1.  In addition to any other requirements set forth in this chapter:

Terms Used In Nevada Revised Statutes 645A.025

  • 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

  • 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
  • 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

(a) A natural person who applies for the issuance of a license as an escrow agent or escrow agency shall include the social security number of the applicant in the application submitted to the Commissioner.

(b) A natural person who applies for the issuance or renewal of a license as an escrow agent or escrow agency shall submit to the Commissioner the statement prescribed by the Division of Welfare and Supportive Services of the Department of Health and Human Services pursuant to NRS 425.520. The statement must be completed and signed by the applicant.

2.  The Commissioner shall include the statement required pursuant to subsection 1 in:

(a) The application or any other forms that must be submitted for the issuance or renewal of the license; or

(b) A separate form prescribed by the Commissioner.

3.  A license as an escrow agent or escrow agency may not be issued or renewed by the Commissioner if the applicant is a natural person who:

(a) Fails to submit the statement required pursuant to subsection 1; or

(b) Indicates on the statement submitted pursuant to subsection 1 that the applicant is subject to a court order for the support of a child and is not in compliance with the order or a plan approved by the district attorney or other public agency enforcing the order for the repayment of the amount owed pursuant to the order.

4.  If an applicant indicates on the statement submitted pursuant to subsection 1 that the applicant is subject to a court order for the support of a child and is not in compliance with the order or a plan approved by the district attorney or other public agency enforcing the order for the repayment of the amount owed pursuant to the order, the Commissioner shall advise the applicant to contact the district attorney or other public agency enforcing the order to determine the actions that the applicant may take to satisfy the arrearage.

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