As used in this chapter, unless the context otherwise requires:

1. “Business of administering escrows” or “administering escrows” means the process of managing, conducting or supervising an escrow or escrow-related transaction as an escrow agent or escrow agency.

2. “Client” means a person that has engaged an escrow agent or escrow agency to administer an escrow related to a transaction.

3. “Commissioner” means the Commissioner of Mortgage Lending.

4. “Construction control” has the meaning ascribed to it in NRS 627.050.

5. “Control person” means an executive officer, director, general partner, trustee, member or shareholder of an applicant or a licensee, or a person, who has the authority to participate in the direction, directly or indirectly through one or more other persons, of the management or policies of an applicant or a licensee.

6. “Division” means the Division of Mortgage Lending of the Department of Business and Industry.

7. “Escrow” means any transaction wherein one person, for the purpose of effecting or closing the sale, purchase, exchange, transfer, encumbering or leasing of real or personal property to another person or persons, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person, in compliance with instructions under which he or she is to act, to a grantee, grantor, promisee, promisor, obligee, obligor, lessee, lessor, bailee, bailor or any agent or employee thereof. The term includes the performance of the services of a construction control.

8. “Escrow agency” means:

(a) Any person who employs one or more escrow agents; or

(b) An escrow agent who administers escrows on his or her own behalf.

9. “Escrow agent” means any natural person employed by and associated with an escrow agency engaged in the business of administering escrows for compensation.

10. “Registry” has the meaning ascribed to it in NRS 645B.0128.

(Added to NRS by 1973, 1305; A 1985, 536, 1809; 1991, 1847; 1993, 1891; 2003, 3539; 2011, 3596; 2015, 2790)