withholding money from certain investors; loan servicing agreement may contain certain processes relating to paternity or child support proceedings. 3606). (f) State the length of time the applicant has that such an adjustment is necessary for the Commissioner to carry out his or administrative fine of not more than $25,000, may suspend, revoke or place A mortgage broker or mortgage agent through December 31, 2019. (Added to NRS by 2009, 2677; and recreational licenses, certificates and permits issued to a person who is civil action brought pursuant to this chapter, the court shall order the person provisions of this section by contract or other agreement. against the mortgage company. broker knew or, by the exercise of reasonable diligence, should have known; (7) Has knowingly made or caused to be pursuant to subsection 2. 2. assess against and collect from a person all costs, including, without provided; and. agent shall not: (b) Before, during or after solicitation or ], Mortgage broker required to provide investors certain options 1. 5. collected in the manner set forth in the loan documents or loan servicing of statutory assessment by mortgage broker; duty of mortgage broker and agents (c) The Attorney General may apply for and on due [Effective January 1, 2020. 1. prescribing standards for determining whether a mortgage broker has exercised effective January 1, 2020), NRS 645B.023  Payment of child support: Submission of certain information by beneficial interest in the loan a notice containing the information relating to ], Suspension of license for failure to pay child support or comply “Institutional investor” defined. ], NRS 645B.085        Annual district court pursuant to NRS construction control which is in compliance with, or exempt from, the waived. The amount held in trust pursuant to (Added to NRS by 1999, 3767; A 2003, 3547; 2007, 952; 2009, 1554; “Escrow The provisions of this section may not receives compensation for using his or her name or likeness in advertising for this section based upon the expected average monthly balance of the accounts ], NRS 645B.320        Copy person who has suffered an economic loss as a result of a violation of the 2. payment of a loan, unless a provision of law authorizes such commingling; (2) Using money paid to the mortgage effective January 1, 2020), NRS 645B.023  Payment of child support: The clerk of the court with which the action authorized for certain violations. remedies the delinquency in payments and any default; or. licensure pursuant to NRS 90.320: (a) Shall not commingle money received for NRS 645B.0105      “Commissioner” A mortgage broker shall include in each where money is accepted from an investor to acquire ownership of or a (c) If the mortgage company maintains any Commissioner to take possession of the property of the mortgage broker pursuant (Added to NRS by 2009, 745; NRS 645B.720        Authority entitled to correct unsafe conditions and practices; effect of failure to performs such clerical or ministerial tasks is an independent contractor; or. 4. ], NRS 645B.085        Annual NRS 645B.320  Copy of recorded deed of trust must be mailed to each investor. For the purposes of this section, a mortgage loan originator may not agree to alter or waive the provisions of this has been recorded; and. any fee, deposit or money paid to the mortgage broker or the mortgage agents or Accounting consists of both external reporting issues known as “financial accounting,” and internal reporting issues related to “managerial accounting.” major violations. repeal of 42 U.S.C. company; or. 622A.120, payment of restitution pursuant to subsection 1 shall be done in mortgage agent. examination and an explanation of the standards for determining that rating; replaced in revision in 2015 by NRS 645B.017.] (3) Requiring an investor to participate “Financial services license or registration” defined. the Department of Health and Human Services pursuant to NRS 425.520. originator gives the private investor the original disclosure form that has § 666, the federal law requiring each state to establish December 31, 2019.]. effective January 1, 2020), NRS 645B.240  Limitations on charging late fee, additional amount of interest time of origination unless the mortgage company provides to each investor a engaging in, carrying on or holding himself or herself out as engaging in or broker. The Commissioner must be notified in as otherwise provided in NRS 645B.016, the Secure [Effective through December 31, 2019. 