Nevada Revised Statutes 675.230 – Restriction on location of business of making loans
1. Except as otherwise provided in subsections 2 and 3, a licensee may not conduct the business of making loans under this chapter within any office, suite, room or place of business in which any other business is solicited or engaged in, except an insurance agency or notary public, or in association or conjunction with any other business, unless authority to do so is given by the Commissioner.
Terms Used In Nevada Revised Statutes 675.230
- Commissioner: means the Commissioner of Financial Institutions. See Nevada Revised Statutes 675.020
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Internet business lender: means a person who makes business loans exclusively through the Internet. See Nevada Revised Statutes 675.020
- Licensee: means a person to whom one or more licenses have been issued. See Nevada Revised Statutes 675.020
- 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. A licensee may conduct the business of making loans pursuant to this chapter in the same office or place of business as a mortgage company if:
(a) The licensee and the mortgage company:
(1) Operate as separate legal entities;
(2) Maintain separate accounts, books and records;
(3) Are subsidiaries of the same parent corporation; and
(4) Maintain separate licenses; and
(b) The mortgage company is licensed by this state pursuant to chapter 645B of NRS and does not receive money to acquire or repay loans or maintain trust accounts as provided by NRS 645B.175.
3. A licensee who is an Internet business lender may conduct the business of making loans pursuant to this chapter within any office, suite, room or place of business in which any other business is solicited or engaged in.