Nevada Revised Statutes 604A.655 – Restrictions on location where licensee may conduct business; requirements to conduct business at same location as mortgage company or pawnbroker
1. Except as otherwise provided in this section, a licensee may not conduct the business of making loans within any office, suite, room or place of business in which any other lending business is solicited or engaged in, except an insurance agency or notary public, or in association or conjunction with any other business, unless authority to do so is given by the Commissioner.
Terms Used In Nevada Revised Statutes 604A.655
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
2. A licensee may conduct the business of making loans in the same office or place of business as a mortgage company if:
(a) The licensee and the mortgage company:
(1) Maintain separate accounts, books and records;
(2) Are subsidiaries of the same parent corporation; and
(3) Maintain separate licenses; and
(b) The mortgage company is licensed by this State pursuant to chapter 645B of NRS and does not receive money to acquire or repay loans or maintain trust accounts as provided by NRS 645B.175.
3. If a pawnbroker is licensed to operate a check-cashing service, deferred deposit loan service, high-interest loan service or title loan service, the pawnbroker may operate that service at the same office or place of business from which he or she conducts business as a pawnbroker pursuant to chapter 646 of NRS.