The Commissioner may refuse to issue a license to an applicant if the Commissioner has reasonable cause to believe that the applicant or any general partner, officer or director of the applicant has, after October 1, 1999, employed or proposed to employ a person as a mortgage loan originator or authorized or proposed to authorize a person to be associated with a mortgage company as a mortgage loan originator at a time when the applicant or the general partner, officer or director knew or, in light of all the surrounding facts and circumstances, reasonably should have known that the person has committed any act or omission that would be cause for refusing to issue a license to a mortgage loan originator.

Terms Used In Nevada Revised Statutes 645B.0243

  • 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
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