Nev. Admin. Code § 645B.300

Current through September 16, 2024

Section 645B.300 - Application for licensing; association with or employment by mortgage broker or mortgage banker; investigation of background; confidentiality of certain documents; termination of association or employment

1. In addition to the requirements set forth in NRS 645B.410, an applicant for a license as a mortgage loan originator must include with the application for a license:

(a) Evidence that the applicant is 18 years of age or older;

(b) Evidence that the applicant has satisfied the educational and examination requirements set forth in applicable federal or state law or regulation, including, without limitation, the S.A.F.E. Mortgage Licensing Act and any regulation adopted pursuant thereto; and

(c) A record of personal history and experience in a form prescribed by the Division.

2. A mortgage company and any mortgage loan originator, must sign the application for licensing required pursuant to NRS 645B.410.

3. As regards the conduct of business within this State, a mortgage loan originator:

(a) May associate with or be employed by a mortgage company at only one licensed office location of the mortgage company; and

(b) While the mortgage loan originator associates with or is employed by a mortgage company, may not associate with or be employed by another mortgage company, an escrow agency licensed pursuant to chapter 645A of NRS, or any other entity that is exempt from the provisions of chapter 645B of NRS or whose office is located outside this State.

4. Upon request of a mortgage company, the Commissioner may waive the requirement of an investigation of the credit history, criminal history and background of a mortgage loan originator if such an investigation has been conducted within the 6 months immediately preceding the date the application is submitted.

5. An applicant for a license as a mortgage loan originator shall not be deemed to be licensed as a mortgage loan originator until the Commissioner has verified the information submitted by the applicant pursuant to applicable federal or state law or regulation and has notified the applicant that the information has been verified and that the records of the Division reflect activation of the license.

6. The report of an investigation of the credit history, criminal history and background of a mortgage loan originator is confidential, and the Commissioner will release the report only pursuant to a valid subpoena or court order.

7. The written statement of the circumstances surrounding the termination of a mortgage loan originator required by paragraph (b) of subsection 3 of NRS 645B.450 will be considered a public record.

8. If a mortgage company terminates the association or employment of a mortgage loan originator for any reason, the mortgage company shall provide written notification of the termination to the mortgage loan originator not later than the third business day following the date of termination.

Nev. Admin. Code § 645B.300

Added to NAC by Comm'r of Financial Institutions by R045-00, eff. 9-5-2000; A by Comm'r of Mortgage Lending by R087-04, 8-31-2004; R058-08, 4-23-2009; R035-10, 7-22-2010; A by R119-19A, eff. 11/9/2023

NRS 645B.060, 645B.410, 645B.450, 645F.292, 645F.293