Nevada Statute | Act | Code |Title 54 - Professions, Occupations And Businesses| US Code - US Statute | Chapter 645f

As used in this chapter, unless the
context otherwise requires, the words and terms defined in NRS 645F.020
to 645F.060 , inclusive, have the meanings ascribed to
them in those sections.

      (Added to NRS by 2003, 3537 )
“Commissioner” means the
Commissioner of Mortgage Lending.

      (Added to NRS by 2003, 3537 )
“Division” means the Division of
Mortgage Lending of the Department of Business and Industry.

      (Added to NRS by 2003, 3537 )
“Escrow agency” has the
meaning ascribed to it in NRS 645A.010 .

      (Added to NRS by 2003, 3537 )
“Mortgage banker” has the
meaning ascribed to it in NRS 645E.100 .

      (Added to NRS by 2003, 3537 )
“Mortgage broker” has the
meaning ascribed to it in NRS 645B.0127 .

      (Added to NRS by 2003, 3537 )

COMMISSIONER OF MORTGAGE LENDING
The Commissioner:

      1. Must be a person who has had practical experience in the
financial services industry or the business of making loans secured by an
interest in real property.

      2. Except as otherwise provided in NRS 284.143 , shall devote his entire time and attention to
the business of his office and shall not pursue any other business or
occupation or hold any other office of profit.

      (Added to NRS by 2003, 3537 )
The
Commissioner shall not, either directly or indirectly, be interested in
any escrow agency, mortgage broker or mortgage banker to which chapters
645A , 645B
and 645E of NRS apply, nor engage in
business as a personal loan broker.

      (Added to NRS by 2003, 3538 )
After appointment and before
entering upon the discharge of the duties of his office, the Commissioner
shall take and subscribe to an official oath.

      (Added to NRS by 2003, 3538 )

      1. The Commissioner may appoint deputy commissioners of mortgage
lending, examiners, assistants, clerks, stenographers and other employees
necessary to assist him in the performance of his duties pursuant to this
chapter, chapters 645A , 645B and 645E of NRS or
any other law. These employees shall perform such duties as are assigned
to them by the Commissioner.

      2. The Commissioner may employ or contract with a certified public
accountant to review and conduct independent audits and examinations of
escrow agencies, mortgage brokers and mortgage bankers. The Commissioner
shall levy an assessment upon each licensed escrow agency, mortgage
broker and mortgage banker to cover all the costs related to the
employment of or the contract with the certified public accountant and
the performance of the audits and examinations.

      3. Assessments collected by the Commissioner pursuant to
subsection 2 must be deposited in the State Treasury for deposit to the
Fund for Mortgage Lending created by NRS 645F.270 and accounted for separately. The
Commissioner shall use the money for the purposes specified in subsection
2.

      (Added to NRS by 2003, 3538 )
Each deputy
commissioner of mortgage lending shall, before entering upon the
discharge of his duties, take and subscribe to the constitutional oath of
office.

      (Added to NRS by 2003, 3538 )

REGULATION AND SUPERVISION
The Commissioner and
the Division shall administer the provisions of this chapter and chapters
645A , 645B
and 645E of NRS, subject to administrative
supervision by the Director of the Department of Business and Industry.

      (Added to NRS by 2003, 3537 )

The State Board of Finance shall act in an advisory capacity to the
Division in the administration of this chapter and chapters 645A , 645B and 645E
of NRS.

      (Added to NRS by 2003, 3538 )

      1. The Fund for Mortgage Lending is hereby created in the State
Treasury as a special revenue fund.

      2. Except as otherwise provided by law, any money collected by the
Commissioner or Division pursuant to law:

      (a) Must be deposited in the Fund for Mortgage Lending; and

      (b) May only be used to:

             (1) Carry out the programs and laws administered by the
Commissioner and the Division; and

             (2) Pay the expenses related to the operations of the
Commissioner and the Division.

      3. Except as otherwise provided by law, any money that remains in
the Fund for Mortgage Lending at the end of the fiscal year does not
revert to the State General Fund, and the balance of the Fund for
Mortgage Lending must be carried forward to the next fiscal year.

      4. The Commissioner shall administer the Fund for Mortgage
Lending. Any interest or income earned on the money in the Fund must be
credited to the Fund after deducting any applicable charges. Any claims
against the Fund must be paid as other claims against the State are paid.

      (Added to NRS by 2003, 3539 )

      1. The Commissioner shall establish by regulation rates to be paid
by escrow agencies, mortgage agents, mortgage brokers and mortgage
bankers for supervision and examinations by the Commissioner or the
Division.

      2. In establishing a rate pursuant to subsection 1, the
Commissioner shall consider:

      (a) The complexity of the various examinations to which the rate
applies;

      (b) The skill required to conduct the examinations;

      (c) The expenses associated with conducting the examination and
preparing a report; and

      (d) Any other factors the Commissioner deems relevant.

      (Added to NRS by 2003, 3538 )

      1. The Commissioner shall collect an assessment pursuant to this
section from each:

      (a) Escrow agency that is supervised pursuant to chapter 645A
of NRS;

      (b) Mortgage broker that is supervised pursuant to chapter 645B
of NRS; and

      (c) Mortgage banker that is supervised pursuant to chapter 645E
of NRS.

      2. The Commissioner shall determine the total amount of all
assessments to be collected from the entities identified in subsection 1,
but that amount must not exceed the amount necessary to recover the cost
of legal services provided by the Attorney General to the Commissioner
and to the Division. The total amount of all assessments collected must
be reduced by any amounts collected by the Commissioner from an entity
for the recovery of the costs of legal services provided by the Attorney
General in a specific case.

      3. The Commissioner shall collect from each entity identified in
subsection 1 an assessment that is based on:

      (a) An equal basis; or

      (b) Any other reasonable basis adopted by the Commissioner.

      4. The assessment required by this section is in addition to any
other assessment, fee or cost required by law to be paid by an entity
identified in subsection 1.

      5. Money collected by the Commissioner pursuant to this section
must be deposited in the Fund for Mortgage Lending created by NRS
645F.270 .

      (Added to NRS by 2003, 3538 ; A 2003, 20th Special Session, 258 )

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