1. A person licensed as a mortgage agent pursuant to the provisions of NRS 645B.410 may not be associated with or employed by more than one licensed or registered mortgage broker or mortgage banker or person who holds a certificate of exemption pursuant to NRS 645B.016 at the same time.

2. A mortgage broker, mortgage banker or person who holds a certificate of exemption pursuant to NRS 645B.016 shall not associate with or employ a person as a mortgage agent or authorize a person to be associated with the mortgage broker, mortgage banker or exempt person who holds a certificate of exemption pursuant to NRS 645B.016 as a mortgage agent if the mortgage agent is not licensed with the Division pursuant to NRS 645B.410. 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.016, must:

(a) Enter its sponsorship of the mortgage agent with the Registry; or

(b) If the mortgage agent is not required to be registered with the Registry, notify the Division of its sponsorship of the mortgage agent.

3. If a mortgage agent terminates his or her association or employment with a mortgage broker, mortgage banker or exempt person who holds a certificate of exemption pursuant to NRS 645B.016 for any reason, the mortgage broker, mortgage banker or person who holds a certificate of exemption pursuant to NRS 645B.016 shall, not later than the third business day following the date of termination:

(a) Remove its sponsorship of the mortgage agent from the Registry; or

(b) If the mortgage agent is not required to be registered with the Registry, deliver to the Division and to the mortgage agent at the last known residence address of the mortgage agent a written statement which includes the name, address and license number of the mortgage agent and a statement of the circumstances of the termination.

(Added to NRS by 1999, 3769; A 2001, 2472; 2003, 2723, 2863, 3552; 2011, 1393, 3620)