1.  The Board may, at any time, resolve a matter involving a licensee or registrant who has allegedly violated a provision of this title or any regulation adopted pursuant thereto by entering into a consent or settlement agreement with the licensee or registrant so long as the terms of the agreement, and any modification of those terms, are discussed and approved at a meeting of the Board.

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2.  In determining whether to approve or modify the terms of a consent or settlement agreement pursuant to subsection 1, the Board shall consider whether any of the mitigating circumstances set forth in NRS 678A.647 exist.

3.  The Board shall state on the record in any meeting in which the terms of a consent or settlement agreement are approved or modified pursuant to subsection 1:

(a) The determination of the Board as to whether any of the mitigating circumstances set forth in NRS 678A.647 exist; and

(b) If the Board determines that any of the mitigating circumstances exist, the weight given by the Board to each mitigating circumstance in determining whether to approve or modify the terms of the agreement.

4.  If the terms of a consent or settlement agreement impose a civil penalty, the statement required by paragraph (b) of subsection 3 must specify the weight given by the Board to each mitigating circumstance in determining whether to approve or modify the amount of the civil penalty.