MLD Updates


Notice of Workshop

 

The State of Nevada, Department of Business and Industry, Director’s Office (“Department”) is proposing the adoption of regulations to the Nevada Administrative Code (“NAC”). The proposed regulations are required as a result of the passage of Senate Bill 161 (S.B. 161) during the 80th  Session of the Nevada Legislature adjourned sine die on June 3, 2019.  Existing provisions of chapters 645A, 645B, 645F and 645G of NRS, titles 55 and 56 of NRS and the various regulations adopted pursuant to those statutes impose licensing and other regulatory requirements on the provision of certain financial products and services, ranging from secured and unsecured lending to banking and debt counseling. This bill generally provides for the establishment and administration of a program by the Director of the Department, in consultation with  the Commissioner of the Financial Institutions Division and the Commissioner of the Mortgage Lending Division, under which persons offering or providing such a product or service in a technically innovative way may seek a temporary exemption from some or all of the statutory and regulatory provisions that otherwise apply to the product or service.  This workshop will be conducted subject to the Open Meeting Law (NRS 241.020) and the purpose is to solicit comments from interested persons on the proposed regulations to be held at the following locations through simultaneous videoconference:

   Date:

 

Thursday,  November 21, 2019

 

 

   Time:

1:00 pm.

 

 

  In Las Vegas:

 

Nevada Room

Nevada State Business Center

Nevada Department of Business and Industry

3300 W. Sahara Avenue, Suite 400

Las Vegas, Nevada 89102

 

 

 

 

In Carson City:

1st Floor Hearing Room

Nevada Division of Insurance

Nevada Department of Business and Industry

1818 E. College Parkway

Carson City, Nevada 89706

 

 

Fee Change Announcement

Effective 11/1/2019, the following fee change will take place:

  • New agent application fee from $185 to $145
  • Renewing agent from $165 to $135
No other changes in fees have taken place.

 

    Renewal Season for Licensees under NRS 645B and NRS 645E Starts November 1

    If you currently have a mortgage agent license you will renew using the instructions on NMLS for mortgage loan originator. If you are renewing as a mortgage broker or mortgage banker, you need one renewal as a mortgage company. Amendments to NRS 645B were adopted in 2017 creating the mortgage company license effective 1/1/2020 This means that if you were dual licensed as a broker and banker in the past, you will be licensed as a company going forward. If you were either a broker or a banker, you will be licensed as a company going forward.

    Make sure you have your education completed as soon as possible. Refer to the document linked below if you have any questions about your requirements. 

    PLEASE NOTE: If you are the QE for your company you must take a Nevada Specific course as your elective. Ask your education provider which courses qualify.

    Regarding the Federal Temporary Authority to Operate law (S2155)

    The Division is developing a position statement on this law. In the meantime, please refer to the NMLS/CSBS statement.

    URGENT CONSUMER ALERT

    The State of Nevada Division of Insurance, has posted a consumer alert about an insurance protection scam. The target is people who have inquired about getting mortgage and are required to get this insurance before they can get the loan. 

    This has happened in California. Although no incidents have at this time been reported in Nevada, be aware if you are looking to obtain a mortgage.

    Reference the provided documents for more information.

    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
    Upcoming Meeting Information
    DateLocationAgendaMinutesAttachments
    Notice of Workshop
    11/21/2019
    1:00 PM
    originate iconNevada Room - 3300 W. Sahara Avenue, Suite 400 - Las Vegas, NV 89102
    video icon1st Floor Hearing Room - 1818 E. College Parkway - Carson City, NV 89706
    Final Notice of Workshop Packet LCB R089-19 and BI X00 - 10-30-2019
    To Solicit Comments on Proposed Regulations and Policy and Procedure Pertaining to Chapter 597 of the Nevada Administrative Code (LCB File No. R089-19) Regulatory Experimentation Program for Product Innovation