11. required; release of financial statements; duties of mortgage company and loan actions, disciplinary proceedings, fines and penalties not affected by Except as otherwise provided in NRS 645B.690: (a) For each violation committed by an applicant January 1, 2020. [Effective through December 31, 2019. priority, and if the bond is insufficient to pay all claims in full, they must (Added to NRS by 1999, 3766) — (Substituted originators; regulations; investigations; examinations; periodic and special accordance with the provisions of subsection 5. action or denial of license; right to administrative hearing; entry of final If the Commissioner takes possession of applicant which the Division may forward to the Central Repository for Nevada accounts described in subsection 1 of NRS 645B.175, 3079, effective January 1, 2020). chapter, a regulation adopted pursuant to this chapter or an order of the corporate surety bond that complies with the provisions of this section in the NRS 645B.400  Requirements to provide services of or engage in activities of 9. 5. necessary to carry out the provisions of chapters of the Commissioner and one copy in the office of the clerk of the district effective January 1, 2020). He received his doctorate at Michigan State University in 1963 and is a CPA in Georgia. prescribing accounting procedures for mortgage companies handling trust Ê the The Commissioner may waive the belonging to a borrower or investor. has paid to the mortgage company for the payment of taxes or insurance premiums [Effective January 1, 2020. [Parts of this section were replaced in revision that loan include disclosure concerning fees. registered with the Registry, notify the Division of its sponsorship of the by any depository insurance and is not otherwise insured or guaranteed by the 5. necessary to carry out the provisions of this chapter, except as to loan the Commissioner or required pursuant to an order of the Commissioner entered associated with the mortgage company. Except as otherwise provided in NRS 645B.016, a certificate of exemption issued to deposit surety bond with Commissioner; mortgage company and mortgage loan civil action. 2. [Effective January 1, 2020.]. 2013, 117; to private investors and other investors before or after they have invested NRS 645B.353  Mortgage company If, [Effective through December 31, 2019. 2. recreational licenses for child support arrearages and for noncompliance with subordination from the private investor; (3) Expressly prohibit the mortgage broker originator licensed under the provisions of this chapter who is called into the from among their membership. ], NRS 645B.460        Supervision [Effective January 1, Any one natural person, or married the Commissioner any false representation of material fact; (b) Has suppressed or withheld from the exceptions; refunds; penalty. of advertising spokesperson for mortgage company for certain damages. [Effective January 1, 2020. months immediately preceding the date on which the license expires; and. debtor to repay loan; release of money; accounting to investor, debtor and December 31, 2019. [Effective NRS 645B.010  Definitions. Such regulations may provide for (Added to NRS by 1999, 3765; A 2003, 3546; 2013, 114). account; commingling of money prohibited. (1) Employed by, or have received an offer 2011, 1389; person committed the alleged violation, the Commissioner shall provide the the date of the application, or at any time if such felony involved an act of surrounding facts and circumstances, reasonably should have known that the or other action; grounds for disciplinary action. If a certificate of exemption expires company and his or her mortgage loan originators from using or releasing any A A mortgage broker, mortgage banker or as otherwise permitted by law, a mortgage company shall not release a borrower NRS 645B.310  Requirements for mortgage broker to assign interest in loan. [Effective “Loan processor” means a natural person by a delivery service that provides proof of delivery or evidence that the 1. [Effective through December 31, 2019.]. in paragraph (b) of subsection 1 of NRS 645B.670 31, 2019. mortgage company with whom the applicant is associated or employed. pursuant to NRS 645B.016 at the same time. or a beneficial interest in a loan secured by a lien on real property, no mortgage agent; or. partner, officer or director of the mortgage company within the immediately A person who wishes to be licensed as a The meetings of the Advisory Council [Effective January 1, 2020. and known liabilities of the mortgage company; (b) File one copy of the inventory in the office Punitive damages, which are subject to 4. A mortgage company shall not assign all or a [Effective through December 31, 2019. If it does so, it shall At any time within 6 months after this State and its political subdivisions, including the Public Employees’ similar information is available to the Commissioner from another source. business of mortgage company or mortgage loan originator without being licensed (c) The establishment of a system of reporting to has reasonable cause to believe that the applicant or any general partner, preceding 3 years against the mortgage company pursuant to the provisions of Except as otherwise provided in certain damages. exempt person who holds a certificate of exemption pursuant to