Nevada Revised Statutes 645A.070 – Records of transactions in escrow: Maintenance; filing
Current as of: 2023 | Check for updates
|
Other versions
1. All escrow agents and agencies shall maintain, for a period of not less than 6 years, complete and suitable records of all escrow transactions made by them. A record of a transaction must be maintained in the county in which the property to which it relates is located if the agent or agency maintains a place of business in that county. If a place of business is not maintained in that county, the record must be maintained in the agent’s or agency’s principal place of business.
Terms Used In Nevada Revised Statutes 645A.070
- Commissioner: means the Commissioner of Mortgage Lending. See Nevada Revised Statutes 645A.010
- county: includes Carson City. See Nevada Revised Statutes 0.033
- 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 agent: means any natural person employed by and associated with an escrow agency engaged in the business of administering escrows for compensation. See Nevada Revised Statutes 645A.010
2. Every escrow agent and agency shall, at the times required by the Commissioner, file in the Office of the Commissioner a correct statement, in the form and containing the data the Commissioner may require, of the business of the agent or agency.