Union Pacific's LDP01 Returns from TZPR - April 23, 2012
EXPIRATION AND RENEWAL OF BROKER’S LICENSE OR CERTIFICATE OF EXEMPTION; FEES NRS 645B.
SUPERVISION BY COMMISSIONER General Provisions NRS 645B.
Records and Financial Statements NRS 645B.
Transfer of Stock NRS 645B.
ESCROW AND TRUST ACCOUNTS NRS 645B.
DISCLOSURES AND ADVERTISING NRS 645B.
LOAN PAYMENTS AND DEFAULTS NRS 645B.
CONDITIONS AND LIMITATIONS ON CERTAIN MORTGAGE TRANSACTIONS NRS 645B.
LICENSING AND REGULATION OF MORTGAGE AGENTS NRS 645B.
RIGHTS OF BROKERS AND AGENTS DURING MILITARY SERVICE NRS 645B.
INVESTIGATION OF VIOLATIONS AND UNSAFE PRACTICES; REMEDIAL ACTION NRS 645B.
ADVISORY COUNCIL ON MORTGAGE INVESTMENTS AND MORTGAGE LENDING NRS 645B.
UNLAWFUL ACTS; PENALTIES; REMEDIES NRS 645B.
The term does not include a person issued a license as a mortgage agent pursuant to NRS 645B.
The term does not include: 1.
LICENSING OF MORTGAGE BROKERS NRS  645B.
The Commissioner may require the applicant or person to submit the information or pay the fee directly to the Division or, if the applicant or person is required to register or voluntarily registers with the Registry, to the Division through the Registry.
An application for a license as a mortgage broker must: (a) State the name, residence address and business address of the applicant and the location of each principal office and branch office at which the mortgage broker will conduct business within this State, including, without limitation, any office or other place of business located outside this State from which the mortgage broker will conduct business in this State and any office or other place of business which the applicant maintains as a corporate or home office.
К The applicant must be allowed to choose between paragraph (a) or (b) in complying with the provisions of this subsection.
The statement must be completed and signed by the applicant.
The statement must be completed and signed by the applicant.
SURETY BONDS NRS  645B.
The condition of that obligation is such that: Whereas, the principal has been issued a license as a mortgage broker or mortgage agent by the Commissioner of Mortgage Lending and is required to furnish a bond, which is conditioned as set forth in this bond: Now, therefore, if the principal, his or her agents and employees, strictly, honestly and faithfully comply with the provisions of chapter 645B of NRS, and pay all damages suffered by any person because of a violation of any of the provisions of chapter 645B of NRS, or by reason of any fraud, dishonesty, misrepresentation or concealment of material facts growing out of any transaction governed by the provisions of chapter 645B of NRS, then this obligation is void; otherwise it remains in full force.
This bond becomes effective on the.
The surety may cancel this bond and be relieved of further liability hereunder by giving 60 days’ written notice to the principal and to the Commissioner of Mortgage Lending.
In Witness Whereof, the seal and signature of the principal hereto is affixed, and the corporate seal and the name of the surety hereto is affixed and attested by its authorized officers at.
Upon receipt by the Commissioner of such a notice, the Commissioner immediately shall notify the licensee who is the principal on the bond of the effective date of cancellation of the bond, and that his or her license will be revoked unless the licensee furnishes an equivalent bond before the effective date of the cancellation.
The notice must be sent to the licensee by certified mail to his or her last address of record filed in the office of the Division.
A person who brings an action on a bond shall notify the Commissioner in writing upon filing the action.
An action may not be commenced after the expiration of 3 years following the commission of the act on which the action is based.
Any payment must be based on written claims received by the surety before any action is taken by a court.
If it does so, it shall publish notice of the action at least once each week for 2 weeks in every issue of a newspaper of general circulation in the county where the mortgage broker has its principal place of business.
The surety may deduct its costs of the action, including attorney’s fees and publication, from its liability under the bond.
