Title 54

NRS 645B.0123 “Licensee” defined. “Licensee” means a person who is licensed or required to be licensed as a mortgage company pursuant to this chapter. The term does not include a person issued a license as a mortgage loan originator pursuant to NRS 645B.410 who is acting properly…

NRS 645B.0124 “Loan processor” defined. 1. “Loan processor” means a natural person who: (a) Receives, collects, distributes or analyzes information that is commonly used for the processing of a residential mortgage loan; and (b) Communicates with a consumer to obtain the informat…

NRS 645B.01245 “Majority of the investors” defined. “Majority of the investors” means the investors holding 51 percent or more of the beneficial interests in a loan. (Added to NRS by 2011, 3603)

NRS 645B.0125 “Mortgage loan originator” defined. 1. “Mortgage loan originator” means: (a) A natural person who: (1) Is an employee of a mortgage company who is required to be licensed pursuant to this chapter; and (2) Is authorized by the mortgage company to engage in, on behalf…

NRS 645B.0127 “Mortgage company” defined. 1. “Mortgage company” means a person who, directly or indirectly: (a) Holds himself or herself out for hire to serve as an agent for any person in an attempt to obtain a loan which will be secured by a lien on real property; (b) Holds him…

NRS 645B.0128 “Nationwide Mortgage Licensing System and Registry” and “Registry” defined. “Nationwide Mortgage Licensing System and Registry” or “Registry” means the mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American As…

NRS 645B.0129 “Policy of title insurance” defined. “Policy of title insurance” has the meaning ascribed to it in NRS 692A.035. (Added to NRS by 1999, 3766)

NRS 645B.01305 “Private investor” defined. “Private investor” means: 1. An investor who is a natural person and who provides his or her own money for investment in a loan secured by a lien on real property; and 2. Two or more investors who are relatives and who jointly provide th…

NRS 645B.0131 “Relative” defined. “Relative” means a spouse or any other person who is related within the second degree by blood or marriage. (Added to NRS by 1999, 3766)

NRS 645B.0132 “Residential mortgage loan” defined. “Residential mortgage loan” means any loan primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling or residential real estate upo…

NRS 645B.01325 “Residential mortgage loan originator” defined. “Residential mortgage loan originator” means a natural person who takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan for compensation or other pecuniary gain. Th…

NRS 645B.0133 “Title agent” defined. “Title agent” has the meaning ascribed to it in NRS 692A.060. (Added to NRS by 1999, 3766)

NRS 645B.0135 “Title insurer” defined. “Title insurer” has the meaning ascribed to it in NRS 692A.070. (Added to NRS by 1999, 3766)

NRS 645B.01356 “Wholesale lender” defined. “Wholesale lender” means a person who: 1. Holds himself or herself out: (a) For hire to serve as an agent for any person who has money to lend, if the loan is or will be secured by a lien on real property; (b) As being able to make loans…

NRS 645B.0137 Requirements for initial licensing as mortgage company or mortgage loan originator; regulations. 1. In addition to any other requirements provided by this chapter, a person who wishes to receive an initial license as a mortgage company or mortgage loan originator mu…

NRS 645B.0138 Courses of continuing education; regulations. 1. A course of continuing education that is required pursuant to this chapter must meet the requirements set forth by the Commissioner by regulation. 2. The Commissioner shall adopt regulations: (a) Relating to the requi…

NRS 645B.0145 Statutory and common-law rights, remedies and punishments unaffected; limitation on actions against State and its officers and employees. The provisions of this chapter do not: 1. Limit any statutory or common-law right of a person to bring a civil action against a …

NRS 645B.0147 Fiduciary obligation of licensee to client. 1. In addition to any other duties set forth in this chapter, any person licensed pursuant to this chapter has a fiduciary obligation to a client. 2. For the purposes of this section, a person’s fiduciary obligation does n…

NRS 645B.0149 Inapplicability to wholesale lender who only funds or purchases commercial mortgage loans. The provisions of this chapter do not apply to a wholesale lender who only funds or purchases commercial mortgage loans. (Added to NRS by 2019, 875)

NRS 645B.015 Exemptions for certain persons and entities. Except as otherwise provided in NRS 645B.016, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, 12 U.S.C. §§ 5101 et seq., and any regulations adopted pursuant thereto and other applicable law, the provis…

NRS 645B.016 Certificate of exemption: Application; fee; automatic expiration; prohibitions; administrative fine; authority to file application for purposes of complying with requirements of Registry; applicability. Except as otherwise provided in subsection 2 and NRS 645B.690: 1…

NRS 645B.017 Certificate of exemption: Expiration; procedure for renewal; cancellation and reinstatement; fees; duplicate copy; deposit of fees; regulations. 1. Except as otherwise provided in NRS 645B.016, a certificate of exemption issued pursuant to this chapter expires each y…

NRS 645B.018 Exemptions for certain loans: Grounds for granting; revocation; issuance of statement by Commissioner of reasons for granting, denying or revoking. 1. A person may apply to the Commissioner for an exemption from the provisions of this chapter governing the making of …

