NAC645A.310. Annual financial statement.

     1. Except as otherwise provided in this section, an escrow agency shall submit to the Commissioner, not later than 120 days after the last day of each fiscal year of the escrow agency, a financial statement that:

     (a) Is dated not earlier than the last day of the fiscal year of the escrow agency; and

     (b) Has been prepared based on the books and records of the escrow agency by an independent public accountant who has a valid permit to engage in the practice of public accounting in this State.

     2. The Commissioner may grant a reasonable extension of time for the submission of a financial statement required pursuant to this section if an escrow agency requests an extension not later than 120 days after the last day of the fiscal year of the escrow agency.

     3. If an escrow agency maintains a trust account pursuant to NRS 645A.160, the financial statement submitted pursuant to this section must:

     (a) If the trust account has an average monthly balance of $250,000 or less, be reviewed by an independent public accountant before it is submitted to the Commissioner. The review must be consistent with the standards set out in sections 400 to 408, inclusive, of the Statements on Standards for Accounting and Review Services published by the American Institute of Certified Public Accountants.

     (b) If the trust account has an average monthly balance that exceeds $250,000, be audited before it is submitted to the Commissioner. The escrow agency shall ensure that the public accountant who prepares the report of an audit submits a copy of the report to the Commissioner and the escrow agency at the same time.

     4. The Commissioner may make available an approved format and sample content for the financial statement required by this section. If the Commissioner makes available such an approved format, an escrow agency must submit the financial statement in substantially the same format as that made available by the Commissioner.

     (Added to NAC by Comm’r of Mortgage Lending by R086-04, eff. 8-25-2004; A by R143-08, 4-20-2010)—(Substituted in revision for NAC 645A.040)