Partial payment of claims is not full payment, and any claimant may bring an action against the mortgage broker for the unpaid balance.
To renew such a license, the licensee must submit to the Commissioner on or after November 1 and on or before December 31 of each year, or on a date otherwise specified by the Commissioner by regulation: (a) An application for renewal; (b) The fee required to renew the license pursuant to this section; (c) The information required pursuant to NRS 645B.
The Commissioner may reinstate a cancelled license if the licensee submits to the Commissioner on or before February 28 of the following year: (a) An application for renewal; (b) The fee required to renew the license pursuant to this section; (c) The information required pursuant to NRS 645B.
To renew a certificate of exemption, a person must submit to the Commissioner on or after November 1 and on or before December 31 of each year or on a date otherwise specified by the Commissioner by regulation: (a) An application for renewal that includes satisfactory proof that the person meets the requirements for an exemption from the provisions of this chapter; and (b) The fee required to renew the certificate of exemption.
Except as otherwise provided in NRS 645B.
The person must also pay such additional expenses incurred in the process of investigation as the Commissioner deems necessary.
The amount of any adjustment in a fee pursuant to this subsection must not exceed the amount determined to be necessary for the Commissioner to carry out his or her duties pursuant to this chapter.
The hours of continuing education required by this subsection must include: (a) At least 3 hours relating to the laws and regulations of this State; and (b) At least 2 hours relating to ethics.
SUPERVISION BY COMMISSIONER General Provisions NRS  645B.
The regulations must include, without limitation, the minimum financial conditions that the investor must comply with before becoming an investor.
The annual examination must include, without limitation, a formal exit review with the mortgage broker.
The Commissioner shall adopt regulations prescribing: (1) Standards for determining the rating of each mortgage broker based upon the results of the annual examination; and (2) Procedures for resolving any objections made by the mortgage broker to the results of the annual examination.
The results of the annual examination may not be opened to public inspection pursuant to NRS 645B.
The Commissioner shall adopt regulations specifying the general guidelines that will be followed when a periodic or special audit of a mortgage broker is conducted pursuant to this chapter.
This paragraph does not limit examination by: (1) The Legislative Auditor; or (2) The Department of Taxation if necessary to carry out the provisions of chapter 363A of NRS.
Each mortgage broker and mortgage agent shall cooperate fully with the audits and examinations performed pursuant thereto.
Records and Financial Statements NRS  645B.
Each mortgage broker shall also keep and maintain at all times at each such location all original books, papers and data, or copies thereof, clearly reflecting the financial condition of the business of the mortgage broker.
The report must: (a) Specify the volume of loans arranged by the mortgage broker for the month or state that no loans were arranged in that month; (b) Include any information required pursuant to NRS 645B.
If a mortgage broker maintains any accounts described in subsection 1 or 4 of NRS 645B.
Commingling Money NRS  645B.
The application must contain information which shows that the requirements of this chapter and the Registry, if applicable, for obtaining a license will be satisfied after the change of control.
Except as otherwise provided in subsection 4, the Commissioner shall conduct an investigation to determine whether those requirements will be satisfied.
If, after the investigation, the Commissioner denies the application, the Commissioner may forbid the applicant from participating in the business of the mortgage broker.
The Commissioner may grant a waiver if the applicant has undergone a similar investigation by a state or federal agency in connection with the licensing of or his or her employment with a financial institution.
Net Worth NRS  645B.
After determining the initial minimum net worth that must be maintained by the mortgage broker, the Commissioner shall, on an annual basis, determine the appropriate minimum net worth that must be maintained by the mortgage broker pursuant to this section based upon the average monthly balance of the accounts maintained by the mortgage broker pursuant to NRS 645B.
If an itemized service is not performed and the estimated cost thereof is not refunded, the recipient of the advance payment is subject to the penalties provided in NRS 645B.
