Nevada Revised Statutes 675.040 – Applicability of chapter; exemptions
This chapter does not apply to:
Terms Used In Nevada Revised Statutes 675.040
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- License: means a license, issued under the authority of this chapter, to make loans in accordance with the provisions of this chapter, at a single place of business. See Nevada Revised Statutes 675.020
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
1. Except as otherwise provided in NRS 675.035, a person doing business under the authority of any law of this State or of the United States relating to banks, national banking associations, savings banks, trust companies, savings and loan associations, credit unions, mortgage companies, thrift companies, pawnbrokers or insurance companies.
2. A real estate investment trust, as defined in 26 U.S.C. § 856.
3. An employee benefit plan, as defined in 29 U.S.C. § 1002(3), if the loan is made directly from money in the plan by the plan’s trustee.
4. An attorney at law rendering services in the performance of his or her duties as an attorney at law if the loan is secured by real property.
5. A real estate broker rendering services in the performance of his or her duties as a real estate broker if the loan is secured by real property.
6. Except as otherwise provided in this subsection, any firm or corporation:
(a) Whose principal purpose or activity is lending money on real property which is secured by a mortgage;
(b) Approved by the Federal National Mortgage Association as a seller or servicer; and
(c) Approved by the Department of Housing and Urban Development and the Department of Veterans Affairs.
7. A person who provides money for investment in loans secured by a lien on real property, on his or her own account.
8. A seller of real property who offers credit secured by a mortgage of the property sold.
9. A person holding a nonrestricted state gaming license issued pursuant to the provisions of chapter 463 of NRS.
10. A person licensed to do business pursuant to chapter 604A of NRS with regard to those services regulated pursuant to chapter 604A of NRS.
11. A person who exclusively extends credit to any person who is not a resident of this State for any business, commercial or agricultural purpose that is located outside of this State.
12. Except as otherwise required by the Director of the Department of Business and Industry pursuant to NRS 657A.430 or 657A.620, a participant in the Regulatory Experimentation Program for Product Innovation established and administered pursuant to chapter 657A of NRS.