Nevada Revised Statutes 675.035 – Applicability of chapter
The provisions of this chapter apply to any person who:
Terms Used In Nevada Revised Statutes 675.035
- 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
1. Makes installment loans that are not subject to regulation pursuant to chapter 604A of NRS;
2. Is an affiliate, subsidiary or holding company of a bank, national banking association, savings bank, trust company, savings and loan association, credit union, mortgage company, mortgage servicer as that term is defined in NRS 645F.063, thrift company or insurance company; and
3. Seeks to evade its application by any device, subterfuge or pretense, including, without limitation:
(a) Calling a loan by any other name;
(b) Using any agents, affiliates or subsidiaries in an attempt to avoid the application of the provisions of this chapter; or
(c) Having any affiliation or other business arrangement with an entity that is exempt from the provisions of this chapter pursuant to subsection 1 of NRS 675.040, the effect of which is to evade the provisions of this chapter, including, without limitation, making a loan while purporting to be the agent of such an exempt entity where the purported agent holds, acquires or maintains a material economic interest in the revenues generated by the loan.