Nev. Admin. Code § 645F.465

Current through December 12, 2024

Section 645F.465 - "Separate trust account" interpreted for purpose of compliance with NRS 645F.394

For the purpose of compliance with NRS 645F.394, a "separate trust account" means a trust account maintained with a federally insured depository institution located in this State that is separate from accounts belonging to the independent licensee. The trust account:

1. May include money collected from various homeowners. However, the independent licensee must maintain separate internal subsidiary ledgers for each homeowner which include:

(a) The name, address and telephone number of the homeowner;

(b) The address and assessor parcel number for the property securing the loan for which the licensee is providing services;

(c) The account number of each loan;

(d) The lender or loan servicer contact information related to each loan;

(e) The amount and date of the initial and each subsequent payment received from the homeowner or other parties noted with separate entries;

(f) The amount and date of each deposit into the trust account maintained with the federally insured depository institution; and

(g) The amount and date of each withdrawal from the trust account and the name of each recipient of each withdrawal with the contact information for each recipient separately maintained.

2. Must at all times have a reconciled balance on deposit equal to all money collected and deposited and not yet legitimately disbursed.

3. Must be under the control of the independent licensee. An associated licensee may not maintain client trust accounts.

4. Must be reconciled monthly by the independent licensee. Such reconcilement must include, without limitation, a breakdown of each homeowner who has money on deposit, a list of all checks issued and a list of any outstanding checks issued but not paid, a list of all deposits showing the related homeowner's account and any other credit or debit adjustments to the bank account with a full explanation of the items.

Nev. Admin. Code § 645F.465

Added to NAC by Comm'r of Mortgage Lending by R052-09, eff. 8-25-2009

NRS 645F.255, 645F.390