Nevada Revised Statutes 645F.500 – Applicability
The provisions of NRS 645F.500 to 645F.540, inclusive, do not apply to:
Terms Used In Nevada Revised Statutes 645F.500
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Trustee: A person or institution holding and administering property in trust.
1. A depository financial institution, as that term is defined in NRS 645B.0109, or any subsidiary or holding company of a depository financial institution if such entity maintains its principal place of business or a branch office in this State.
2. A real estate investment trust, as that term is defined in 26 U.S.C. § 856(a), unless the business conducted by the trust in this State is not subject to supervision by the appropriate regulatory body of a jurisdiction outside of this State.
3. Any trustee of an employee benefit plan, as that term is defined in 29 U.S.C. § 1002(3), who makes a residential mortgage loan directly from money in the plan.
4. An attorney who is licensed in this State and who does not engage in the business of, or otherwise hold himself or herself out as being able to provide services related to, a mortgage servicer, if the activities of the attorney are directly incidental to the representation of a client.
5. A person performing any act pursuant to a court order.
6. A federal or state agency or a political subdivision of this State, including, without limitation, the Public Employees’ Retirement System.
7. A nonprofit organization that is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, 26 U.S.C. § 501(c)(3).
8. A mortgage servicer that, in the aggregate with any affiliates, services not more than 10 residential mortgage loans in this State during a calendar year.
9. A person licensed pursuant to the provisions of chapter 645B or 675 of NRS who is collecting payments on a mortgage loan or servicing one or more mortgage loans made or arranged by the person under his or her license.