Nevada Revised Statutes 645F.390 – Foreclosure consultants, loan modification consultants and persons performing covered services for compensation: Licenses; fingerprints; regulations
1. The Commissioner shall adopt regulations for the licensing of:
Terms Used In Nevada Revised Statutes 645F.390
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- 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
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- Trustee: A person or institution holding and administering property in trust.
(a) A person who performs any covered service for compensation;
(b) A foreclosure consultant; and
(c) A loan modification consultant.
2. The regulations must prescribe, without limitation:
(a) The method and form of application for a license;
(b) The method and form of the issuance, denial or renewal of a license;
(c) The grounds and procedures for the revocation, suspension or nonrenewal of a license;
(d) The imposition of reasonable fees for application and licensure; and
(e) Any provisions necessary to comply with the provisions of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, Public Law 110-289, 12 U.S.C. § 5101 et seq., including registration with the Registry, and the Mortgage Assistance Relief Services Rule, 16 C.F.R. part 322, as promulgated by the Federal Trade Commission.
3. An application for a license pursuant to this section must include a complete set of the fingerprints of the applicant or, if the applicant is not a natural person, a complete set of the fingerprints of each person who will have an interest in the person who performs any covered service as a principal, partner, officer, director or trustee, and written permission authorizing the Division to forward the fingerprints to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report.