Such money, when deposited, is to be designated as an “impound trust account” or under some other appropriate name indicating that the accounts are not the money of the mortgage broker.
If the debtor fails to specify such a disposition within that time, the mortgage broker shall maintain the excess money in the account.
К This subsection does not prohibit a mortgage broker from requiring additional amounts to be paid into an impound trust account to recover a deficiency that exists in the account.
A mortgage broker or mortgage agent shall not act as the attorney-in-fact or the agent of an investor with respect to the giving of a written waiver pursuant to this subsection.
Any such written waiver applies only to the payment or payments, or portions thereof, that are included in the written waiver and does not affect the right of the investor to: (a) Receive the waived payment or payments, or portions thereof, at a later date; or (b) Receive all other payments in full and in accordance with the provisions of subsection 5.
If, within this 45-day period, the loan or the transfer therefor is not consummated, the money must be returned within 24 hours.
If the money is so returned, it may not be reinvested with the mortgage broker for at least 15 days.
DISCLOSURES AND ADVERTISING NRS  645B.
A mortgage broker or mortgage agent shall not act as the attorney-in-fact or the agent of a private investor with respect to the signing or dating of any disclosure form.
Such a form must be given to the private investor for each loan.
If the private investor, before giving money to the mortgage broker for the loan, requests that the mortgage broker authorize the release of a financial statement pursuant to this subsection, the mortgage broker and his or her mortgage agents shall not accept money from the private investor for that loan until the mortgage broker receives notice from the Commissioner that the financial statement has been released to the private investor.
Any such contract or agreement is void and must not be given effect to the extent that it violates the provisions of this section.
Such regulations may provide for variations between the information that a mortgage broker must include in his or her report to the Commissioner and the information that a mortgage broker must include in the notice mailed to investors.
A mortgage broker or mortgage agent shall not act as the attorney-in-fact or the agent of an investor with respect to the giving of a written waiver pursuant to this subsection.
A private investor and a mortgage broker or mortgage agent may not agree to alter or waive the provisions of this section by contract or other agreement.
Any such contract or agreement is void and must not be given effect to the extent that it violates the provisions of this section.
The written notice must state: (a) The actions that will be taken on behalf of the holders who consent to an action pursuant to this section, if the holders of the beneficial interest in a loan whose interests represent 51 percent or more of the outstanding principal balance of the loan or the holders of 51 percent or more of the ownership interest in the real property act pursuant to subsection 1; (b) The actions that will be taken on behalf of the holders who do not consent to an action pursuant to this section, if the holders of the beneficial interest in a loan whose interests represent 51 percent or more of the outstanding principal balance of the loan or the holders of 51 percent or more of the ownership interest in the real property act pursuant to subsection 1; and (c) The amount of the costs or, if an amount is unknown, an estimate of the amount of the costs that will be allocated to, or due from, the holder and deducted from any proceeds owed to the holder.
The holders consenting to the sale, transfer, encumbrance or lease of the real property shall designate a representative to sign any necessary documents on behalf of the holders who do not consent to the sale, transfer, encumbrance or lease and, if the representative maintains written evidence of the consent of the number of holders described in subsection 1, the representative is not liable for any action taken pursuant to this subsection.
Any provision included in a loan document agreement that conflicts with this section is void.
The compensation of the mortgage broker must include an amount reasonably necessary to pay the cost of servicing the loan.
If a borrower or investor wishes to utilize a construction control for money belonging to the borrower or investor, a mortgage broker must place the money with a person who is independent of the mortgage broker and is licensed or authorized to accept such money.
The money must be subject to the control of a construction control which is in compliance with, or exempt from, the provisions of NRS 627.
The investors who consent to an action pursuant to subsection 1 shall designate a representative to sign any necessary documents on behalf of the investors who do not consent to the action, and if the representative maintains written evidence of the consent of the number of investors described in paragraph (b) of subsection 1, the representative is not liable for any action taken pursuant to this subsection.
