NAC645B.055. Qualified employee: Designation and approval.

     1. Every person, other than a natural person, doing business as a mortgage broker in this State shall designate a natural person as a qualified employee who may, upon approval of the Commissioner, act on behalf of the mortgage broker.

     2. The Commissioner will approve the qualified employee designated pursuant to subsection 1 if the qualified employee is a natural person who:

     (a) Is licensed in good standing as a mortgage agent;

     (b) Is designated by a mortgage broker to act on behalf of the mortgage broker and to supervise the conduct of the business of the mortgage broker and the mortgage agents associated with or employed by the mortgage broker;

     (c) Will be present at the licensed office location for which he or she is the qualified employee the majority of the time that the office is open to the public;

     (d) Is a resident of this State or is a border state employee; and

     (e) Has met the requirements of the S.A.F.E. Mortgage Licensing Act.

     3. If the qualified employee designated pursuant to subsection 1 is not approved by the Commissioner pursuant to subsection 2 or ceases to be a qualified employee as defined in NAC 645B.008, the mortgage broker shall designate another qualified employee pursuant to subsection 1 not later than:

     (a) Thirty calendar days after the date that:

          (1) The Commissioner notifies the mortgage broker that the initial qualified employee designated pursuant to subsection 1 is not approved; or

          (2) The qualified employee ceases to be a qualified employee as defined in NAC 645B.008; or

     (b) A date after the date described in paragraph (a) if agreed to by the Commissioner.

     4. As used in this section, “border state employee” has the meaning ascribed to it in NRS 482.012.

     (Added to NAC by Comm’r of Financial Institutions by R045-00, eff. 9-5-2000; A by Div. of Mortgage Lending by R123-08, 4-23-2009; A by Comm’r of Mortgage Lending by R035-10, 7-22-2010)