Section 645F.987 - Authorized disciplinary actionIf the Commissioner finds that an applicant, licensee or mortgage servicer has violated, or directly or indirectly counseled, aided or abetted in a violation of, chapter 645F of NRS or the Nevada Mortgage Servicer Regulations, the Commissioner may take any of the following actions, either singly or in any combination:
1. Refuse to issue or renew an applicant's application for a license or renewal of a license pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer Regulations.2. Assess an administrative fine against the applicant of not more than $25,000 for each violation, whether or not the applicant is issued a license.3. Assess an administrative fine against a mortgage servicer or a control person of not more than $25,000 for each violation, or not more than $50,000 for each violation if the violation involved activity requiring licensure pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer Regulations at a time when the person did not hold a license.4. Place conditions upon or suspend or revoke a license.5. Require a mortgage servicer or control person of a mortgage servicer to make restitution to each person injured if the Commissioner finds that the violation resulted in an injury to one or more persons. Notwithstanding the provision of paragraph (m) of subsection 1 of NRS 622A.120, payment of restitution must be done in a manner consistent with the provision of chapter 622A of NRS.6. An order issued or administrative fine assessed under the Nevada Mortgage Servicer Regulations may be enforced or sued for and recovered by and in the name of the Commissioner and may be collected and enforced by summary proceedings by the Attorney General.7. In determining the amount of an administrative fine levied pursuant to the Nevada Mortgage Servicer Regulations, whether to suspend or revoke a license, the amount of restitution or whether to deny an application for or renewal of a license, the Commissioner will consider, without limitation: (a) The extent to which the violation was a knowing and willful violation;(b) The extent of the injury suffered because of the violation;(c) The corrective action taken by the person to ensure the violation will not be repeated;(d) The record of the mortgage servicer in complying with chapter 645F of NRS and the Nevada Mortgage Servicer Regulations; and(e) Any other factor the Commissioner considers relevant.Nev. Admin. Code § 645F.987
Added to NAC by Comm'r of Mortgage Lending by R120-15, effective upon the later of 1/1/2016 or the date this regulation is filed with the Secretary of State.NRS 645F.255 and section 86.4 of Assembly Bill No. 480, chapter 477, Statutes of Nevada 2015, at page 2806