NAC319.549. Agreements for purchase and sale of second mortgage loans.

     1. The Division will enter into an agreement for the purchase and sale of second mortgage loans with a qualified participating lending institution selected pursuant to NAC 319.545 that desires to sell second mortgage loans to the Division.

     2. Each agreement for the purchase and sale of second mortgage loans must:

     (a) Set forth the standards for:

          (1) Eligibility as a qualified applicant; and

          (2) The purchase of a second mortgage loan by the Division; and

     (b) Require the qualified participating lending institution to consent to the jurisdiction of the First Judicial District Court of this State in any proceedings to enforce compliance with the provisions of chapter 319 of NRS and NAC 319.505 to 319.559, inclusive.

     (Added to NAC by Housing Div. by R166-99, eff. 6-15-2000)