Nevada Revised Statutes 645H.770 – Unlawful acts; penalty
1. It is unlawful for an asset management company or an asset manager or other employee, director, officer or agent of an asset management company to:
Terms Used In Nevada Revised Statutes 645H.770
- 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
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) Unless the asset management company is acting pursuant to a court order, evict a real property owner or a tenant of a real property owner until after the time during which the real property owner may redeem the real property in foreclosure.
(b) Dispose of the personal property of a homeowner or a tenant of a homeowner except as provided in NRS 645H.520.
(c) Seize real property for a client which is not real property in foreclosure.
(d) Perform any repair, maintenance or renovation on the real property in foreclosure:
(1) Which is required to be performed by a person holding a license unless such repair, maintenance or renovation is done by a person licensed in this State to perform such repair, maintenance or renovation; or
(2) Which requires a permit or inspection by any governmental entity in this State, unless the permit is first obtained and the inspection is performed after completion.
(e) Conduct any activity for which a license or permit is required pursuant to chapter 645 of NRS without first obtaining such a license or permit.
(f) Fail to provide the disclosure form required pursuant to NRS 113.130 for a purchaser of a residence in foreclosure for which the asset management company or its asset manager, employee, director, officer or agent has provided asset management.
(g) Receive, collect, hold or manage any money which belongs to another person, including, without limitation, collecting or managing rent from a tenant unless the person holds a permit as a property manager pursuant to chapter 645 of NRS and is receiving, collecting, holding or managing the money pursuant to a property management agreement.
2. A person who violates a provision of this section is guilty of a misdemeanor.