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 mortgage companies and mortgage loan originators doing business in this State.

Terms Used In Nevada Revised Statutes 645B.060

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

2.  In addition to the other duties imposed upon him or her by law, the Commissioner shall:

(a) Adopt regulations:

(1) Setting forth the requirements for an investor to acquire ownership of or a beneficial interest in a loan secured by a lien on real property. The regulations must include, without limitation, the minimum financial conditions that the investor must comply with before becoming an investor.

(2) Establishing reasonable limitations and guidelines on loans made by a mortgage company to a director, officer, mortgage loan originator or employee of the mortgage company.

(b) Adopt any other regulations that are necessary to carry out the provisions of this chapter, except as to loan fees.

(c) Conduct such investigations as may be necessary to determine whether any person has violated any provision of this chapter, a regulation adopted pursuant to this chapter or an order of the Commissioner.

(d) Conduct, at his or her discretion, periodic standard examinations of each mortgage company doing business in this State which must include, without limitation, a formal exit review with the mortgage company. The Commissioner shall adopt regulations prescribing:

(1) Standards for determining the rating of each mortgage company based upon the results of a periodic standard examination; and

(2) Procedures for resolving any objections made by the mortgage company to the results of a periodic standard examination. The results of a periodic standard examination may not be opened to public inspection pursuant to NRS 645B.090 until after a period of time set by the Commissioner to determine any objections made by the mortgage company.

(e) Conduct such other examinations, periodic or special audits, investigations and hearings as may be necessary for the efficient administration of the laws of this State regarding mortgage companies and mortgage loan originators. The Commissioner shall adopt regulations specifying the general guidelines that will be followed when a periodic or special audit of a mortgage company is conducted pursuant to this chapter.

(f) Classify as confidential certain records and information obtained by the Division when those matters are obtained from a governmental agency upon the express condition that they remain confidential. This paragraph does not limit examination by:

(1) The Legislative Auditor; or

(2) The Department of Taxation if necessary to carry out the provisions of chapters 363A and 363C of NRS.

(g) Conduct such examinations and investigations as are necessary to ensure that mortgage companies and mortgage loan originators meet the requirements of this chapter for obtaining a license, both at the time of the application for a license and thereafter on a continuing basis.

3.  For each special audit, investigation or examination, a mortgage company or mortgage loan originator shall pay a fee based on the rate established pursuant to NRS 645F.280.

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