Nevada Revised Statutes 645F.293 – Secure and Fair Enforcement for Mortgage Licensing Act of 2008: Adoption of regulations to carry out provisions
1. The Commissioner shall adopt regulations to carry out the provisions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
Terms Used In Nevada Revised Statutes 645F.293
- 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
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- 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
2. The regulations must include, without limitation:
(a) A method by which to allow for reporting regularly violations of the relevant provisions of chapter 645B of NRS, enforcement actions and other relevant information to the Registry; and
(b) A process whereby a person may challenge information reported to the Registry by the Commissioner.
3. The regulations must not require a mortgage loan originator, mortgage company or mortgage servicer or an employee of a mortgage company or mortgage servicer to register with the Registry if the mortgage loan originator, mortgage company, mortgage servicer or employee is exempt from registration pursuant to subsection 1 of NRS 645F.267.