1. A mortgage company shall exercise reasonable supervision and control over the activities of his or her mortgage loan originators and must also be licensed as a mortgage loan originator if required pursuant to NRS 645B.405. Such reasonable supervision and control must include, as appropriate:
(a) The establishment of written policies and procedures for the mortgage loan originators;
(b) The establishment of a system to review, oversee and inspect the activities of the mortgage loan originators, including, without limitation:
(1) Transactions handled by the mortgage loan originators pursuant to this chapter;
(2) Communications between the mortgage loan originators and a party to such a transaction;
(3) Documents prepared by the mortgage loan originators that may have a material effect upon the rights or obligations of a party to such a transaction; and
(4) The handling by the mortgage loan originators of any fee, deposit or money paid to the mortgage company or the mortgage loan originators or held in trust by the mortgage company or the mortgage loan originators pursuant to this chapter; and
(c) The establishment of a system of reporting to the Division of any fraudulent activity engaged in by any of the mortgage loan originators.
2. The Commissioner shall allow a mortgage company to take into consideration the total number of mortgage loan originators associated with or employed by the mortgage company when the mortgage company determines the form and extent of the policies and procedures for those mortgage loan originators and the system to review, oversee and inspect the activities of those mortgage loan originators.
3. The Commissioner may adopt regulations prescribing standards for determining whether a mortgage company has exercised reasonable supervision and control over the activities of a mortgage loan originator pursuant to this section.
(Added to NRS by 1999, 3769; A 2001, 2473; 2009, 2684; 2013, 117; 2017, 3071, effective January 1, 2020)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.