Nevada Administrative Code Chapter 645B - Mortgage Brokers and Mortgage Agents
Nevada Administrative Code (NAC) Chapter 645B regulates the operations of mortgage brokers and mortgage agents in Nevada, providing detailed rules that complement the overarching statutes in Nevada Revised Statutes (NRS) Chapter 645B. These regulations are enforced by the Nevada Commissioner of Mortgage Lending and are essential for professionals in the mortgage industry to understand and comply with.
📘 Overview of NAC Chapter 645B
NAC 645B encompasses various aspects of mortgage brokerage and agent activities, including:
Licensing Requirements: Outlines the application process and qualifications for mortgage brokers and agents.
Operational Standards: Specifies record-keeping, financial disclosures, and trust account management.
Advertising and Disclosures: Establishes guidelines for truthful marketing and mandatory disclosures to clients.
Supervision and Compliance: Details the responsibilities of mortgage brokers in overseeing agents and maintaining compliance with regulations.(nevada.public.law)
Enforcement and Penalties: Describes the grounds for disciplinary actions and the procedures for hearings and appeals.(leg.state.nv.us)
🔑 Key Provisions
1. Licensing and Qualifications
Mortgage Agents: Must be employed by or associated with a licensed mortgage broker or banker and meet specific educational and background criteria. (nevada.public.law)
Mortgage Brokers: Required to submit detailed applications, including business plans, financial statements, and information about principals and branch offices. (nevada.public.law)
2. Operational Standards
Record Retention: Mandates the retention of certain documents and records related to loan transactions and investor dealings. (leg.state.nv.us)
Trust Accounts: Specifies requirements for handling and accounting for money received to acquire or repay loans.(leg.state.nv.us)
3. Advertising and Disclosures
Disclosure Forms: Requires the provision of specific disclosure forms to borrowers and investors, ensuring transparency in mortgage transactions.
Advertising Practices: Prohibits misleading representations and sets standards for truthful advertising in the mortgage industry.
4. Supervision and Compliance
Broker Responsibilities: Obligates mortgage brokers to exercise reasonable supervision over their agents, including establishing policies and reviewing transactions. (nevada.public.law)
Agent Conduct: Outlines acceptable conduct for mortgage agents and the consequences of non-compliance.(nevada.public.law)
5. Enforcement and Penalties
Disciplinary Actions: The Commissioner may impose fines up to $25,000, suspend or revoke licenses, or place conditions on licenses for violations. (nevada.public.law)
Investigation Procedures: Details the process for investigating suspected violations and conducting hearings.
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