Nevada Revised Statutes 645B.058 – Remote locations: Authority for employees to work remotely; requirements; records; regulations
1. An employee of a mortgage company may conduct the business of the mortgage company at a remote location if authorized by the mortgage company.
Terms Used In Nevada Revised Statutes 645B.058
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. A mortgage company may authorize an employee to conduct the business of the mortgage company at a remote location if the mortgage company:
(a) Has adopted written policies and procedures for the supervision of employees working at a remote location to ensure that:
(1) Each employee working from a remote location complies with the provisions of this section and the regulations adopted pursuant thereto; and
(2) The mortgage company exercises reasonable supervision and control over the activities of his or her mortgage loan originators pursuant to NRS 645B.460;
(b) Has adopted a comprehensive written plan for the security of the information systems of the mortgage company and any customer information collected and maintained by the mortgage company, which must contain specific provisions regarding cybersecurity and the use of a virtual private network or other secure connection at the remote location that requires:
(1) Multifactor authentication;
(2) A backup system and data recovery system; and
(3) Protocols in the event of a cybersecurity incident; and
(c) Ensures that the information systems of the mortgage company and any customer information collected and maintained by the mortgage company are accessed by employees working at a remote location only in accordance with the security plan adopted pursuant to paragraph (b).
3. An employee of a mortgage company shall not interact with a customer of the mortgage company in person at the residence of the employee unless a license has been issued for that residence pursuant to NRS 645B.020.
4. Any physical records of a mortgage company must not be maintained at a remote location. Any underlying origination records obtained through the conduct of the business of a mortgage company at a remote location must be maintained at the principal office or a branch office of the mortgage company.
5. The Commissioner shall adopt regulations governing the conducting of the business of a mortgage company at a remote location. The regulations:
(a) Must include, without limitation, requirements for the keeping and maintenance of complete and suitable records of all mortgage transactions made by an employee of a mortgage company at a remote location; and
(b) May include, without limitation, any additional requirements for an employee of a mortgage company to conduct the business of a mortgage company from a remote location.
6. As used in this section:
(a) ’Business of a mortgage company’ includes, without limitation, any activity for which a license is required pursuant to this chapter that is conducted by an employee who is a mortgage loan originator employed by or associated with a mortgage company.
(b) ’Employee’ includes, without limitation, a mortgage loan originator who is employed by or associated with a mortgage company.
(c) ’Remote location’ means a location, other than a principal office, branch office or other office or place of business for which a license has been issued pursuant to NRS 645B.020, at which an employee of a mortgage company conducts the business of the mortgage company pursuant to this section. The term includes, without limitation, the residence of an employee.