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 Proposed Regulations and Opportunity to Provide Comments to Assist in Determination of Regulatory Impact Upon Small Business
Should you wish to provide responsive comments concerning any of the proposed regulations, please click on the link to the NAC Chapter of interest for a summary of the respective provisions, which provides the opportunity for you to describe to the Commission, any comments or concern about what impact, if any, the regulations may have upon a small business.
As instructed in each summary, written comments must be received by the Division on or before 5:00 p.m, PST, May 31, 2018 at:
Division of Mortgage Lending
Attn: Cathy Sheehy, Commissioner
3300 W. Sahara Ave., Suite 285
Las Vegas, NV 89102
Fax: (702) 486-0785
E-mailed transmissions may be directed to firstname.lastname@example.org with the designation “Small Business Impact” with reference to the particular NAC Chapter of concern, contained in the subject line.
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.
Notice for Independent and Associated Covered Service Provider Licensees
The Division reminds independent and associated licensees that their licenses will expire on July 1, 2018, unless renewed. To renew a license, the licensee must submit a complete renewal package to the Division on or before May 31, 2018.
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.
Electronic Surety Bond Tracking in NMLS
Attention: All Licensees Registered in NMLS