MLD Updates

Notice of Public Workshop to Solicit Comments on Proposed Regulations and Workshop Agenda

The Division of Mortgage Lending will hold a public workshop on June 26, 2018, commencing at 9:00 a.m., to consider and discuss its proposed amendments to Chapters 645A, 645B, 645E and 645F of the Nevada Administrative Code (“NAC”). This public workshop will provide the opportunity to provide comments concerning the Division’s proposals. Please see the link to the Notice which follows below, to obtain more details regarding these meetings.

Also provided below are links to view the Small Business Impact Statements for each of the respective NAC Chapters, as prepared by the Division in anticipation of the workshop, as well as the text of the proposed regulations for each of these chapters.

If you wish to provide written comments, testimony, or documentary evidence concerning any of the proposed regulations prior to the workshop, please submit such to the Division on or before 5:00 p.m., PST, June 20, 2018 at:

Division of Mortgage Lending
Attn: Cathy Sheehy, Commissioner
3300 W. Sahara Ave., Suite #285
Las Vegas, NV 89102
Fax: (702) 486-0785

Written submissions should identify the particular chapter(s) of the NAC subject of concern with respect to the proposed regulations.

    Proposed Regulations of the Division of Mortgage Lending (2018) to amend NAC Chapters 645A, 645B, 645E, and 645F

    Based upon certain statutory changes made by the Nevada Legislature in 2017 (see links to Senate Bills 498 and 69 as provided below), the Division has made proposed conforming changes and/or other revisions as required, to Chapters 645A (governing escrow agencies and escrow agents); 645B (governing mortgage brokers and mortgage agents); 645E (governing mortgage bankers); and 645F (governing covered service providers, foreclosure consultants, loan modification consultants, and mortgage servicers) of the Nevada Administrative Code (“NAC”). Click on the following links for the provided text of each proposed regulation.

    Summary of Public Reponses Made to Previous Requests for Comments Regarding Proposed Regulations (2018)

    On May 21, 2018, and May 22, 2018, respectively, in its concerted efforts to assure that its proposed regulatory amendments to Chapters 645A, 645B, 645E, and 645F of the NAC do not necessarily restrict the formation, operation, or expansion of a small business, the Division posted its draft regulations on its website and made e-mail notification to its licensees under these chapters, as well as to other interested persons, soliciting input concerning the proposed regulations.

    As of the date of this posting, the Division did not receive any responsive comments concerning the proposed regulatory amendments subject of NAC 645A, NAC 645E, or NAC 645F. With respect to NAC 645B, however, the Division received a total of three (3) comments, two as e-mailed to the Division on May 22, 2018; and one on May 24, 2018.

    All three comments voiced concern only about the proposed criteria and/or process for issuing a license by endorsement. Objecting to the proposed regulations, the first responder claimed that the proposed regulations would permit a “non-citizen” to work in the United States (which thus “opens the door to fraud”), questioned why the state would “want to intervene” in making a licensure determination, and urged that the “[t]he State licensing should not be permitted to supersede the NMLS [the Nationwide Mortgage Licensing System].” This commenter also asserted that “[t]he licensing requirements we have now don’t need to have any adjustments.”

    The second response to the Division’s amendments to NAC 645B, expressed worry that the continuous 5-year period of required licensure in another jurisdiction, which the Division included among the expressed conditions which must be satisfied in order to obtain a mortgage broker license or mortgage agent license by endorsement in Nevada, could serve to eliminate many persons from applying for such licensure.

    Finally, the third person who responded to the Division’s solicitation of comments, requested clarification concerning the meaning of the language contained in Section 2, paragraph (1)(c) of the proposed regulations amending NAC 645B, which provides that among the prerequisites for submission for an initial license by endorsement, the applicant must possess “qualifications that are equal to or substantially similar to the qualifications required for issuance of a license to engage in the activity of a mortgage broker or mortgage agent in this State.” This person additionally expressed that it “would be interesting to know the reasoning for the proposed changes, and why there might be different regulations than how mortgage brokers were previously regulated.” In his provided answer to the third response, the Division’s Deputy Commissioner clarified that the terminology applied only to out-of-state, non-Nevada licensed persons, the licensure-by-endorsement provisions providing only a framework for licensure in Nevada based upon an “equal playing field” as originating from the requirements of Senate Bill 69, and emphasized that the scheme does not change the way in which the Division regulates or licenses current Nevada licensees.

      Assembly Bill 468 and Senate Bill 498

      Two industry sponsored bills were signed into law in the 79th (2017) Session of the Nevada Legislature which affect licensees under Nevada Revised Statutes NRS 645B and NRS 645E.

      Senate Bill 69

      A Governor-sponsored bill was signed into law in the 79th (2017) session of the Nevada Legislature which among other things, requires a regulatory body to adopt regulations providing for issuance of license by endorsement, including the occupations and professions under the jurisdiction of the Division, as governed by NRS chapters 645A, 645B, 645E, and 645F.

      Notice for Escrow Agencies and Escrow Agents

      The Division reminds Escrow Agencies and Escrow Agents that their licenses will expire on July 1, 2018, unless renewed. Per NRS 645A.040 (4), if a licensee fails to pay the fee or submit all required information for the annual renewal of his or her license before its expiration, the license may be renewed only upon the payment of a fee one and one-half times the amount otherwise required for renewal. A license may be renewed pursuant to this subsection only if all the fees are paid and all required information is submitted within 2 months after the date on which the license expired.

      Upcoming Meeting Information

      Upcoming Meeting Information

      Physical location Originating Site | Call in to teleconference Teleconference remote site | Remote viewing of conference online Video Conference remote site | View events and/or documents online View Online
      Public Workshop
      09:00 AM
      Tahoe Room, 4th Floor, Suite #430 - Nevada State Business Center, 3300 W. Sahara Avenue - Las Vegas, NV 89102
      Conference Room - Department of Business and Industry, 1830 College Pkwy., Ste. 100 - Carson City, NV 89706
      Notice of Public Workshop and AgendaSmall Business Impact Statement relative to NAC 645ASmall Business Impact Statement relative to NAC 645BSmall Business Impact Statement relative to NAC 645ESmall Business Impact Statement relative to NAC 645F