Nevada Revised Statutes 645A.050 – Duties of Commissioner
1. Subject to the administrative control of the Director of the Department of Business and Industry, the Commissioner shall exercise general supervision and control over escrow agents and agencies doing business in the State of Nevada.
Terms Used In Nevada Revised Statutes 645A.050
- Commissioner: means the Commissioner of Mortgage Lending. See Nevada Revised Statutes 645A.010
- Division: means the Division of Mortgage Lending of the Department of Business and Industry. See Nevada Revised Statutes 645A.010
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means any transaction wherein one person, for the purpose of effecting or closing the sale, purchase, exchange, transfer, encumbering or leasing of real or personal property to another person or persons, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person, in compliance with instructions under which he or she is to act, to a grantee, grantor, promisee, promisor, obligee, obligor, lessee, lessor, bailee, bailor or any agent or employee thereof. See Nevada Revised Statutes 645A.010
- Escrow agency: means :
(a) Any person who employs one or more escrow agents; or
(b) An escrow agent who administers escrows on his or her own behalf. See Nevada Revised Statutes 645A.010
- 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. In addition to the other duties imposed upon him or her by law, the Commissioner shall:
(a) Adopt such regulations as may be necessary for making this chapter effective.
(b) Conduct or cause to be conducted each year an examination of each escrow agency licensed pursuant to this chapter.
(c) Conduct such investigations as may be necessary to determine whether any person has violated any provision of this chapter.
(d) Conduct such examinations, investigations and hearings, in addition to those specifically provided for by law, as may be necessary and proper for the efficient administration of the laws of this State relating to escrow.
(e) Classify as confidential the financial statements of an escrow agency and those records and information obtained by the Division which:
(1) Are obtained from a governmental agency upon the express condition that they remain confidential.
(2) Except as otherwise provided in NRS 645A.082, consist of information compiled by the Division in the investigation of possible violations of this chapter. This paragraph does not limit examination by the Legislative Auditor or any other person pursuant to a court order.
3. An escrow agency may engage a certified public accountant to perform such an examination in lieu of the Division. In such a case, the examination must be equivalent to the type of examination made by the Division and the expense must be borne by the escrow agency being examined.
4. The Commissioner shall determine whether an examination performed by an accountant pursuant to subsection 3 is equivalent to an examination conducted by the Division. The Commissioner may examine any area of the operation of an escrow agency if the Commissioner determines that the examination of that area is not equivalent to an examination conducted by the Division.