a record of: (a) Persons whose applications for registration have been denied; (b) Formal disciplinary proceedings and any investigati…

NRS 645H.330 Records: Certain records relating to complaint or investigation deemed confidential; certain records relating to disciplinary action deemed public records. 1. Except as otherwise provided in this section and NRS 645H.320, a complaint filed with the Division, all docu…

NRS 645H.350 Deposit of certain fees and administrative fines; financial support of Division. 1. Except as otherwise provided in NRS 645H.365, all fees and administrative fines received by the Division pursuant to this chapter must be deposited with the State Treasurer for credit…

NRS 645H.360 Disposition of money collected. If the Division imposes an administrative fine or collects a fee for registering an asset management company or issuing or renewing a permit to an asset manager, the Division shall deposit the amount collected with the State Treasurer …

NRS 645H.365 Technology Account for Chapter 645H of NRS. 1. The Technology Account for Chapter 645H of NRS is hereby created in the State General Fund. The Administrator shall administer the Account. 2. The interest and income earned on the money in the Account, after deducting a…

NRS 645H.370 Duties of Attorney General. 1. The Attorney General shall render to the Division opinions upon questions of law relating to the construction or interpretation of this chapter, or arising in the administration thereof, submitted to the Attorney General by the Division…

NRS 645H.480 Certificate of registration: Application; fee; issuance. 1. A person who wishes to be registered as an asset management company in this State must file a written application with the Division upon a form prepared and furnished by the Division and pay the fee required…

NRS 645H.490 Certificate of registration: Maintenance of insurance or acting as self-insurer; minimum limits of liability; proof. 1. Before issuing any certificate of registration or annual renewal thereof, the Division shall require satisfactory proof that the asset management c…

NRS 645H.500 Certificate of registration: Expiration; renewal. A certificate of registration issued pursuant to this chapter expires each year on the date of its issuance, unless it is renewed. To renew the certificate of registration, the registrant must submit to the Division o…

NRS 645H.510 Asset management company that is not natural person required to designate natural person as qualified employee. 1. If an asset management company is not a natural person, the company must designate a natural person as a qualified employee to act on behalf of the asse…

NRS 645H.520 Authorized services of asset management company; manner in which asset management company may dispose of certain personal property; resolution of disputes. 1. Subject to the provisions of NRS 645H.770, the services an asset management company may provide include, wit…

NRS 645H.530 Permit to engage in asset management: Application; fees. 1. A person in this State who is employed or independently contracted as an asset manager by an asset management company shall apply to the Division for a permit to engage in asset management and pay a fee of $…

NRS 645H.540 Permit to engage in asset management: Expiration and renewal. 1. A permit issued pursuant to NRS 645H.530 expires 1 year after the date of issuance, unless it is renewed. To renew the permit, the registrant must submit to the Division on or before the date of expirat…

NRS 645H.550 Payment of child support: Submission of certain information by applicant; grounds for denial of certificate of registration or permit; duty of Division. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish proc…

NRS 645H.560 Fees. 1. A person must pay the following fees for the issuance or renewal of a certificate of registration as an asset management company: (a) For the issuance of a certificate of registration, an application fee of $2,000 for the principal office and a fee of $500 f…

NRS 645H.670 Authority of Administrator to conduct certain investigations; authority of Division to take certain disciplinary actions. 1. The Administrator may investigate the actions of any asset management company or asset manager or any person who acts in any such capacity wit…

NRS 645H.680 Hearing officers. In any proceeding pursuant to this chapter, the Administrator may appoint hearing officers from the Department of Business and Industry who shall act as his or her agents and conduct any hearing or investigation which may be conducted by the Adminis…

NRS 645H.690 Service of process: Irrevocable consent; effect of failure to file consent; method; use; effect on continuances. 1. An applicant for a certificate of registration pursuant to NRS 645H.480 or a permit pursuant to NRS 645H.530 shall file with the Division, on a form pr…

NRS 645H.700 Authorized disciplinary action; grounds; maintenance of log of certain complaints; orders imposing discipline deemed public records. 1. The Division may require an asset management company or asset manager to pay an administrative fine of not more than $10,000 for ea…

NRS 645H.705 Administrative fine for engaging in certain conduct without certificate of registration, permit or other authorization; procedure for imposition of fine; judicial review; exceptions. 1. In addition to any other remedy or penalty, the Division may impose an administra…

NRS 645H.710 Disciplinary or other action for failure to pay money owed to Division. In addition to any other remedy or penalty, the Division may: 1. Refuse to issue a certificate of registration or permit to a person who has failed to pay any money which the person owes to the D…

NRS 645H.720 Suspension of certificate of registration or permit for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of certificate of registration or permit. [Effective until 2 years after the date of the repeal of 42 U.S.C. § 666, the fe…

NRS 645H.730 Knowledge of associate or employer of violation by asset management company or asset manager; penalties. 1. Any unlawful act or violation of any of the provisions of this chapter by any asset management company or asset manager is not cause to suspend, revoke or deny…

NRS 645H.740 Expiration, revocation or surrender of certificate of registration or permit does not prohibit disciplinary action against holder of certificate of registration or permit. The expiration or revocation of a certificate of registration or permit by operation of law or …

NRS 645H.750 Duty to report certain convictions and pleas to Division. 1. An asset management company that is a natural person or an asset manager shall notify the Division in writing if he or she is convicted of, or enters a plea of guilty, guilty but mentally ill or nolo conten…

NRS 645H.760 Unlawful to engage in certain conduct without certificate of registration or permit; penalty. 1. It is unlawful for any person, limited-liability company, partnership, association or corporation to engage in the business of, act in the capacity of, advertise or assum…

NRS 645H.770 Unlawful acts; penalty. 1. It is unlawful for an asset management company or an asset manager or other employee, director, officer or agent of an asset management company to: (a) Unless the asset management company is acting pursuant to a court order, evict a real pr…