Nevada Revised Statutes 645B.095 – Notification of certain transfers required; application to Commissioner for approval of change of control; investigation; waiver
1. As used in this section, ‘change of control’ means:
Terms Used In Nevada Revised Statutes 645B.095
- 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
- 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
(a) A transfer of voting stock which results in giving a person, directly or indirectly, the power to direct the management and policy of a mortgage company; or
(b) A transfer of at least 25 percent of the outstanding voting stock of a mortgage company.
2. The Commissioner must be notified in writing of a transfer of 10 percent or more of the outstanding voting stock of a mortgage company at least 15 days before such a transfer and must approve a transfer of voting stock of a mortgage company which constitutes a change of control.
3. The person who acquires stock resulting in a change of control of the mortgage company shall apply to the Commissioner for approval of the transfer. The application must contain information which shows that the requirements of this chapter and the Registry, if applicable, for obtaining a license will be satisfied after the change of control. Except as otherwise provided in subsection 4, the Commissioner shall conduct an investigation to determine whether those requirements will be satisfied. If, after the investigation, the Commissioner denies the application, the Commissioner may forbid the applicant from participating in the business of the mortgage company.
4. A mortgage company may submit a written request to the Commissioner to waive an investigation pursuant to subsection 3. The Commissioner may grant a waiver if the applicant has undergone a similar investigation by a state or federal agency in connection with the licensing of or his or her employment with a financial institution.