NAC319.590. Loans: Execution of documents; assignment or sale.

Latest version.

     1. Before the initial closing of a loan made pursuant to NAC 319.588, the sponsor must execute any documents which the Division deems necessary or appropriate to regulate the acquisition, development, construction or rehabilitation of the proposed project and the operations of the sponsor in order to carry out the duties and protect the interests of the Division.

     2. A loan may not be assigned or sold without the prior written approval of the Division.

     3. The sponsor shall pay to the Division a fee in an amount equal to 1 percent of the unpaid principal balance of the loan upon the execution of an agreement for the sale or assumption of the loan.

(Added to NAC by Housing Div., eff. 4-13-88; A by R140-01, 8-2-2002)

                    
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