Nev. Rev. Stat. ch. 645B – Mortgage Companies and Mortgage Loan Originators | Midpage

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Nevada Revised Statutes

Chapter 645B

Nev. Rev. Stat. ch. 645B

Mortgage Companies and Mortgage Loan Originators

645B.010Definitions 645B.0102“Applicant” defined 645B.0104“Clerical or ministerial tasks” defined 645B.01043“Commercial mortgage loan” defined 645B.01047“Commercial property” defined 645B.0105“Commissioner” defined 645B.0107“Construction control” defined 645B.0109“Depository financial institution” defined 645B.0111“Division” defined 645B.0112“Dwelling” defined 645B.01125“Employee” defined 645B.0113“Escrow agency” defined 645B.0115“Escrow agent” defined 645B.0117“Escrow officer” defined 645B.0119“Financial services license or registration” defined 645B.012“Institutional investor” defined 645B.0121“Investor” defined 645B.0123“Licensee” defined 645B.0124“Loan processor” defined 645B.01245“Majority of the investors” defined 645B.0125“Mortgage loan originator” defined 645B.0127“Mortgage company” defined 645B.0128“Nationwide Mortgage Licensing System and Registry” and “Registry” defined 645B.0129“Policy of title insurance” defined 645B.01305“Private investor” defined 645B.0131“Relative” defined 645B.0132“Residential mortgage loan” defined 645B.01325“Residential mortgage loan originator” defined 645B.0133“Title agent” defined 645B.0135“Title insurer” defined 645B.01356“Wholesale lender” defined 645B.0137Requirements for initial licensing as mortgage company or mortgage loan originator; regulations 645B.0138Courses of continuing education; regulations 645B.0145Statutory and common-law rights, remedies and punishments unaffected; limitation on actions against State and its officers and employees 645B.0147Fiduciary obligation of licensee to client 645B.0149Inapplicability to wholesale lender who only funds or purchases commercial mortgage loans 645B.015Exemptions for certain persons and entities 645B.016Certificate of exemption: Application; fee; automatic expiration; prohibitions; administrative fine; authority to file application for purposes of complying with requirements of Registry; applicability 645B.017Certificate of exemption: Expiration; procedure for renewal; cancellation and reinstatement; fees; duplicate copy; deposit of fees; regulations 645B.018Exemptions for certain loans: Grounds for granting; revocation; issuance of statement by Commissioner of reasons for granting, denying or revoking 645B.019Creation; members; appointment; terms and vacancies; no compensation or per diem allowance; protections afforded members who are public officers or employees 645B.0191Chair and Vice Chair; meetings; quorum; subcommittees 645B.0192Purpose 645B.020Application for license; application for branch offices; requirements for issuance of license; license for office outside Nevada which conducts business in Nevada 645B.021Mortgage company who is not natural person to designate natural person as qualified employee; regulations 645B.023Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner 645B.023Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner 645B.0243Grounds for denial of license: Employing or associating with certain persons who are ineligible to be mortgage loan originators 645B.0245Grounds for denial of license: Control by relative who would be ineligible to be licensed; act or omission of partner, officer or director 645B.0247Grounds for denial of license: Authority of Commissioner not limited 645B.025Posting of license; restrictions on transfer or assignment of license 645B.042Duty 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 645B.046Cancellation of surety bond: Notices required; revocation of license unless equivalent bond furnished 645B.048Action on surety bond: Procedure; limitation of time; duties of Commissioner; preliminary payment by surety; action for interpleader; payment 645B.050Expiration of license; procedure for renewal; cancellation and reinstatement; fees; duplicate copy; deposit of fees; regulations 645B.051Continuing education required for renewal of license 645B.058Remote locations: Authority for employees to work remotely; requirements; records; regulations 645B.060Duties 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 confidential 645B.070Subpoenas; oaths; examination of witnesses; penalty; assessment of costs 645B.075Payment of statutory assessment by mortgage company; duty of mortgage company and loan originators to cooperate fully with audits and examinations 645B.077Duty to maintain information security program; requirements 645B.080Records relating to mortgage transactions, financial condition and trust accounts; monthly report to Commissioner; accounting procedures for trust accounts; regulations; reports 645B.085Annual financial statement; audit of trust accounts; regulations 645B.090Records 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 645B.092Records of Commissioner: Certain records relating to complaint or investigation deemed confidential; certain records relating to disciplinary action and orders imposing discipline deemed public records; disclosure by Commissioner 645B.093Commingling certain money prohibited 645B.095Notification of certain transfers required; application to Commissioner for approval of change of control; investigation; waiver 645B.115Minimum net worth required for certain mortgage companies; initial and annual determination of net worth; examination by Commissioner; regulations 645B.165Escrow account required for fee, salary, deposit or money paid in advance; release from escrow; exceptions; refunds; penalty 645B.170Trust 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 645B.175Trust 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 prohibitions; duties of mortgage company not delegable or transferable; immunity from liability 645B.180Limitations on execution or attachment of money in trust account; commingling of money prohibited 645B.185Use of disclosure forms required; release of financial statements; duties of mortgage company and loan originators; prohibitions; powers of Commissioner; regulations 645B.186Disclosure of certain business and personal relationships required 645B.187Prohibition on making certain guarantees in advertisements and solicitations; limitations on payment of premium interest; penalty 645B.189Statements 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 645B.196Liability of advertising spokesperson for mortgage company for certain damages 645B.240Limitations on charging late fee, additional amount of interest or other penalty 645B.250Prohibition on advancing payments to investor on behalf of debtor in default; exceptions 645B.260Monthly report to Commissioner on delinquencies in payments and defaults; monthly notice to investors; regulations 645B.300Written appraisal of real property required; persons authorized to perform appraisal; retention and inspection of appraisal; exceptions 645B.305Requirement that loan include disclosure concerning fees 645B.307Mortgage company required to include his or her license number or identifying number with loan 645B.310Requirements for mortgage company to assign interest in loan 645B.320Copy of recorded deed of trust must be mailed to each investor 645B.330Limitations on use of power of attorney 645B.340Multiple 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 645B.350Mortgage company required to provide investors certain options before acquiring ownership or beneficial interest in loan 645B.351Mortgage company prohibited from including in loan document provision which requires participation in binding arbitration in event of dispute 645B.352Written servicing agreement required before servicing loan 645B.353Mortgage company prohibited from releasing borrower or guarantor from personal liability without certain approval 645B.354Restrictions on withholding money from certain investors; loan servicing agreement may contain provision which provides written consent to withhold money 645B.355Mortgage company prohibited from acting as construction control 645B.356Restrictions on placing private investor into certain entities before foreclosure of real property securing loan 645B.357Restriction on collection of fees by mortgage company; application of fees 645B.400Requirements to provide services of or engage in activities of mortgage loan originator 645B.405License 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 645B.410Qualifications and procedure for issuance of license; fees 645B.420Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner 645B.420Payment of child support: Submission of certain information by applicant; grounds for denial of license; duty of Commissioner 645B.430Annual expiration of license; procedure for renewal; continuing education; fees 645B.450Conditions 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 645B.460Supervision by mortgage company; requirements; regulations 645B.490Right to be placed on inactive status; procedure for reinstatement 645B.600Person may file complaint alleging violation; requirements 645B.610Duties of Commissioner when complaint is filed 645B.620Duties of Commissioner when violation is suspected; referral of violations to Attorney General for criminal prosecution; civil action for injunctive relief 645B.630Duties of Commissioner when unsafe condition or practice is suspected; seizure of property and assets of mortgage company; duties of Attorney General 645B.640Persons entitled to correct unsafe conditions and practices; effect of failure to correct; receivership and liquidation of assets 645B.670Authorized disciplinary or other action; grounds for disciplinary action 645B.680Suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license 645B.690Duty of Commissioner to take disciplinary action for certain violations 645B.700Categorization of major and minor violations; regulations 645B.710Act or omission of partner, officer or director deemed act or omission of partnership, corporation or unincorporated association 645B.720Authority of Commissioner to order summary suspension of license and take other action to protect public before conducting hearing 645B.740Investigations, actions, disciplinary proceedings, fines and penalties not affected by expiration, revocation or voluntary surrender of license 645B.750Duty of Commissioner to provide written notice of disciplinary action or denial of license; right to administrative hearing; entry of final order; appeals 645B.760Effect of failure to appear at hearing; penalty 645B.800Attorney General has primary criminal jurisdiction; duty to provide Attorney General with information to assist prosecution; penalty 645B.810Attorney General may bring civil action; recovery of costs in civil action 645B.820Exercise of jurisdiction over party to civil action; service of summons to confer jurisdiction 645B.900Unlawful to conduct business of mortgage company or mortgage loan originator without being licensed or exempt from licensing 645B.910Unlawful for foreign corporation, association or business trust to conduct business of mortgage company without meeting certain requirements 645B.920Contracts for mortgage transaction voidable for certain violations 645B.930Civil action authorized for certain violations 645B.950Penalties for general violations 645B.955Commissioner may require licensee to pay restitution 645B.960Penalties for violations relating to escrow or trust accounts