NAC645A.360. Imposition of disciplinary action; hearing on taking possession of property of escrow agency.

     1. If an escrow agency or escrow agent violates any provision of NRS 645A.090 and the escrow agency or escrow agent fails, without reasonable cause, to remedy the violation within 20 business days after being ordered by the Commissioner to do so or within such later time as prescribed by the Commissioner, or if the Commissioner orders an escrow agency or escrow agent to provide information, make a report or permit an examination of the books or affairs of the escrow agency or escrow agent pursuant to this chapter or chapter 645A of NRS and the escrow agency or escrow agent fails, without reasonable cause, to comply with the order within 20 business days or within such later time as prescribed by the Commissioner, the Commissioner may:

     (a) Suspend or revoke the license of the escrow agency or escrow agent; and

     (b) Conduct a hearing to determine whether the escrow agency is conducting business in an unsafe and injurious manner that may result in danger to the public and whether it is necessary for the Commissioner to take possession of the property of the escrow agency pursuant to NRS 645A.140.

     2. In no case is a licensee entitled to a hearing for the imposition of disciplinary action by the Commissioner, unless, within 20 days after receiving a written notice, the licensee requests a hearing from the Commissioner in the manner set forth in the written notice from the Commissioner.

     3. If the licensee fails to timely request a hearing, the Commissioner will enter a final order imposing disciplinary action as set forth in the notice sent to the licensee.

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