NAC645A.070. Requirements for initial licensure.  


Latest version.
  •      1. A natural person who is an applicant for an initial license as an escrow agent must complete at least 15 hours of instruction in the areas of instruction set forth in subsection 2. Ten of the required hours of instruction must be through live instruction in a classroom. The remaining 5 hours of instruction may be completed through live instruction in a classroom or through distance education.

         2. The 15 hours of instruction required by subsection 1 must include:

         (a) Three hours of professional ethics, which must include instruction on fraud and consumer protection;

         (b) Three hours of federal law and regulations as described in subsection 1 of NAC 645A.080;

         (c) Four hours of Nevada law and regulations relating to escrow agencies or escrow agents, at least 2 hours of which must be related to this chapter and chapter 645A of NRS;

         (d) Three hours of instruction relating to the practical application of escrow processes or a specialized area of practice; and

         (e) Two hours of electives.

         3. An applicant for an initial license as an escrow agent must provide to the Commissioner one or more certificates of completion, in a form satisfactory to the Commissioner, indicating that the applicant has successfully completed the 15 hours of instruction required by this section. Certificates issued for all such courses must bear the name of the certifying organization.

         4. An applicant who lives in a rural area or an area where live instruction in a classroom is unavailable may, with the prior written approval of the Commissioner, take any course required by this section as an interactive, correspondence, distance or televideo course that involves interaction with the instructor and other students.

         5. As used in this section, “rural area” means a city or town:

         (a) Whose population is less than 60,000; and

         (b) That is located more than 60 miles from a city or town whose population is 60,000 or more.

     (Added to NAC by Comm’r of Mortgage Lending by R143-08, 4-20-2010, eff. 1-1-2011)