Nev. Rev. Stat. ch. 645A – Escrow Agencies and Agents | Midpage

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Nevada Revised Statutes

Chapter 645A

Nev. Rev. Stat. ch. 645A

Escrow Agencies and Agents

645A.010Definitions 645A.013Inapplicability of chapter to participant in Regulatory Experimentation Program for Product Innovation; exceptions 645A.015Unlawful to engage in business of administering escrows or act in capacity of escrow agent or escrow agency without license; exceptions 645A.020Application for initial license or renewal: Requirements; issuance or renewal; continuing obligation to notify Division of material change in information in application; restriction 645A.021Application: Educational prerequisites; regulations 645A.025Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner 645A.025Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner 645A.032Contents of license; escrow agent may associate with and be employed by only one escrow agency at same time 645A.034Delivery and possession of license of escrow agent; display of licenses 645A.036Place of business: Maintenance by escrow agency; specification in application; designation on license; effect 645A.038License not transferable 645A.039Continuing education: Standards; regulations 645A.040Expiration; renewal; fees; deposit of money received 645A.0405Authority of Commissioner to require submission of certain documents, fees and fines through Registry; deposit of fees, assessments and penalties 645A.041Duty of escrow agency to deposit surety bond with Commissioner; escrow agents must be named as principals on bond; form and amount of bond; exceptions 645A.042Escrow agency may deposit substitute form of security in lieu of surety bond; amount deposited must equal amount of bond; interest or dividends accrue to depositor 645A.043Cancellation of bond: Notices required; revocation of license unless equivalent bond or substitute form of security furnished 645A.047Action on bond: Procedure; limitation of time; duties of Commissioner; preliminary payment by surety; action for interpleader; payment 645A.050Duties of Commissioner 645A.060Powers of Commissioner: Subpoenas, oaths and examination of witnesses; penalty 645A.065Fees for supervision, investigation and examination of persons; standards for supervision of escrow agents; regulations 645A.067Payment of assessment and cooperation in audits and examinations 645A.070Records of transactions in escrow: Maintenance; filing 645A.075Duty to maintain information security program; requirements 645A.080Records of Commissioner: General provisions governing public inspection and confidentiality 645A.082Records of Commissioner: Certain records relating to complaint or investigation deemed confidential; certain records relating to disciplinary action deemed public records 645A.085Change in ownership of voting stock of escrow agency 645A.086Duty of Commissioner to take disciplinary action for certain violations 645A.090Grounds for refusal to issue license or for disciplinary action; orders imposing discipline deemed public records 645A.095Suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license 645A.097Investigation, disciplinary or other proceedings, fines and penalties not affected by expiration, revocation or voluntary surrender of license 645A.100Notice of refusal to issue license or of disciplinary action; hearing; limitation on time to apply for hearing 645A.110Investigation by Commissioner; powers of Commissioner; injunctive relief; enforcement of subpoenas 645A.130Procedures following decision on appeal 645A.140Powers of Commissioner when agency’s affairs in unsafe condition 645A.150Receivership 645A.160Requirements 645A.170Limitations on execution or attachment; commingling prohibited 645A.171Limitations on disbursements 645A.173Duty to record certain information concerning real estate brokers and salespersons and mortgage companies 645A.175Duty to execute documents necessary to release money deposited in escrow; exception for good faith disputes; recovery of damages for failure to execute; award of attorney’s fees 645A.177Action to recover money deposited in escrow; discharge from further responsibility for holder of escrow; right of holder to bring action for interpleader 645A.193Attorney General to represent Division 645A.195Escrow agency that is not natural person to designate natural person as qualified employee 645A.1955Employment of or association with escrow agent: Duties of escrow agency; prohibited actions 645A.196Termination of employment of escrow agent: Duties of escrow agency; prohibited actions 645A.199Proof of licensure required in action for collection of compensation 645A.200Statutory and common-law rights unaffected 645A.201Exercise of jurisdiction over party to civil action; service of summons to confer jurisdiction 645A.215Prohibition on administering escrows in same location as or in conjunction with other businesses; exceptions 645A.220Transactions by foreign corporations 645A.221Contracts for escrow transaction voidable for certain violations; administrative fines 645A.222Civil action authorized for certain violations 645A.224Employee of Division prohibited from interest in escrow agency 645A.225Charge for statement of interest payments prohibited 645A.230Penalties for violations 645A.235Restitution