Nevada Revised Statutes 645F.400 – Persons performing covered services for compensation: Prohibited acts; penalty
1. A person who performs any covered service shall not:
Terms Used In Nevada Revised Statutes 645F.400
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Fraud: Intentional deception resulting in injury to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Personal property: All property that is not real property.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(a) Claim, demand, charge, collect or receive any compensation except in accordance with the terms of a contract for covered services.
(b) Claim, demand, charge, collect or receive any fee, interest or other compensation for any reason which is not fully disclosed to the homeowner.
(c) Take or acquire, directly or indirectly, any wage assignment, lien on real or personal property, assignment of a homeowner’s equity, any interest in a residence or other security for the payment of compensation. Any such assignment or security is void and unenforceable.
(d) Receive any consideration from any third party in connection with a covered service provided to a homeowner unless the consideration is first fully disclosed to the homeowner.
(e) Accept a power of attorney from a homeowner for any purpose, other than to inspect documents as provided by law.
(f) Make any representation, express or implied, that a homeowner cannot or should not contact or communicate with his or her lender or servicer.
(g) Misrepresent any aspect of any covered service.
(h) Make any representation, express or implied, that a covered service is affiliated with, associated with or endorsed or approved by:
(1) The Federal Government, the State of Nevada or any department, agency or political subdivision thereof;
(2) Any governmental plan for homeowner assistance;
(3) Any nonprofit housing counselor agency or program;
(4) The maker, holder or servicer of a homeowner’s mortgage loan; or
(5) Any other person, entity or program.
(i) Make any representation, express or implied, about the benefits, performance or efficacy of any covered service unless, at the time the representation is made, the person who performs any covered service, the foreclosure consultant or the loan modification consultant possesses and relies upon competent and reliable evidence which substantiates that the representation is true. As used in this paragraph, ‘competent and reliable evidence’ means tests, analyses, research, studies or other evidence based on the expertise of professionals in the relevant area that have been conducted and evaluated in an objective manner by persons qualified to do so using procedures generally accepted in the profession to yield accurate and reliable results.
(j) Obtain or attempt to obtain any waiver of the provisions of NRS 645F.300 to 645F.450, inclusive, or any regulations adopted pursuant thereto. Any such waiver is void and unenforceable.
2. In addition to any other penalty, a violation of any provision of this section shall be deemed to constitute mortgage lending fraud for the purposes of NRS 205.372.