NRS 645B.350 - Mortgage broker required to provide investors certain options before acquiring ownership or beneficial interest in loan. [Effective through December 31, 2019.]

NV Rev Stat § 645B.350 (2019) (N/A)

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A mortgage broker shall not accept money from an investor to acquire ownership of or a beneficial interest in a loan which has more than one investor at the time of origination unless the mortgage broker provides to each investor a form which allows the investor to choose one of the following options:

1. That, upon receipt of a written request submitted by another investor who owns or has a beneficial interest in the loan, the mortgage broker may provide to that other investor the name, address, telephone number and electronic mail address of the investor;

2. That, upon receipt of a written request submitted by another investor who owns or has a beneficial interest in the loan, the mortgage broker may provide to that other investor the name, address, telephone number and electronic mail address of the investor only if the loan is in default; or

3. That the address, telephone number and electronic mail address of the investor must remain confidential and that the mortgage broker may not provide that information to any other investor unless the investor provides the mortgage broker with subsequent written permission to provide such information to other investors.

(Added to NRS by 2011, 3603)

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NRS 645B.340 - Multiple holders of beneficial interest in loan: Holders of majority of outstanding principal balance may act on behalf of all holders for certain matters; notice; exception. [Effective January 1, 2020.]

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NRS 645B.350 - Mortgage company required to provide investors certain options before acquiring ownership or beneficial interest in loan. [Effective January 1, 2020.]