LegalFix
Sign In

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.

NV Rev Stat § 645F.275 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

The Commissioner shall adopt regulations:

1. Establishing minimum net worth or surety bonding requirements that reflect the dollar amount of loans originated by a residential mortgage loan originator, as defined in NRS 645B.01325; or

2. Requiring a percentage of the fees collected for the issuance or renewal of a license pursuant to chapter 645B or 645E of NRS to be deposited in a mortgage recovery fund, and setting forth the methods by which a person may make a claim against and be paid from the fund.

(Added to NRS by 2009, 2688; A 2017, 3082)

Previous Section
NRS 645F.270 - Account for Mortgage Lending: Creation; use; no reversion to State General Fund; administration; interest and income; payment of claims.
Next Section
NRS 645F.277 - Adoption of regulations establishing guidelines and limitations for servicing or arranging certain loans.