Nevada Revised Statutes 645B.630 – Duties of Commissioner when unsafe condition or practice is suspected; seizure of property and assets of mortgage company; duties of Attorney General
1. In addition to any other action that is required or permitted pursuant to this chapter, if the Commissioner has reasonable cause to believe that:
Terms Used In Nevada Revised Statutes 645B.630
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Docket: A log containing brief entries of court proceedings.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- 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) The assets or capital of a mortgage company are impaired; or
(b) A mortgage company is conducting business in an unsafe and injurious manner that may result in danger to the public, the Commissioner may immediately take possession of all the property, business and assets of the mortgage company that are located in this State and shall retain possession of them pending further proceedings provided for in this chapter.
2. If the licensee, the board of directors or any officer or person in charge of the offices of the mortgage company refuses to permit the Commissioner to take possession of the property of the mortgage company pursuant to subsection 1:
(a) The Commissioner shall notify the Attorney General; and
(b) The Attorney General shall immediately bring such proceedings as may be necessary to place the Commissioner in immediate possession of the property of the mortgage company.
3. If the Commissioner takes possession of the property of the mortgage company, the Commissioner shall:
(a) Make or have made an inventory of the assets and known liabilities of the mortgage company;
(b) File one copy of the inventory in the office of the Commissioner and one copy in the office of the clerk of the district court of the county in which the principal office of the mortgage company is located and shall mail one copy to each stockholder, partner, officer, director or associate of the mortgage company at his or her last known address; and
(c) If the mortgage company maintains any accounts described in NRS 645B.175, not later than 5 business days after the date on which the Commissioner takes possession of the property of the mortgage company, mail notice of the possession to the last known address of each person whose money is deposited in such an account or whose money was or should have been deposited in such an account during the preceding 12 months.
4. The clerk of the court with which the copy of the inventory is filed shall file it as any other case or proceeding pending in the court and shall give it a docket number.