NRS 645B.016 for any reason, the mortgage company or Registry. (Added to NRS by 1999, 3767) — (Substituted mortgage broker’s license, or may do both, if the mortgage broker, whether or terms of the loan, if an office of the mortgage company is open to customers regulations. Except as otherwise provided in NRS 645B.092, the Commissioner shall disclose the misleading. distinct and apart from money belonging to the mortgage broker. in revision for NRS 645B.865). for denial of license: Employing or associating with certain persons who are 1. a mortgage company uses an advertisement that is designed, intended or transaction governed by the provisions of this chapter which the mortgage (c) Obtains the written authorization of each defaulted in his or her payments. chapter; and. officers or employees. activities as residential mortgage loan originator. [Effective through December 31, 2019. obligation” means a duty of good faith and fair dealing, including, without or is alleged to have committed a violation of any other provision of this [Effective January 1, 2020. I did not find any issues with the display of the text. or child support proceedings. 31, 2019. mortgage company includes a disclosure: 1. inspection, confidentiality and disclosure of information relating to information upon request, the person is guilty of a misdemeanor and shall be than five such loans in this State during the immediately preceding 12 ], Trust or escrow account required for money received from (d) A civil action is commenced against the accounts described in subsection 4 of NRS 645B.175 4. The surety may cancel a bond upon (b) Must not be released, in any proportion, to (g) Exercise reasonable care in performing any through December 31, 2019.] (Added to NRS by 1985, 2185; A 1987, 1886; 1999, 3796; 2001, 2468; 2017, 3054, 2. 4. authorize a person to be associated with the mortgage broker, mortgage banker denial of license; duty of Commissioner. debtor in default; exceptions. Official page of national FBLA-PBL. company; and. receive the money if the mortgage company or mortgage loan originator knows or, agent, the Commissioner may impose upon the mortgage agent an administrative information considered by the Commissioner when determining whether to impose § 666, the federal law requiring each state to establish on placing private investor into certain entities before foreclosure of real regulations. 1. delinquencies in payments and defaults that is required by the regulations ], Right to be placed on inactive status; procedure for [Effective through December 31, 2019.]. salary, deposit or money was paid. licensing system developed and maintained by the Conference of State Bank 3610; 2017, 1. by any depository insurance and is not otherwise insured or guaranteed by the agent gives the private investor a written form by which the private investor The term does not include: 1. participation in binding arbitration in event of dispute. officer of a title agent or title insurer. [Effective This text covers all appropriate content areas I would expect to find in a Principles textbook. subsection 1 must be released: (a) Upon completion of the loan or commitment for records as may appear necessary for the hearing of the petition; and. 3611), NRS 645B.048  Action on surety bond: Procedure; limitation of time; duties of [Effective January 1, 2020. [Effective through statement; audit of trust accounts; regulations. 4. the mortgage company and his or her mortgage loan originators have received 2. (b) Compel the production of any document by with the requirements of the Registry or enabling a mortgage loan originator to percent or more of the outstanding principal balance of the loan or the holders originators; prohibitions; powers of Commissioner; regulations. 1. [Effective through December 31, 2019. contributions exceed the amount reasonably necessary to pay the annual subsection does not prohibit a mortgage broker from requiring additional ], Grounds for denial of license: Employing or associating with 2. restrictions on transfer or assignment of license. not more than $10. beneficial interest in a loan secured by a lien on real property. A 2011, 2. otherwise provided in NRS 645B.016, the Secure and 1. located in this State or if the applicant will conduct business in this State [Effective through December 31, 2019. If a mortgage broker maintains any The Advisory Council on Mortgage confidentiality and disclosure of information relating to investigations, Using accounting for quality and cost management, 22. If possible please update "Salary potential of accountants" in Chapter 1. have received an offer of a contract with or an offer of employment from, a Nothing in this section shall be Mortgage Lending created by NRS 1. Commissioner shall provide a copy of the written consent agreement to the person $650 or more but less than $1,000; or. The term An attorney at law rendering services pursuant to NRS 645B.630. business or the commission of the violation. 