1.  If a person offers or provides any of the services of a mortgage company or mortgage loan originator or otherwise engages in, carries on or holds himself or herself out as engaging in or carrying on the business of a mortgage company or mortgage loan originator and, at the time:

Terms Used In Nevada Revised Statutes 645B.690

  • 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(a) The person was required to have a license pursuant to this chapter and the person did not have such a license;

(b) The person was required to be registered with the Registry and the person was not so registered; or

(c) The person’s license was suspended or revoked pursuant to this chapter, the Commissioner may impose upon the person an administrative fine of not more than $50,000 for each violation and, if the person has a license, the Commissioner may suspend or revoke it.

2.  If a mortgage company violates any provision of subsection 1 of NRS 645B.080 and the mortgage company fails, without reasonable cause, to remedy the violation within 20 business days after being ordered by the Commissioner to do so or within such later time as prescribed by the Commissioner, or if the Commissioner orders a mortgage company to provide information, make a report or permit an examination of his or her books or affairs pursuant to this chapter and the mortgage company fails, without reasonable cause, to comply with the order within 20 business days or within such later time as prescribed by the Commissioner, the Commissioner may:

(a) Impose upon the mortgage company an administrative fine of not more than $25,000 for each violation;

(b) Suspend or revoke the license of the mortgage company; and

(c) Conduct a hearing to determine whether the mortgage company is conducting business in an unsafe and injurious manner that may result in danger to the public and whether it is necessary for the Commissioner to take possession of the property of the mortgage company pursuant to NRS 645B.630.

3.  If a mortgage company:

(a) Makes or offers for sale in this State any investments in promissory notes secured by liens on real property; and

(b) Receives the lowest possible rating on two consecutive periodic standard examinations pursuant to NRS 645B.060, the Commissioner may suspend or revoke the license of the mortgage company.

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