1. If, in carrying on his or her business, a mortgage company uses an advertisement that is designed, intended or reasonably likely to solicit money from private investors, the mortgage company shall include in each such advertisement a statement of disclosure in substantially the following form:

Money invested through a mortgage company is not guaranteed to earn any interest or return and is not insured.

2. A mortgage company shall include in each advertisement that the mortgage company uses in carrying on his or her business any statements of disclosure required pursuant to the regulations adopted by the Commissioner or required pursuant to an order of the Commissioner entered in accordance with subsections 7 and 8 of NRS 645B.185.

3. Each mortgage company who has received an initial license within the past 12 months shall submit any proposed advertisement that the mortgage company intends to use in carrying on his or her business to the Commissioner for approval.

4. In addition to the requirements set forth in this chapter, each advertisement that a mortgage company uses in carrying on his or her business must comply with the requirements of:

(a) NRS 598.0903 to 598.0999, inclusive, concerning deceptive trade practices; and

(b) Any applicable federal statute or regulation concerning deceptive advertising and the advertising of interest rates.

5. If a mortgage company violates any provision of NRS 598.0903 to 598.0999, inclusive, concerning deceptive trade practices or any federal statute or regulation concerning deceptive advertising or the advertising of interest rates, in addition to any sanction or penalty imposed by state or federal law upon the mortgage company for the violation, the Commissioner may take any disciplinary action set forth in paragraph (b) of subsection 1 of NRS 645B.670 against the mortgage company.

6. The Commissioner may adopt any regulations that are necessary to carry out the provisions of this section.

(Added to NRS by 1985, 2185; A 1987, 1886; 1999, 3799; 2001, 2470; 2007, 958; 2013, 115; 2017, 3058, effective January 1, 2020)