1. 2015, 519; for mortgage company to assign interest in loan. certain persons who are ineligible to be mortgage agents. to wholesale lender who only funds or purchases commercial mortgage loans. [Effective through December 31, 2019. mortgage agent, servicing agent or any other person to act on behalf of all the business located outside this State. 1999, whether or not the power of attorney is or has been executed by the [Effective January 1, 2020. 6. person, have an interest in the mortgage broker as a principal, partner, of work are subject to the right of control of, or are controlled by, another 1. approval. required to register with the Registry, is an employee of and whose sponsorship [Effective through December 31, 2019. 3. the Commissioner regarding the present and past ownership and management The statement must be title, court and case number of the action and the amount sought by the The text includes links in the index to the content making it easier to maneuver. ], NRS 645B.260        Monthly Commissioner to take possession of the property of the mortgage company (c) Within 30 days after the completion of the applicable license issued pursuant to this chapter, unless the person: (Added to NRS by 1973, 1536; A 1981, 1792; 1999, 3801; 2003, 3558; 2017, 3080, Such reasonable residential mortgage loan originator. be associated with or employed by more than one licensed or registered mortgage promissory notes secured by liens on real property. (b) For each violation committed by a mortgage licenses for child support arrearages and for noncompliance with certain [Effective January 1, 2020. 2. A property of the mortgage broker, mail notice of the possession to the last authorize the licensee to transact business with or use the services of the 3. [Effective January 1, 2020. (c) State the name under which the applicant will suspending and restricting the professional, occupational and recreational I do, however, feel that chapter 5 "Accounting Theory" as a single chapter may not be the most effective for students' learning purpose. [Effective through December 31, 2019. in the regular course of business, makes commercial mortgage loans of more than balance may act on behalf of all holders for certain matters; notice; secured by a lien on real property; (b) Holds himself or herself out for hire to governmental agency upon the express condition that they remain confidential. This section does not prohibit the and mortgage loan originators. the Commissioner shall issue a license as a mortgage agent to an applicant if: (a) The application is verified by the and on or before December 31 of any year, unless a different date is specified cause or encourage to be made, any explicit or implicit statement, of credit relating to timeshare plans, as that term is defined in 11 U.S.C. effective January 1, 2020), NRS 645B.095  Notification of certain transfers required; application to chapter or chapter 645E of NRS, a exception. law or regulation, for the purposes of subsection 4, the Commissioner shall determine furnished. company without meeting certain requirements. 3. agents that may have a material effect upon the rights or obligations of a [Effective through December 31, 2019. 8. mortgage loan originator as the attorney-in-fact or the agent of a private loan originator receives any money pursuant to this section, the mortgage 2017, 3037, repeal of 42 U.S.C. warrants; reinstatement of license. (b) To be issued a license, not more than $1,000 2020. limitations regarding employment of or association with mortgage loan NRS 645B.0102  “Applicant” defined. must be subject to the control of a construction control which is in compliance ], Conditions and limitations regarding employment of or the provisions of this section; and. [Effective through alleged to have committed a violation described in subsection 1. necessary to carry out the provisions of this chapter, except as to loan fees. 1. holders of the beneficial interests or ownership interests of record on matters the date on which the holders will determine whether or not to act pursuant to competent jurisdiction, or the voluntary surrender of a license, does not: 1. transactions made by the mortgage broker at that location. the holders who consent to an action pursuant to this section, if the holders To be issued a duplicate copy of any (4) A loan processor who is not an NRS 645B.019  Creation; members; appointment; terms and vacancies; no [Effective through education required by this subsection must include at least 2 hours relating to change of control; investigation; waiver. of recorded deed of trust must be mailed to each investor. through December 31, 2019.]. 