Nevada Revised Statutes 692A.107 – Disciplinary action against title insurer or refusal to license
1. In addition to the grounds provided in NRS 680A.200 for insurers generally, the Commissioner may refuse to license any title insurer or may suspend any license or impose a fine of not more than $500 for each violation by entering an order to that effect, with findings in respect thereto, if upon a hearing, it is determined that the applicant or licensee:
Terms Used In Nevada Revised Statutes 692A.107
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fraud: Intentional deception resulting in injury to another.
- 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
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(a) Has committed fraud in connection with any transaction governed by this chapter;
(b) Has failed without reasonable cause to furnish to the parties of an escrow their respective statements of the settlement within a reasonable time after the close of escrow;
(c) Has failed without reasonable cause to deliver, within a reasonable time after the close of escrow, to the respective parties of an escrow transaction any money, documents or other properties held in escrow in violation of the provisions of the escrow instructions;
(d) Has commingled the money of others with his or her own or converted the money of others to his or her own use;
(e) Has failed, before the close of escrow, to obtain written instructions concerning any essential or material fact or intentionally failed to follow the written instructions which have been agreed upon by the parties and accepted by the holder of the escrow;
(f) Has failed to disclose in writing that the applicant or licensee is acting in the dual capacity of escrow agent or agency and undisclosed principal in any escrow transaction; or
(g) Has failed to maintain adequate supervision of an escrow officer or title agent whom the applicant or licensee has certified pursuant to subsection 3 of NRS 692A.110.
2. The Commissioner may refuse to issue a license to any person who, within 10 years before the date of applying for a current license, has had suspended or revoked a license issued pursuant to this chapter or a comparable license issued by any other state, district or territory of the United States or any foreign country.