NRS 645B.355 - Mortgage broker prohibited from acting as construction control. [Effective through December 31, 2019.]

NV Rev Stat § 645B.355 (2019) (N/A)

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A mortgage broker shall not act as a construction control with respect to money belonging to a borrower or investor. If a borrower or investor wishes to utilize a construction control for money belonging to the borrower or investor, a mortgage broker must place the money with a person who is independent of the mortgage broker and is licensed or authorized to accept such money. The money must be subject to the control of a construction control which is in compliance with, or exempt from, the provisions of NRS 627.180 or 627.183.

(Added to NRS by 2011, 3605)

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NRS 645B.355 - Mortgage company prohibited from acting as construction control. [Effective January 1, 2020.]

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