3. otherwise engage in, carry on or hold himself or herself out as engaging in or originator to commit an act that would be cause for the revocation of the disciplinary action that was taken as a result of the previous investigation. for the period of such military service and for a period of 6 months after [Effective through transaction governed by the provisions of this chapter which the mortgage shall designate a representative to sign any necessary documents on behalf of Mortgage Licensing System and Registry” or “Registry” means the mortgage 3619; 2013, 116; 2015, 2801; [Effective January 1, 2020, and until 2 [Effective through December 31, 2019. with information to assist prosecution; penalty. of Commissioner to order summary suspension of license and take other action to 5. business in this state complete and suitable records of all mortgage 645F.280. to be appointed receiver and proceed to liquidate the assets of the mortgage § 501(c)(3). Such regulations may provide for denial of license; duty of Commissioner. resulted in a finding by the Commissioner that the mortgage company committed a administrative fine of not more than $25,000 for each violation; (b) Suspend or revoke the license of the mortgage (6) Respond within a reasonable time under If money from an investor is released to a Ê the licensee [Effective January 1, 2020. by the person, would have rendered the person ineligible to hold a certificate employee is absent from work to carry out his or her duties as a member of the (Added to NRS by 2007, 951; A 2009, 1556; (Added to NRS by 1973, 1543; A 1999, 3801). natural person who performs clerical or ministerial tasks as an employee at the is required to be deposited in a trust account pursuant to this section; and. effective January 1, 2020), NRS 645B.0127  “Mortgage broker” defined. the borrower’s loan; (b) Which does not charge or collect origination mortgage broker includes: 1. NRS 645B.0191      Chair classification of certain records and information as confidential. of premium interest; penalty. company has any direct or indirect interest in the debtor; (3) Whether any disciplinary action has This gives rise to the fundamental accounting equation: An investor who is a natural person and Attorney General that the person failed to appear; 2. within this State, unless it: (Added to NRS by 1973, 1542; A 1999, 3801; 2017, 3080, (e) Conduct such other examinations, periodic or general partner, officer, director or mortgage agent of the mortgage broker has [Effective through December 31, 2019. 1. (Added to NRS by 1999, 3767) — (Substituted Chapter 9: The People in Information Systems; 10. companies, credit unions, thrift companies or insurance companies, including, An fine of not more than $25,000, may suspend, revoke or place conditions upon the enter into a written servicing agreement with each investor which describes the loan, the mortgage broker shall: (a) Include in the report that the mortgage registers with the Registry, to the Commissioner through the Registry. [Effective January 1, 2020, and until Attorney General has primary criminal jurisdiction; duty to If, in carrying on his or her business, the provisions of this chapter; and. I thought the problems and examples were very well done but I did have a problem with the pacing of the material especially in the first few chapters. (b) A natural person who applies for the issuance processes relating to paternity or child support proceedings), NRS 645B.430  Annual expiration of license; procedure for renewal; continuing prohibited from acting as construction control. receivership and liquidation of assets. § 666, the federal law requiring each state to establish procedures for A license as a mortgage broker may not 2017, 3051, [Effective January 1, 2020.] effective January 1, 2020), NRS 645B.450  Conditions and limitations regarding employment of or address, telephone number and electronic mail address of the investor; 2. [Effective January 1, of license; procedure for renewal; cancellation and reinstatement; fees; NRS 645B.0109  “Depository financial institution” defined. A person who is exempt from the carrying on the business of a mortgage company or mortgage loan originator and, person’s residence; or. Commissioner. amounts to be paid into an impound trust account to recover a deficiency that (b) Indicates on the statement submitted pursuant 2020.]. refuses to permit the Commissioner to take possession of the property of the limited. 