Nevada Revised Statutes 692A.105 – Disciplinary action against title agent or escrow officer or refusal to license
1. The Commissioner may refuse to license any title agent or escrow officer or may suspend or revoke any license or impose a fine of not more than $500 for each violation by entering an order to that effect, with the Commissioner’s findings in respect thereto, if, upon a hearing, it is determined that the applicant or licensee:
Terms Used In Nevada Revised Statutes 692A.105
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fraud: Intentional deception resulting in injury to another.
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
- Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(a) In the case of a title agent, is insolvent or in such a financial condition that the title agent cannot continue in business with safety to his or her customers;
(b) Has violated any provision of this chapter or any regulation adopted pursuant thereto or has aided and abetted another to do so;
(c) Has committed fraud in connection with any transaction governed by this chapter;
(d) Has intentionally or knowingly made any misrepresentation or false statement to, or concealed any essential or material fact known to the applicant or licensee from, any principal or designated agent of the principal in the course of the escrow business;
(e) Has intentionally or knowingly made or caused to be made to the Commissioner any false representation of a material fact or has suppressed or withheld from the Commissioner any information which the applicant or licensee possesses;
(f) Has failed without reasonable cause to furnish to the parties of an escrow their respective statements of the settlement within a reasonable time after the close of escrow;
(g) Has failed without reasonable cause to deliver, within a reasonable time after the close of escrow, to the respective parties of an escrow transaction any money, documents or other properties held in escrow in violation of the provisions of the escrow instructions;
(h) Has refused to permit an examination by the Commissioner of his or her books and affairs or has refused or failed, within a reasonable time, to furnish any information or make any report that may be required by the Commissioner pursuant to the provisions of this chapter;
(i) Has been convicted of a felony relating to the practice of title agents or any misdemeanor of which an essential element is fraud;
(j) In the case of a title agent, has failed to maintain complete and accurate records of all transactions within the last 7 years;
(k) Has commingled the money of other persons with his or her own or converted the money of other persons to his or her own use;
(l) Has failed, before the close of escrow, to obtain written instructions concerning any essential or material fact or intentionally failed to follow the written instructions which have been agreed upon by the parties and accepted by the holder of the escrow;
(m) Has failed to disclose in writing that the applicant or licensee is acting in the dual capacity of escrow agent or agency and undisclosed principal in any transaction;
(n) In the case of an escrow officer, has been convicted of, or entered a plea of guilty, guilty but mentally ill or nolo contendere to, any crime involving moral turpitude; or
(o) Has failed to obtain and maintain a copy of the executed agreement or contract that establishes the conditions for the sale of real property.
2. It is sufficient cause for the imposition of a fine or the refusal, suspension or revocation of the license of a partnership, corporation or any other association if any member of the partnership or any officer or director of the corporation or association has been guilty of any act or omission directly arising from the business activities of a title agent which would be cause for such action had the applicant or licensee been a natural person.
3. The Commissioner may suspend or revoke the license of a title agent, or impose a fine, if the Commissioner finds that the title agent:
(a) Failed to maintain adequate supervision of an escrow officer or title agent he or she has appointed or employed.
(b) Instructed an escrow officer to commit an act which would be cause for the revocation of the escrow officer’s license and the escrow officer committed the act. An escrow officer is not subject to disciplinary action for committing such an act under instruction by the title agent.
4. The Commissioner may refuse to issue a license to any person who, within 10 years before the date of applying for a current license, has had suspended or revoked a license issued pursuant to this chapter or a comparable license issued by any other state, district or territory of the United States or any foreign country.