Nevada Revised Statutes 645A.065 – Fees for supervision, investigation and examination of persons; standards for supervision of escrow agents; regulations
1. The Commissioner shall establish by regulation the fees to be paid by all persons subject to the provisions of this chapter for the supervision, investigation and examination of such persons by the Commissioner or the Division.
Terms Used In Nevada Revised Statutes 645A.065
- Commissioner: means the Commissioner of Mortgage Lending. See Nevada Revised Statutes 645A.010
- Division: means the Division of Mortgage Lending of the Department of Business and Industry. See Nevada Revised Statutes 645A.010
- 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
2. In establishing the fees, the Commissioner shall consider:
(a) The complexity of the various investigations and examinations to which the fees apply;
(b) The skill required to conduct such investigations and examinations;
(c) The expenses associated with conducting such investigations and examinations and preparing reports; and
(d) Any other factors the Commissioner deems relevant.
3. The Commissioner shall adopt regulations prescribing the standards for determining whether an escrow agency has maintained adequate supervision of an escrow agent pursuant to the provisions of this chapter.