Nevada Revised Statutes 645F.180 – Appointment of deputy commissioners and other employees; use of certified public accountant for audits and examinations; assessments paid by regulated entities for audits and examinations
1. The Commissioner may appoint deputy commissioners of mortgage lending, examiners, assistants, clerks, stenographers and other employees necessary to assist the Commissioner in the performance of his or her duties pursuant to this chapter, chapters 645A and 645B of NRS or any other law. These employees shall perform such duties as are assigned to them by the Commissioner.
Terms Used In Nevada Revised Statutes 645F.180
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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
2. The Commissioner may employ or contract with a certified public accountant to review and conduct independent audits and examinations of escrow agencies, mortgage companies and mortgage servicers. The Commissioner shall levy an assessment upon each licensed escrow agency, mortgage company and mortgage servicer to cover all the costs related to the employment of or the contract with the certified public accountant and the performance of the audits and examinations.
3. Assessments collected by the Commissioner pursuant to subsection 2 must be deposited in the State Treasury for deposit to the Account for Mortgage Lending created by NRS 645F.270 and accounted for separately. The Commissioner shall use the money for the purposes specified in subsection 2.