Title 54

NRS 645B.165 Escrow account required for fee, salary, deposit or money paid in advance; release from escrow; exceptions; refunds; penalty. 1. Except as otherwise permitted by law and as otherwise provided in subsection 3, the amount of any advance fee, salary, deposit or money pa…

NRS 645B.170 Trust account required for money deposited to pay taxes or insurance premiums; fiduciary duty of mortgage company; accounting to debtor and Commissioner; additional duties and prohibitions. 1. All money paid to a mortgage company and his or her mortgage loan originat…

NRS 645B.175 Trust or escrow account required for money received from investor to fund loan; trust or escrow account required for money received from debtor to repay loan; release of money; accounting to investor, debtor and Commissioner; additional conditions, limitations and pr…

NRS 645B.180 Limitations on execution or attachment of money in trust account; commingling of money prohibited. 1. Money in an impound trust account is not subject to execution or attachment on any claim against the mortgage company or his or her mortgage loan originators. 2. It …

NRS 645B.185 Use of disclosure forms required; release of financial statements; duties of mortgage company and loan originators; prohibitions; powers of Commissioner; regulations. 1. A mortgage company or mortgage loan originator shall not accept money from a private investor to …

NRS 645B.186 Disclosure of certain business and personal relationships required. 1. If a licensee or a relative of the licensee is licensed as, conducts business as or holds a controlling interest or position in: (a) A construction control; (b) An escrow agency or escrow agent; o…

NRS 645B.187 Prohibition on making certain guarantees in advertisements and solicitations; limitations on payment of premium interest; penalty. 1. If a mortgage company or mortgage loan originator solicits or receives money from an investor, the mortgage company or mortgage loan …

NRS 645B.189 Statements of disclosure required in certain advertisements; review of advertisements by Commissioner; advertisements must comply with state and federal laws concerning deceptive trade practices and deceptive advertising; regulations. 1. If, in carrying on his or her…

NRS 645B.196 Liability of advertising spokesperson for mortgage company for certain damages. 1. An advertising spokesperson for a mortgage company is jointly and severally liable with the mortgage company for damages caused by the mortgage company by fraud, embezzlement, misappro…

NRS 645B.240 Limitations on charging late fee, additional amount of interest or other penalty. 1. If a person is required to make a payment to a mortgage company pursuant to the terms of a loan secured by a lien on real property, the mortgage company may not charge the person a l…

NRS 645B.250 Prohibition on advancing payments to investor on behalf of debtor in default; exceptions. Except pursuant to a contract for the collection or servicing of a loan which is governed by the requirements established by the Government National Mortgage Association, Federa…

NRS 645B.260 Monthly report to Commissioner on delinquencies in payments and defaults; monthly notice to investors; regulations. 1. If a mortgage company maintains any accounts described in subsection 4 of NRS 645B.175 in which the mortgage company deposits payments from a debtor…

NRS 645B.300 Written appraisal of real property required; persons authorized to perform appraisal; retention and inspection of appraisal; exceptions. 1. Except as otherwise provided in subsection 4, a mortgage company or mortgage loan originator shall not accept money from an inv…

NRS 645B.305 Requirement that loan include disclosure concerning fees. A mortgage company shall ensure that each loan secured by a lien on real property for which he or she engages in activity as a mortgage company includes a disclosure: 1. Describing, in a specific dollar amount…

NRS 645B.307 Mortgage company required to include his or her license number or identifying number with loan. A mortgage company shall ensure that each loan secured by a lien on real property for which he or she engages in activity as a mortgage company includes: 1. If the mortgag…

NRS 645B.310 Requirements for mortgage company to assign interest in loan. A mortgage company shall not assign all or a part of his or her interest in a loan secured by a lien on real property, unless the mortgage company: 1. Obtains a policy of title insurance for the real prope…

NRS 645B.320 Copy of recorded deed of trust must be mailed to each investor. If money from an investor is released to a debtor or the debtor’s designee pursuant to subsection 2 of NRS 645B.175 upon completion of a loan secured by a lien on real property, the mortgage company that…

NRS 645B.330 Limitations on use of power of attorney. 1. A mortgage company or mortgage loan originator shall not engage in any act or transaction on behalf of a private investor pursuant to a power of attorney unless: (a) The power of attorney is executed for the sole purpose of…

NRS 645B.340 Multiple holders of beneficial interest in loan: Holders of majority of outstanding principal balance may act on behalf of all holders for certain matters; notice; exception. 1. Except as otherwise provided by law or by agreement between the parties and regardless of…

NRS 645B.350 Mortgage company required to provide investors certain options before acquiring ownership or beneficial interest in loan. A mortgage company shall not accept money from an investor to acquire ownership of or a beneficial interest in a loan which has more than one inv…

NRS 645B.351 Mortgage company prohibited from including in loan document provision which requires participation in binding arbitration in event of dispute. 1. A mortgage company who makes or arranges a loan shall not include in any loan document a provision which requires a priva…

NRS 645B.352 Written servicing agreement required before servicing loan. 1. Before servicing a loan in which a private investor has acquired a beneficial interest, a mortgage company must enter into a written servicing agreement with each investor which describes specifically the…

