1. 1. The board of directors of a covered institution, or other body established pursuant to subsection 2 of NRS 645F.780, is responsible for the oversight of the covered institution.

2. 2. The board of directors of a covered institution, or other body established pursuant to subsection 2 of NRS 645F.780, shall:

   1. (a) Establish a written framework for corporate governance that includes, without limitation, appropriate internal controls designed to monitor corporate governance and assess compliance with the framework.
   2. (b) Monitor and ensure that the covered institution complies with the written framework for corporate governance established pursuant to paragraph (a) and the provisions of NRS 645F.600 to 645F.820, inclusive.
   3. (c) Perform accurate and timely regulatory reporting, including, without limitation, the requirement for filing a mortgage call report for the covered institution.

   4. (d) Establish requirements for internal audits that:

      1. (1) Are appropriate for the size, complexity and risk profile of the covered institution; and
      2. (2) Ensure appropriate independence to provide a reliable evaluation of the internal control structure, risk management and governance of the covered institution.

   5. (e) Make available to the Commissioner, upon request:

      1. (1) The written framework for corporate governance established pursuant to paragraph (a);
      2. (2) The requirements established pursuant to paragraph (d) for internal audits; and
      3. (3) The results of any internal audit performed by the covered institution.
3. 3. As used in this section, “internal audit” means the internal activity of performing independent and objective assurance and consulting to evaluate and improve the effectiveness of the operations, risk management, internal controls and governance processes of a covered institution.

(Added to NRS by 2025, 242)