NAC645B.009. Deposits, disclosures and appraisals: Interpretation of certain statutory terms.

     1. The Commissioner will not consider escrow instructions to have been “approved by the parties” within the meaning of subparagraph (2) of paragraph (a) of subsection 1 of NRS 645B.175 if the instructions:

     (a) Are signed by the mortgage broker as attorney-in-fact for any investor with an interest in the loan; and

     (b) Direct that all money relating to the transaction, except money for charges or fees due the mortgage broker, be paid to an owner, partner, director, officer, manager, member or employee of the mortgage broker or a relative of an owner, partner, director, officer, manager, member or employee of the mortgage broker.

     2. The Commissioner will consider “money paid to a mortgage broker and his or her mortgage agents by a person in full or in partial payment of a loan” within the meaning of subsection 4 of NRS 645B.175 to include money paid to a mortgage broker or his or her mortgage agents by a person pursuant to written escrow instructions if the payment represents money paid in full or in partial repayment of a loan secured by a lien on real property.

     3. The Commissioner will consider a mortgage broker or mortgage agent to “accept money from an investor to acquire ownership of or a beneficial interest in a loan secured by a lien on real property” within the meaning of NRS 645B.185 and 645B.300 if the mortgage broker or mortgage agent:

     (a) Receives money from an investor to acquire ownership of or a beneficial interest in a loan secured by a lien on real property; or

     (b) Arranges for the investor to pay money to a third party to invest in a loan secured by a lien on real property.

     (Added to NAC by Comm’r of Financial Institutions by R045-00, eff. 9-5-2000; A by Comm’r of Mortgage Lending by R087-04, 8-31-2004)—(Substituted in revision for part of NAC 645B.220)