Nevada Revised Statutes 645A.221 – Contracts for escrow transaction voidable for certain violations; administrative fines
Current as of: 2023 | Check for updates
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If a person, or any general partner, director, officer, agent or employee of a person, violates the provisions of NRS 645A.015 or 645A.220:
Terms Used In Nevada Revised Statutes 645A.221
- Commissioner: means the Commissioner of Mortgage Lending. See Nevada Revised Statutes 645A.010
- Contract: A legal written agreement that becomes binding when signed.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
1. Any contracts entered into by that person for the escrow transaction are voidable by the other party to the contract; and
2. In addition to any other remedy or penalty, the Commissioner may impose an administrative fine of not more than $50,000.