NRS 645B.019 Creation; members; appointment; terms and vacancies; no compensation or per diem allowance; protections afforded members who are public officers or employees. 1. The Advisory Council on Mortgage Investments and Mortgage Lending is hereby created. 2. The Advisory Coun…

NRS 645B.0191 Chair and Vice Chair; meetings; quorum; subcommittees. 1. The members of the Advisory Council on Mortgage Investments and Mortgage Lending shall elect a Chair and a Vice Chair from among their membership. The Vice Chair shall perform the duties of the Chair during a…

NRS 645B.0192 Purpose. The purpose of the Advisory Council on Mortgage Investments and Mortgage Lending is to: 1. Consult with, advise and make recommendations to the Commissioner in all matters relating to mortgage investments and mortgage lending. 2. Make recommendations to the…

NRS 645B.020 Application for license; application for branch offices; requirements for issuance of license; license for office outside Nevada which conducts business in Nevada. 1. A person who wishes to be licensed as a mortgage company must file a written application for a licen…

NRS 645B.021 Mortgage company who is not natural person to designate natural person as qualified employee; regulations. 1. If a mortgage company is not a natural person, the mortgage company must designate a natural person as a qualified employee to act on behalf of the mortgage …

NRS 645B.023 Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, su…

NRS 645B.0243 Grounds for denial of license: Employing or associating with certain persons who are ineligible to be mortgage loan originators. The Commissioner may refuse to issue a license to an applicant if the Commissioner has reasonable cause to believe that the applicant or …

NRS 645B.0245 Grounds for denial of license: Control by relative who would be ineligible to be licensed; act or omission of partner, officer or director. 1. If an applicant is a natural person, the Commissioner may refuse to issue a license to the applicant if the Commissioner ha…

NRS 645B.0247 Grounds for denial of license: Authority of Commissioner not limited. The provisions of NRS 645B.0243 and 645B.0245 do not limit the authority of the Commissioner to refuse to issue a license to an applicant for any other lawful reason or pursuant to any other provi…

NRS 645B.025 Posting of license; restrictions on transfer or assignment of license. 1. A mortgage company shall post each license in a conspicuous place in the office to which it pertains. 2. A mortgage company may not transfer or assign a license to another person, unless the Co…

NRS 645B.042 Duty of mortgage company to deposit surety bond with Commissioner; mortgage company and mortgage loan originators must be named as principals on bond; amount of bond; Commissioner to determine amount of initial deposit. 1. As a condition to doing business in this Sta…

NRS 645B.046 Cancellation of surety bond: Notices required; revocation of license unless equivalent bond furnished. 1. The surety may cancel a bond upon giving 60 days’ notice to the Commissioner by certified mail. Upon receipt by the Commissioner of such a notice, the Commission…

NRS 645B.048 Action on surety bond: Procedure; limitation of time; duties of Commissioner; preliminary payment by surety; action for interpleader; payment. 1. Any person claiming against a bond may bring an action in a court of competent jurisdiction on the bond for damages to th…

NRS 645B.050 Expiration of license; procedure for renewal; cancellation and reinstatement; fees; duplicate copy; deposit of fees; regulations. 1. A license as a mortgage company issued pursuant to this chapter expires each year on December 31, unless it is renewed. To renew such …

NRS 645B.051 Continuing education required for renewal of license. 1. Except as otherwise provided in subsection 2, in addition to the requirements set forth in NRS 645B.050, to renew a license as a mortgage company: (a) If the licensee is a natural person, the licensee must subm…

NRS 645B.058 Remote locations: Authority for employees to work remotely; requirements; records; regulations. 1. An employee of a mortgage company may conduct the business of the mortgage company at a remote location if authorized by the mortgage company. 2. A mortgage company may…

NRS 645B.060 Duties of Commissioner: General supervision and control over mortgage companies and mortgage loan originators; regulations; investigations; examinations; periodic and special audits; hearings; related fees; classification of certain records and information as confide…

NRS 645B.070 Subpoenas; oaths; examination of witnesses; penalty; assessment of costs. 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 the production o…

NRS 645B.075 Payment of statutory assessment by mortgage company; duty of mortgage company and loan originators to cooperate fully with audits and examinations. Each mortgage company shall pay the assessment levied pursuant to NRS 645F.180. Each mortgage company and mortgage loan…

NRS 645B.077 Duty to maintain information security program; requirements. 1. A mortgage company and mortgage loan originator shall comply with the requirements set forth in 16 C.F.R. Part 314. 2. In addition to complying with the requirements set forth in 16 C.F.R. Part 314, a mo…

NRS 645B.080 Records relating to mortgage transactions, financial condition and trust accounts; monthly report to Commissioner; accounting procedures for trust accounts; regulations; reports. 1. Each mortgage company shall keep and maintain at all times at each location, other th…

NRS 645B.085 Annual financial statement; audit of trust accounts; regulations. 1. Except as otherwise provided in this section, not later than 90 days after the last day of each fiscal year for a mortgage company, the mortgage company shall submit to the Commissioner a financial …

NRS 645B.090 Records of Commissioner: General provisions governing public inspection, confidentiality and disclosure of information relating to investigations, examinations, disciplinary actions and certain investments in promissory notes secured by liens on real property. 1. Exc…