NRS 645F.270 - Account for Mortgage Lending: Creation; use; no reversion to State General Fund; administration; interest and income; payment of claims.

NV Rev Stat § 645F.270 (2019) (N/A)

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1. The Account for Mortgage Lending is hereby created in the State General Fund.

2. Except as otherwise provided by law, any money collected by the Commissioner or Division pursuant to law:

(a) Must be deposited in the Account for Mortgage Lending; and

(b) May only be used to:

(1) Carry out the programs and laws administered by the Commissioner and the Division; and

(2) Pay the expenses related to the operations of the Commissioner and the Division.

3. Except as otherwise provided by law, any money that remains in the Account for Mortgage Lending at the end of the fiscal year does not revert to the State General Fund, and the balance of the Account for Mortgage Lending must be carried forward to the next fiscal year.

4. The Commissioner shall administer the Account for Mortgage Lending. Any interest or income earned on the money in the Account must be credited to the Account after deducting any applicable charges. Any claims against the Account must be paid as other claims against the State are paid.

(Added to NRS by 2003, 3539; A 2011, 451)

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NRS 645F.267 - Certain persons not required to register or renew with or provide reports of financial condition to Registry; certain persons required to comply with Secure and Fair Enforcement for Mortgage Licensing Act of 2008. [Effective January 1, 2020.]

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NRS 645F.275 - Adoption of regulations establishing minimum net worth or surety bonding requirements for loans by residential mortgage loan originators, percentage of fees from licensing to be deposited in mortgage recovery fund and methods to make claim against fund.