Nevada Revised Statutes 645A.085 – Change in ownership of voting stock of escrow agency
1. An escrow agency shall immediately notify the Commissioner of any change in the ownership of 5 percent or more of its outstanding voting stock.
Terms Used In Nevada Revised Statutes 645A.085
- Commissioner: means the Commissioner of Mortgage Lending. 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. An application must be submitted to the Commissioner, pursuant to NRS 645A.020, by a person who acquires:
(a) At least 25 percent of the outstanding voting stock of an escrow agency; or
(b) Any outstanding voting stock of an escrow agency if the change will result in a change in the control of the escrow agency.
3. Except as otherwise provided in subsection 5, the Commissioner shall conduct an investigation to determine whether the applicant has the experience, character, financial condition, business reputation and general fitness to command the confidence of the public and to warrant the belief that the business conducted will protect and safeguard the public. If the Commissioner denies the application, the Commissioner may forbid the applicant from participating in the business of the escrow agency.
4. The escrow agency with which the applicant is affiliated shall pay the cost of the investigation as the Commissioner requires. All money received by the Commissioner pursuant to this section must be deposited in the Account for Mortgage Lending created by NRS 645F.270.
5. An escrow agency may submit a written request to the Commissioner to waive an investigation pursuant to subsection 3. The Commissioner may grant a waiver if the applicant has undergone a similar investigation by a state or federal agency in connection with the licensing of or his or her employment with a financial institution.