Nevada Revised Statutes 645A.040 – Expiration; renewal; fees; deposit of money received
1. Every license issued pursuant to the provisions of this chapter expires on July 1 of each year if it is not renewed. A license may be renewed by filing an application for renewal, paying the annual fee for the succeeding year and submitting all information required to complete the renewal.
Terms Used In Nevada Revised Statutes 645A.040
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means any transaction wherein one person, for the purpose of effecting or closing the sale, purchase, exchange, transfer, encumbering or leasing of real or personal property to another person or persons, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person, in compliance with instructions under which he or she is to act, to a grantee, grantor, promisee, promisor, obligee, obligor, lessee, lessor, bailee, bailor or any agent or employee thereof. See Nevada Revised Statutes 645A.010
- Escrow agency: means :
(a) Any person who employs one or more escrow agents; or
(b) An escrow agent who administers escrows on his or her own behalf. See Nevada Revised Statutes 645A.010
2. The fees for the issuance or renewal of a license for an escrow agency are:
(a) For filing an application for an initial license, $500 for the principal office and $100 for each branch office.
(b) If the license is approved for issuance, $200 for the principal office and $100 for each branch office. The fee must be paid before issuance of the license.
(c) For filing an application for renewal, $200 for the principal office and $100 for each branch office.
3. The fees for the issuance or renewal of a license for an escrow agent are:
(a) For filing an application for an initial license or for the renewal of a license, $100.
(b) If a license is approved for issuance or renewal, $25. The fee must be paid before the issuance or renewal of the license.
4. If a licensee fails to pay the fee or submit all required information for the annual renewal of his or her license before its expiration, the license may be renewed only upon the payment of a fee one and one-half times the amount otherwise required for renewal. A license may be renewed pursuant to this subsection only if all the fees are paid and all required information is submitted within 2 months after the date on which the license expired.
5. In addition to the other fees set forth in this section, each applicant or licensee shall pay:
(a) For filing an application for a duplicate copy of any license, upon satisfactory showing of its loss, $10.
(b) For filing any change of information contained in the application, $10.
(c) For each change of association with an escrow agency, $25.
6. Except as otherwise provided in this chapter, all fees received pursuant to this chapter must be deposited in the Account for Mortgage Lending created by NRS 645F.270.