1. A person licensed as a mortgage loan originator pursuant to the provisions of NRS 645B.410 may not be associated with or employed by more than one licensed or registered mortgage company or person who holds a certificate of exemption pursuant to NRS 645B.016 at the same time.
2. A mortgage company or person who holds a certificate of exemption pursuant to NRS 645B.016 shall not associate with or employ a person as a mortgage loan originator or authorize a person to be associated with the mortgage company or exempt person who holds a certificate of exemption pursuant to NRS 645B.016 as a mortgage loan originator if the mortgage loan originator is not licensed with the Division pursuant to NRS 645B.410. Before allowing a mortgage loan originator to act on its behalf, a mortgage company or person who holds a certificate of exemption pursuant to NRS 645B.016, must:
(a) Enter its sponsorship of the mortgage loan originator with the Registry; or
(b) If the mortgage loan originator is not required to be registered with the Registry, notify the Division of its sponsorship of the mortgage loan originator.
3. If a mortgage loan originator terminates his or her association or employment with a mortgage company or exempt person who holds a certificate of exemption pursuant to NRS 645B.016 for any reason, the mortgage company or person who holds a certificate of exemption pursuant to NRS 645B.016 shall, not later than the third business day following the date of termination:
(a) Remove its sponsorship of the mortgage loan originator from the Registry; or
(b) If the mortgage loan originator is not required to be registered with the Registry, deliver to the Division and to the mortgage loan originator at the last known residence address of the mortgage loan originator a written statement which includes the name, address and license number of the mortgage loan originator and a statement of the circumstances of the termination.
(Added to NRS by 1999, 3769; A 2001, 2472; 2003, 2723, 2863, 3552; 2011, 1393, 3620; 2017, 3071, effective January 1, 2020)
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