Such information or supporting materials may include, without limitation, other forms of identification of the person.
The statement must be completed and signed by the applicant.
The statement must be completed and signed by the applicant.
To renew a license as a mortgage agent, the holder of the license must continue to meet the requirements of subsection 3 of NRS 645B.
The hours of continuing education required by this subsection must include: (a) At least 3 hours relating to the laws and regulations of this State; and (b) At least 2 hours relating to ethics.
The Commissioner may reinstate a cancelled license if the holder of the license submits to the Commissioner on or before February 28 of the following year: (a) An application for renewal; (b) The fee required to renew the license pursuant to this section; and (c) A reinstatement fee of $75.
Before allowing a mortgage agent to act on its behalf, a mortgage broker, mortgage banker or person who holds a certificate of exemption pursuant to NRS 645B.
Such reasonable supervision and control must include, as appropriate: (a) The establishment of written policies and procedures for the mortgage agents; (b) The establishment of a system to review, oversee and inspect the activities of the mortgage agents, including, without limitation: (1) Transactions handled by the mortgage agents pursuant to this chapter; (2) Communications between the mortgage agents and a party to such a transaction; (3) Documents prepared by the mortgage agents that may have a material effect upon the rights or obligations of a party to such a transaction; and (4) The handling by the mortgage agents of any fee, deposit or money paid to the mortgage broker or the mortgage agents or held in trust by the mortgage broker or the mortgage agents pursuant to this chapter; and (c) The establishment of a system of reporting to the Division of any fraudulent activity engaged in by any of the mortgage agents.
RIGHTS OF BROKERS AND AGENTS DURING MILITARY SERVICE NRS  645B.
INVESTIGATION OF VIOLATIONS AND UNSAFE PRACTICES; REMEDIAL ACTION NRS  645B.
The written notice that is served pursuant to this paragraph must include, without limitation: (1) The date, time and place of the hearing; (2) A copy of the complaint and a statement of each alleged violation that will be considered at the hearing; and (3) A statement informing the person that, pursuant to NRS 645B.
During the pendency of the proceedings before the district court: (a) The court may issue any temporary restraining orders as may appear to be just and proper; (b) The findings of the Commissioner shall be deemed to be prima facie evidence and sufficient grounds, in the discretion of the court, for the ex parte issuance of a temporary restraining order; and (c) The Attorney General may apply for and on due showing is entitled to have issued the court’s subpoena requiring forthwith the appearance of any person to: (1) Produce any documents, books and records as may appear necessary for the hearing of the petition; and (2) Testify and give evidence concerning the conduct complained of in the petition.
The disciplinary action taken by the Commissioner for a major violation may include, without limitation, suspension or revocation of the person’s license.
The Commissioner may establish graduated sanctions for a person who commits more than two minor violations based upon the number, the frequency and the severity of the minor violations and whether the person previously has committed any major violations.
If the person does not make such an application within 20 days after the date of the initial order, the Commissioner shall enter a final order concerning the matter.
The Attorney General shall, if appropriate, investigate and prosecute a person who violates: (a) Any provision of this chapter, a regulation adopted pursuant to this chapter or an order of the Commissioner, including, without limitation, a violation of any provision of NRS 645B.
If a person fails, without reasonable cause, to provide the Attorney General with such information upon request, the person is guilty of a misdemeanor and shall be punished as provided in NRS 645B.
Such persons may include, without limitation, investors, public officers and employees, licensees and persons who have engaged in or been involved with any business, profession or occupation relating to mortgage investments or mortgage lending.
A state agency or political subdivision of this State shall not require an officer or employee who is a member of the Advisory Council to make up the time the officer or employee is absent from work to carry out his or her duties as a member of the Advisory Council or use annual vacation or compensatory time for the absence.
The Vice Chair shall perform the duties of the Chair during any absence of the Chair.
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