1. Each mortgage broker shall keep and maintain at all times at each location where the mortgage broker conducts business in this state complete and suitable records of all mortgage transactions made by the mortgage broker at that location. Each mortgage broker shall also keep and maintain at all times at each such location all original books, papers and data, or copies thereof, clearly reflecting the financial condition of the business of the mortgage broker.
2. Except as otherwise provided in subsection 3, each mortgage broker shall submit to the Commissioner each month a report of the mortgage broker’s activity for the previous month. The report must:
(a) Specify the volume of loans arranged by the mortgage broker for the month or state that no loans were arranged in that month;
(b) Include any information required pursuant to NRS 645B.260 or pursuant to the regulations adopted by the Commissioner; and
(c) Be submitted to the Commissioner by the 15th day of the month following the month for which the report is made.
3. The Commissioner may waive the requirement to submit a report pursuant to subsection 2 if substantially similar information is available to the Commissioner from another source.
4. The Commissioner may adopt regulations prescribing accounting procedures for mortgage brokers handling trust accounts and the requirements for keeping records relating to such accounts.
5. Each mortgage broker who is required to register or voluntarily registers with the Registry shall submit to the Registry and the Commissioner a report of condition or any other report required by the Registry in the form and at the time required by the Registry.
(Added to NRS by 1973, 1538; A 1981, 1789; 1985, 2187; 1987, 1879; 1989, 1765; 1995, 136; 1999, 3786; 2011, 3613; 2017, 3594)
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