NAC645G.050. Registration: Application; effective date; expiration; notice of denial.

     1. An application for registration submitted pursuant to NRS 645.6065 is not effective until the application is accepted by the Division. Within 10 days after receipt of an application for registration, the Division will accept or deny the application.

     2. In addition to the information required by NRS 645.6065, an application for registration must include:

     (a) A list of all judgments that have been entered against the applicant by a court or administrative agency for which the applicant is liable, including judgments which are under appeal but for which enforcement has been stayed.

     (b) A description of any litigation or matters referred to alternative methods of resolving disputes which involve the applicant and which could result in a judgment against the applicant. The description does not need to include a prediction of the possible outcome of the litigation or other matters.

     (c) The name and address of the financial institution and current balance of all accounts in which the applicant is holding money for clients at the time the application is completed. The applicant does not need to identify the clients or the specific amounts being held for any client.

     (d) A statement of whether the applicant or any of its owners, directors, officers, or employees have been convicted of racketeering or any offense involving fraud, theft, embezzlement, fraudulent conversion, or misappropriation of property, and, if so, a certified copy of the record of conviction must be provided.

     (e) A statement of whether the applicant or any of its owners, directors, officers, or employees have had entered against them a final judgment or order, including a stipulated judgment or order, in any civil or administrative action involving racketeering, fraud, theft, embezzlement, fraudulent conversion, misappropriation of property, the use of any untrue or misleading representation in an attempt to sell property or services, or the use of any unfair, unlawful, or deceptive trade practice, and, if so, a certified copy of each judgment or order, including the findings of fact and conclusions of law, must be provided.

     (f) A statement of whether a receiver has been appointed to take control of any of the assets of the applicant or whether the applicant is in the process of corporate dissolution, reorganization, merger, sale of assets, or any other business combination.

     3. If the Division accepts an application for registration, it will issue a certificate of registration to the applicant. The certificate of registration will state the date the registration becomes effective and the date upon which the registration expires. In no case will the registration expire on a date later than the date on which the bond or other deposit posted by the qualified intermediary expires.

     4. If the Division denies an application for registration, it will send a notice to the applicant which informs the applicant of the reasons for denial.

     5. The Division will not withhold acceptance of an application pending the outcome of an investigation conducted by the Federal Bureau of Investigation pursuant to NRS 645.6065 on the background of the applicant.

     (Added to NAC by Real Estate Div., eff. 3-30-94)—(Substituted in revision for NAC 645.780)