1.  An application for, or renewal of, a license as an escrow agency or escrow agent shall be made in writing to the Commissioner on a form and in a manner prescribed by the Commissioner.

Terms Used In Nevada Revised Statutes 645A.020

  • Commissioner: means the Commissioner of Mortgage Lending. See Nevada Revised Statutes 645A.010
  • Control person: means an executive officer, director, general partner, trustee, member or shareholder of an applicant or a licensee, or a person, who has the authority to participate in the direction, directly or indirectly through one or more other persons, of the management or policies of an applicant or a licensee. See Nevada Revised Statutes 645A.010
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • 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

  • Escrow agent: means any natural person employed by and associated with an escrow agency engaged in the business of administering escrows for compensation. See Nevada Revised Statutes 645A.010
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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.  An applicant shall include in an application for an initial license:

(a) Any application fee required pursuant to NRS 645A.040;

(b) All content required to be included in the application by the Commissioner;

(c) Written consent authorizing the Commissioner to conduct a background investigation of the applicant and, if applicable, each control person of the applicant, including, without limitation, authorization to obtain:

(1) An independent credit report from a consumer reporting agency described in section 603(f) of the Fair Credit Reporting Act, 15 U.S.C. § 1681a(f);

(2) A criminal history report from the Federal Bureau of Investigation or any criminal history repository of any state, national or international governmental agency or entity; and

(3) Information related to any administrative, civil or criminal proceedings in any jurisdiction in which the applicant, or a control person of the applicant, is or has been a party;

(d) A complete set of fingerprints of the applicant or, if the applicant is not a natural person, a complete set of fingerprints of each control person of the applicant to forward to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report; and

(e) Any other information required by this chapter, the Commissioner, an order of the Commissioner or requested in connection with the evaluation and investigation of the qualifications and suitability of the applicant for licensure.

3.  The applicant shall include in an application for renewal of an existing license:

(a) Any renewal fee required pursuant to NRS 645A.040;

(b) All content required by the Commissioner in the application form; and

(c) Any other information required by this chapter, the Commissioner, an order of the Commissioner or requested in connection with the evaluation and investigation of the qualifications and suitability of the applicant for licensure.

4.  If the Commissioner determines, after investigation, that the experience, character, financial condition, business reputation and general fitness of the applicant, or the control persons of the applicant, are such as to command the confidence of the public and to warrant the belief that the business conducted will protect and safeguard the public, the Commissioner shall issue or renew a license to the applicant as an escrow agent or escrow agency.

5.  An applicant for a license, and a licensee upon the issuance or renewal of a license, shall have a continuing obligation to provide written notification to the Division of any material change in the information contained in the application for an initial license or renewal of an existing license.

6.  A person may not be licensed as an escrow agent or agency or be a control person of an escrow agency if the person is the holder of an active license issued pursuant to chapter 645 of NRS.

7.  If the Commissioner finds that additional information is required to consider the application, the Commissioner shall send a letter to the applicant which specifies the additional requirements that the applicant must satisfy within 30 days after receiving the letter to obtain a license. If the applicant does not satisfy all additional requirements set forth in the letter within 30 days after receipt of the letter, the application will be deemed to have been denied, and the applicant must reapply to obtain a license. The Commissioner may, for good cause, extend the 30-day period prescribed in this subsection.

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