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.
Current as of January 01, 2025 | Updated by Findlaw Staff
1. A person who performs any covered service for compensation, a foreclosure consultant and a loan modification consultant shall:
(a) Include with each general commercial communication for any covered service the following disclosures printed in at least 12-point type:
(1) “[Name of company] is not associated with the government, and our service is not approved by the government or your lender.”
(2) In any case in which the person who performs any covered service for compensation, the foreclosure consultant or the loan modification consultant makes an express or implied representation that homeowners will receive covered services:
“Even if you accept this offer and use our service, your lender may not agree to change your loan.”
(b) Include with each commercial communication which is specific to a homeowner the following disclosures printed in at least 12-point type:
(1) “You may stop doing business with us at any time. You may accept or reject the offer we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us [insert total amount or method of calculating the total amount] for our services.”
(2) “[Name of company] is not associated with the government, and our service is not approved by the government or your lender.”
(3) In any case in which the person who performs any covered service for compensation, the foreclosure consultant or the loan modification consultant makes an express or implied representation that the homeowner will receive covered services:
“Even if you accept this offer and use our service, your lender may not agree to change your loan.”
(c) Include with any commercial communication relating to a covered service in which the person who performs any covered service for compensation, foreclosure consultant or loan modification consultant represents expressly or by implication that a homeowner should temporarily or permanently discontinue payments, in whole or in part, on any mortgage or lien on a residence in foreclosure a clear and prominent statement, in close proximity to the express or implied representation and printed in at least 12-point type, which provides that:
“If you stop paying your mortgage, you could lose your home and damage your credit rating.”
2. The disclosures required by paragraphs (a) and (b) of subsection 1 must be made in a clear and prominent manner and:
(a) In a written communication, the disclosures must appear together and be preceded by the heading “IMPORTANT NOTICE,” printed in at least 14-point bold type; and
(b) In an oral communication, the audio component of the required disclosures must be preceded by the statement “Before using this service, consider the following information” and, if the oral communication is made by telephone, must be made at the beginning of the communication.
3. As used in this section, “total amount” means all amounts the homeowner must pay to purchase, receive and use all covered services that are subject to the contract for covered services, including, without limitation, all fees and charges.
Cite this article: FindLaw.com - Nevada Revised Statutes Title 54. Professions, Occupations and Businesses § 645F.397. Foreclosure consultants, loan modification consultants and persons performing covered services for compensation: Disclosures - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-54-professions-occupations-and-businesses/nv-rev-st-645f-397/
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.
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.
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.
Search our directory by legal issue
Enter information in one or both fields (Required)