Nev. Rev. Stat. ch. 645F – Mortgage Lending and Related Professions | Midpage

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Nevada Revised Statutes

Chapter 645F

Nev. Rev. Stat. ch. 645F

Mortgage Lending and Related Professions

645F.010Definitions 645F.020“Commissioner” defined 645F.030“Division” defined 645F.040“Escrow agency” defined 645F.060“Mortgage company” defined 645F.063“Mortgage servicer” defined 645F.065“Nationwide Mortgage Licensing System and Registry” or “Registry” defined 645F.090Inapplicability of chapter to participants in Regulatory Experimentation Program for Product Innovation; exception 645F.150Commissioner: Qualifications; restrictions on other employment or offices 645F.160Commissioner: Prohibition on having interest in regulated entity or engaging in business as personal loan broker 645F.170Commissioner: Oath 645F.180Appointment of deputy commissioners and other employees; use of certified public accountant for audits and examinations; assessments paid by regulated entities for audits and examinations 645F.190Oath of deputy commissioners 645F.250Commissioner and Division required to administer chapters governing mortgage lending and related professions 645F.255Regulations: Generally 645F.260State Board of Finance required to act in advisory capacity 645F.267Certain persons not required to register or renew with or provide reports of financial condition to Registry; certain persons required to comply with Secure and Fair Enforcement for Mortgage Licensing Act of 2008 645F.270Account for Mortgage Lending: Creation; use; no reversion to State General Fund; administration; interest and income; payment of claims 645F.275Adoption of regulations establishing minimum net worth or surety bonding requirements for loans by residential mortgage loan originators, percentage of fees from licensing to be deposited in mortgage recovery fund and methods to make claim against fund 645F.277Adoption of regulations establishing guidelines and limitations for servicing or arranging certain loans 645F.280Adoption of regulations establishing rates paid by persons licensed by Commissioner for supervision and examination by Commissioner or Division 645F.290Assessments paid by persons licensed by Commissioner or Division for legal services provided by Attorney General to Commissioner and Division 645F.291Subpoenas; oaths; examination of witnesses; penalty; assessment of costs 645F.292Secure and Fair Enforcement for Mortgage Licensing Act of 2008: Adoption of regulations to comply with requirements 645F.293Secure and Fair Enforcement for Mortgage Licensing Act of 2008: Adoption of regulations to carry out provisions 645F.294Confidentiality and privilege of information and material provided to Registry: Generally; exception 645F.295Confidentiality and privilege of information and material provided to Registry: Commissioner authorized to enter into agreements with other entities 645F.296Certain residential mortgage loan originators required to obtain and maintain license as mortgage loan originator 645F.300Definitions 645F.310“Covered service” defined 645F.320“Foreclosure consultant” defined 645F.330“Foreclosure purchaser” defined 645F.340“Foreclosure reconveyance” defined 645F.350“Foreclosure sale” defined 645F.360“Homeowner” defined 645F.365“Loan modification consultant” defined 645F.367“Residence” defined 645F.370“Residence in foreclosure” defined 645F.380Applicability 645F.390Foreclosure consultants, loan modification consultants and persons performing covered services for compensation: Licenses; fingerprints; regulations 645F.392Persons performing covered services for compensation: Written contracts for covered services; regulations 645F.396Foreclosure consultants, loan modification consultants and persons performing covered services for compensation: Records; duties; inspection and audit of records by Commissioner 645F.397Foreclosure consultants, loan modification consultants and persons performing covered services for compensation: Disclosures 645F.398Foreclosure consultants, loan modification consultants and persons performing covered services for compensation: Notice requirements 645F.399Duty to maintain information security program; requirements 645F.400Persons performing covered services for compensation: Prohibited acts; penalty 645F.405Foreclosure consultants, loan modification consultants and persons performing covered services for compensation prohibited from claiming or receiving compensation before homeowner executes written agreement 645F.410Administrative penalties for violation of chapter, regulation or other applicable law; disposition of money collected as administrative penalties; appointment of hearing officers or panels by Commissioner; claims for attorney’s fees and investigative costs 645F.420Homeowner may bring action to recover damages 645F.430Foreclosure purchasers: Criminal penalty for fraud or deceit against homeowner 645F.440Foreclosure purchasers: Transaction rescinded due to fraud or deceit upon homeowner 645F.445Person with knowledge of violation prohibited from providing assistance or support to violating foreclosure consultant, loan modification consultant or person performing covered service for compensation 645F.450Cumulative nature of rights, remedies and penalties 645F.500Applicability 645F.510License required 645F.520Regulations 645F.530Compliance with other laws, regulations and orders of Commissioner; authority of Commissioner to conduct examination or investigation of and to take disciplinary action against mortgage servicer or applicant for license 645F.535Duty to maintain information security program; requirements 645F.540Duty to submit certain documents, fees, fines and costs through Registry; deposit of fees and costs 645F.600Definitions 645F.610“Agency” defined 645F.620“Board of directors” defined 645F.630“Corporate governance” defined 645F.640“Covered institution” defined 645F.650“Credit risk” defined 645F.660“Government-sponsored enterprise” defined 645F.670“Interim serviced before sale” defined 645F.680“Liquidity risk” defined 645F.690“Mortgage call report” defined 645F.700“Mortgage servicing rights” defined 645F.710“Mortgage servicing rights investor” defined 645F.720“Reverse mortgage” defined 645F.730“Servicing liquidity” defined 645F.740“Subservicer” defined 645F.750“Whole loan” defined 645F.760Applicability 645F.770Financial condition; sufficiency of assets; cash management and business operating plans 645F.780Corporate governance: Establishment of board of directors or similar body 645F.790Corporate governance: Duties of board of directors or other body; internal audits 645F.800Corporate governance: External audits 645F.810Corporate governance: Risk management program; risk management assessments 645F.820Authority of Commissioner to impose additional conditions on covered institution or waive or temporarily suspend certain requirements