Nevada Revised Statutes 645F.520 – Regulations
1. The Commissioner:
Terms Used In Nevada Revised Statutes 645F.520
- 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) Shall adopt regulations establishing the requirements for the licensure and supervision of mortgage servicers in this State.
(b) May adopt any other regulations necessary to carry out the provisions of NRS 645F.500 to 645F.540, inclusive.
2. The regulations adopted pursuant to subsection 1 must:
(a) Prescribe the form and contents of an application for the initial issuance and renewal of a license as a mortgage servicer.
(b) Prescribe the manner in which an application may be approved or denied.
(c) Prescribe the grounds and procedures for the revocation, suspension, denial or nonrenewal of a license.
(d) Establish reasonable fees for an application, the initial issuance of a license and the renewal of a license.
(e) Establish the manner in which the Commissioner may take appropriate disciplinary action, including, without limitation, the imposition of an administrative fine, against any person for a violation of any regulation adopted pursuant to subsection 1 or any provision of NRS 645F.500 to 645F.540, inclusive.