Nevada Revised Statutes 645F.275 – Adoption of regulations establishing minimum net worth or surety bonding requirements for loans by residential mortgage loan originators, percentage of fees from licensing to be deposited in mortgage recovery fund a…
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The Commissioner shall adopt regulations:
Terms Used In Nevada Revised Statutes 645F.275
- 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
1. Establishing minimum net worth or surety bonding requirements that reflect the dollar amount of loans originated by a residential mortgage loan originator, as defined in NRS 645B.01325; or
2. Requiring a percentage of the fees collected for the issuance or renewal of a license pursuant to chapter 645B of NRS to be deposited in a mortgage recovery fund, and setting forth the methods by which a person may make a claim against and be paid from the fund.