1. If a licensee or a relative of the licensee is licensed as, conducts business as or holds a controlling interest or position in:
(a) A construction control;
(b) An escrow agency or escrow agent; or
(c) A title agent, a title insurer or an escrow officer of a title agent or title insurer,
the licensee shall fully disclose his or her status as, connection to or relationship with the construction control, escrow agency, escrow agent, title agent, title insurer or escrow officer to each investor, and the licensee shall not require, as a condition to an investor acquiring ownership of or a beneficial interest in a loan secured by a lien on real property, that the investor transact business with or use the services of the construction control, escrow agency, escrow agent, title agent, title insurer or escrow officer or that the investor authorize the licensee to transact business with or use the services of the construction control, escrow agency, escrow agent, title agent, title insurer or escrow officer on behalf of the investor.
2. For the purposes of this section, a person shall be deemed to hold a controlling interest or position if the person:
(a) Owns or controls a majority of the voting stock or holds any other controlling interest, directly or indirectly, that gives the person the power to direct management or determine policy; or
(b) Is a partner, officer, director or trustee.
3. As used in this section, “licensee” means:
(a) A person who is licensed as a mortgage company or mortgage loan originator pursuant to this chapter; and
(b) Any general partner, officer or director of such a person.
(Added to NRS by 1999, 3770; A 2011, 3616; 2017, 3057, effective January 1, 2020)
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