NRS 645B.353 Mortgage company prohibited from releasing borrower or guarantor from personal liability without certain approval. Except as otherwise permitted by law, a mortgage company shall not release a borrower or guarantor from personal liability for a loan unless a majority …

NRS 645B.354 Restrictions on withholding money from certain investors; loan servicing agreement may contain provision which provides written consent to withhold money. 1. If an investor owes money to the mortgage company who is servicing a loan or to other investors, the mortgage…

NRS 645B.355 Mortgage company prohibited from acting as construction control. A mortgage company shall not act as a construction control with respect to money belonging to a borrower or investor. If a borrower or investor wishes to utilize a construction control for money belongi…

NRS 645B.356 Restrictions on placing private investor into certain entities before foreclosure of real property securing loan. 1. A mortgage company shall not place or arrange to place a private investor into a limited-liability company, business trust or other entity before or a…

NRS 645B.357 Restriction on collection of fees by mortgage company; application of fees. 1. A mortgage company shall not assess or collect any fee which is not: (a) Authorized by the loan documents or loan servicing agreement; and (b) Assessed or collected in exchange for bona fi…

NRS 645B.400 Requirements to provide services of or engage in activities of mortgage loan originator. A person shall not act as or provide any of the services of a mortgage loan originator, otherwise engage in, carry on or hold himself or herself out as engaging in or carrying on…

NRS 645B.405 License as mortgage loan originator required for mortgage company or qualified employee who engages in or supervises a mortgage loan originator who engages in activities as residential mortgage loan originator. A mortgage company or qualified employee who wishes to e…

NRS 645B.410 Qualifications and procedure for issuance of license; fees. 1. To obtain a license as a mortgage loan originator, a person must: (a) Be a natural person; (b) File a written application for a license as a mortgage loan originator with the Office of the Commissioner; (…

NRS 645B.420 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.430 Annual expiration of license; procedure for renewal; continuing education; fees. 1. A license as a mortgage loan originator issued pursuant to NRS 645B.410 expires each year on December 31, unless it is renewed. To renew a license as a mortgage loan originator, the h…

NRS 645B.450 Conditions and limitations regarding employment of or association with mortgage loan originator; duties of mortgage company or certain exempt persons upon termination of mortgage loan originator. 1. A person licensed as a mortgage loan originator pursuant to the prov…

NRS 645B.460 Supervision by mortgage company; requirements; regulations. 1. A mortgage company shall exercise reasonable supervision and control over the activities of his or her mortgage loan originators and must also be licensed as a mortgage loan originator if required pursuan…

NRS 645B.490 Right to be placed on inactive status; procedure for reinstatement. Except as otherwise required by the Registry for persons who are required to register or voluntarily register with the Registry: 1. Any mortgage company or mortgage loan originator licensed under the…

NRS 645B.600 Person may file complaint alleging violation; requirements. 1. A person may file with the Commissioner a complaint alleging that another person has violated a provision of this chapter, a regulation adopted pursuant to this chapter or an order of the Commissioner. 2.…

NRS 645B.610 Duties of Commissioner when complaint is filed. 1. If a person properly files a complaint with the Commissioner pursuant to NRS 645B.600, the Commissioner shall investigate each violation alleged in the complaint, unless the Commissioner has previously investigated t…

NRS 645B.620 Duties of Commissioner when violation is suspected; referral of violations to Attorney General for criminal prosecution; civil action for injunctive relief. 1. Whether or not a complaint has been filed, the Commissioner may investigate a mortgage company, mortgage lo…

NRS 645B.630 Duties of Commissioner when unsafe condition or practice is suspected; seizure of property and assets of mortgage company; duties of Attorney General. 1. In addition to any other action that is required or permitted pursuant to this chapter, if the Commissioner has r…

NRS 645B.640 Persons entitled to correct unsafe conditions and practices; effect of failure to correct; receivership and liquidation of assets. 1. If the Commissioner takes possession of the property of a mortgage company pursuant to NRS 645B.630, the licensee, officers, director…

NRS 645B.670 Authorized disciplinary or other action; grounds for disciplinary action. 1. Except as otherwise provided in NRS 645B.690: (a) For each violation committed by an applicant for a license issued pursuant to this chapter, whether or not the applicant is issued a license…

NRS 645B.680 Suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license. [Effective until 2 years after the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for w…

NRS 645B.690 Duty of Commissioner to take disciplinary action for certain violations. 1. If a person offers or provides any of the services of a mortgage company or mortgage loan originator or otherwise engages in, carries on or holds himself or herself out as engaging in or carr…

NRS 645B.700 Categorization of major and minor violations; regulations. 1. Except as otherwise provided in subsection 2, for each violation that may be committed by a person pursuant to this chapter or the regulations adopted pursuant to this chapter, the Commissioner may adopt r…

NRS 645B.710 Act or omission of partner, officer or director deemed act or omission of partnership, corporation or unincorporated association. If a person is a partnership, corporation or unincorporated association, the Commissioner may take any disciplinary action required pursu…

NRS 645B.720 Authority of Commissioner to order summary suspension of license and take other action to protect public before conducting hearing. Before conducting a hearing, the Commissioner may, to the fullest extent permitted by the Constitution of the United States and the Con…