1.  Upon receipt of a written request from an authorized person to terminate an equity line of credit secured by a mortgage or deed of trust, the lender shall:

(a) Terminate the borrower’s right to obtain advances under the borrower’s equity line of credit;

(b) Apply all sums subsequently paid by or on behalf of the borrower in connection with the equity line of credit to the satisfaction of the equity line of credit and other sums secured by the related security instrument; and

(c) When the balance of all outstanding sums secured by the related security instrument becomes zero, record a reconveyance or certificate of discharge of the security instrument.

2.  Upon receipt from an authorized person of an instruction from a borrower to suspend and close an equity line of credit, the lender shall suspend the equity line of credit for a minimum of 30 days if the instruction is:

(a) Prepared and presented to the lender by the authorized person;

(b) Signed by the borrower; and

(c) Made in substantially the following form:

3.  If a lender is in receipt of an instruction from a borrower to suspend and close an equity line of credit and payment in accordance with the payoff demand statement, the lender shall:

(a) Close the equity line of credit; and

(b) Release or reconvey the property securing the equity line of credit as provided in this chapter.

4.  A lender may conclusively rely on a representation by the authorized person that presents an instruction of a borrower to suspend and close an equity line of credit that the instruction is that of the borrower.

5.  As used in this section:

(a) ’Authorized person’ includes:

(1) A title agent as defined in NRS 692A.060;

(2) A title insurer as defined in NRS 692A.070; and

(3) An escrow agency as defined in NRS 645A.010.

(b) ’Receipt of a written request’ includes confirmation by facsimile, electronic record, as defined in NRS 719.090, or paper copy sent by certified mail.