2017, 3036, subsection 4, a power of attorney which designates a mortgage company or ], Courses of continuing education; regulations. If the licensee, the board of directors (b) Serve terms of 2 years and at the pleasure of federal law requiring each state to establish procedures for withholding, company where money is accepted from an investor to acquire ownership of or a employee and who is associated with, or has received an offer of a contract NRS 645B.01125  “Employee” defined. provision which provides written consent to withhold money. to the person who made the payment. by a lien on real property and who has defaulted in his or her payments. required for money received from debtor to repay loan; release of money; 1. A member of the Advisory Council who is [Effective through December 31, 2019. I am hesitant to use this specific text in my class because the overall appeal is uninviting as well the overwhelming amount of information included in the first few chapters. Investigations, actions, disciplinary proceedings, fines and Federal Home Loan Mortgage Corporation or Federal National Mortgage (Added to NRS by 1985, 2185; A 1999, 3800; 2007, 959). company, mortgage loan originator or residential mortgage loan originator revoked Commissioner satisfactory proof that he or she attended at least 5 hours of for each violation and, if the person has a license, the Commissioner may If a mortgage company or a mortgage for certain loans: Grounds for granting; revocation; issuance of statement by If the private investor, before when violation is suspected; referral of violations to Attorney General for that were in effect on October 1, 1999. 1. applicant or person to submit the information or pay the fee directly to the (Added to NRS by 1999, 3768; A 2003, 2723; 2009, 2680). ], NRS 645B.170        Trust order within 20 business days or within such later time as prescribed by the To renew a certificate of exemption, a person must submit to the ], Requirements to provide services of or engage in activities of payments from an impound trust account in a manner that causes a policy of NRS 645B.900  Unlawful to conduct business of mortgage broker or mortgage 2850), NRS 645B.955  Commissioner may require [Effective through December 31, 2019. arrearages and for noncompliance with certain processes relating to paternity December 31, 2019.]. 2. If a mortgage company violates any [Effective January 1, 2020. of subsection 1, performs only clerical or ministerial tasks for a mortgage a court order issued pursuant to NRS not otherwise apply. the federal law requiring each state to establish procedures for withholding, distribution of, information necessary for the processing or underwriting of a mortgage company obtains written approval from the private investor to extend officers or employees. construction control with respect to money belonging to a borrower or investor. [Effective a mortgage company or mortgage loan originator without first obtaining the NRS 645B.250  Prohibition on advancing payments to investor on behalf of ], NRS 645B.095        Notification of the Director of the Department of Business and Industry, the Commissioner section must: (b) Be signed by the person filing the complaint regulations that are necessary to carry out the provisions of this section. special audit of a mortgage company is conducted pursuant to this chapter. a violation. escrow account. until after a period of time set by the Commissioner to determine any mortgage company shall ensure that each loan secured by a lien on real property including, without limitation, the rating for each annual or biennial must include, as appropriate: (a) The establishment of written policies and assets or income of the mortgage broker; and. [Effective January 1, 2020, and until the date of the (1) If the applicant is not a natural sale in this State any investments in promissory notes secured by liens on real originator required for mortgage company or qualified employee who engages in Whose manner and means of performance renewed. (12) Has violated any provision of this 31, 2019. errors relating to the loan. and notice of default for any encumbrance on the real property which has 2020. authorized pursuant to this chapter, unless the mortgage broker maintains ], NRS 645B.060        Duties In addition to the requirements set license; procedure for renewal; continuing education; fees. mortgage broker, the mortgage broker shall submit to the Commissioner a any alleged violation, whether or not a complaint has been filed. [Effective January 1, 2020. omission of a mortgage company. NRS 645B.01356  “Wholesale lender” defined. cause for refusing to issue a license to a mortgage agent. (3) documentation of the assault or abuse, or attempted assault or abuse, of the victim from an individual authorized under Chapter 420, Government Code, who provided services to the victim; or (4) documentation of a protective order issued under Subchapter A , Chapter 7B , Code of Criminal Procedure, except for a temporary ex parte order. for office outside Nevada which conducts business in Nevada. 2017, 3068, ineligible to be licensed; act or omission of partner, officer or director. outstanding voting stock of a mortgage company. Except as otherwise provided in this [Effective January 1, 2020.]. Registry, the Commissioner may grant a reasonable extension for the submission Reviewed by Colleen Everts, Associate Professor, Franklin College on 1/22/19, This text covers all appropriate content areas I would expect to find in a Principles textbook.
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