NAC645B.095. Determination by Commissioner.

Latest version.

For the purpose of determining the net worth of a mortgage broker pursuant to NRS 645B.115, the Commissioner will interpret the term “net worth” to mean the amount by which the assets of a mortgage broker exceed his or her liabilities, as calculated by the Commissioner in accordance with generally accepted accounting principles. The calculation:

1. Must exclude any intangible and any amount receivable by the mortgage broker that is related to the intangible; and

2. May exclude any shareholder debt that is subordinated.

(Added to NAC by Comm’r of Financial Institutions by R045-00, eff. 9-5-2000; A by Comm’r of Mortgage Lending by R035-10, 7-22-2010)

                    
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