NAC645B.0086. “Insolvent” interpreted.

Latest version.

For the purposes of paragraph (a) of subsection 2 of NRS 645B.670, “insolvent” is interpreted to mean that the liabilities of a mortgage broker exceed his or her assets, as calculated by the Commissioner in accordance with generally accepted accounting principles, and the calculation:

1. Must exclude any intangible and any amount receivable by the mortgage broker that is related to the intangible; and

2. May exclude any shareholder debt that is subordinated.

(Added to NAC by Comm’r of Mortgage Lending by R035-10, eff. 7-22-2010)

                    
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