NAC645B.002. “Affiliated business” defined.

Latest version.

     1. “Affiliated business” means a business which a mortgage broker or any general partner, officer, director or employee of the mortgage broker:

     (a) Directly or indirectly owns or controls a controlling interest of the business;

     (b) Is a partner, officer, director or trustee of the business; or

     (c) Conducts the operation of the business.

     2. As used in this section, “controlling interest” means a majority of the voting stock of a business or any other interest in a business that gives the holder of the interest the power to direct the management or to determine the policy of the business.

(Added to NAC by Comm’r of Mortgage Lending by R087-04, eff. 8-31-2004)

                    
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