Skip to main content
Find a Lawyer

Nevada Revised Statutes Title 54. Professions, Occupations and Businesses § 645B.460. Supervision by mortgage company; requirements; regulations

Current as of January 01, 2025 | Updated by Findlaw Staff

1. A mortgage company shall exercise reasonable supervision and control over the activities of his or her mortgage loan originators and must also be licensed as a mortgage loan originator if required pursuant to NRS 645B.405. Such reasonable supervision and control must include, as appropriate:

(a) The establishment of written policies and procedures for the mortgage loan originators;

(b) The establishment of a system to review, oversee and inspect the activities of the mortgage loan originators, including, without limitation:

(1) Transactions handled by the mortgage loan originators pursuant to this chapter;

(2) Communications between the mortgage loan originators and a party to such a transaction;

(3) Documents prepared by the mortgage loan originators that may have a material effect upon the rights or obligations of a party to such a transaction; and

(4) The handling by the mortgage loan originators of any fee, deposit or money paid to the mortgage company or the mortgage loan originators or held in trust by the mortgage company or the mortgage loan originators pursuant to this chapter; and

(c) The establishment of a system of reporting to the Division of any fraudulent activity engaged in by any of the mortgage loan originators.

2. The Commissioner shall allow a mortgage company to take into consideration the total number of mortgage loan originators associated with or employed by the mortgage company when the mortgage company determines the form and extent of the policies and procedures for those mortgage loan originators and the system to review, oversee and inspect the activities of those mortgage loan originators.

3. The Commissioner may adopt regulations prescribing standards for determining whether a mortgage company has exercised reasonable supervision and control over the activities of a mortgage loan originator pursuant to this section.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Nevada Revised Statutes Title 54. Professions, Occupations and Businesses § 645B.460. Supervision by mortgage company; requirements; regulations - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-54-professions-occupations-and-businesses/nv-rev-st-645b-460/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard