NAC645B.057. Change in ownership, control, management, principal employees or principal or branch office.

     1. Any material change in the management or principal employees of a mortgage broker at his or her principal office or a branch office must be reported to the Commissioner within 30 calendar days after the change.

     2. Any material change in the ownership or any change of control of a mortgage broker at his or her principal office or a branch office must be approved by the Commissioner. An application for approval of a change of ownership or a change of control must be submitted to the Commissioner on a form prescribed by the Division not later than 30 days before the proposed change.

     3. If a person acquires stock or ownership in a mortgage broker as a result of a transfer that constitutes a change of control pursuant to NRS 645B.095:

     (a) A financial statement or a personal interrogatory, or both, of the prospective owner, partner, corporate shareholder, manager or employee must be submitted to the Commissioner for his or her consideration;

     (b) The person may not participate in the management of the mortgage broker until the Commissioner has approved the transfer; and

     (c) The mortgage broker may not change the location of his or her principal office or branch office until the Commissioner has approved the transfer.

     4. A mortgage broker may not close his or her principal office or a branch office until:

     (a) The mortgage broker has returned his or her license; and

     (b) The Commissioner has approved the closure.

     5. The request for approval of the closure of the principal office of the mortgage broker or a branch office must contain the following information:

     (a) The status of any incomplete applications for mortgage loans and the manner in which the loans will be finalized;

     (b) An accounting of any trust account maintained by the mortgage broker and the plan for distribution of money in the account;

     (c) If any mortgage agent associated with or employed by the mortgage broker has been terminated pursuant to subsection 3 of NRS 645B.450, evidence of the termination; and

     (d) In regard to the records of the mortgage broker maintained pursuant to subsection 1 of NRS 645B.080 and subsection 5 of NAC 645B.080:

          (1) The address where the records will be maintained; and

          (2) The name, telephone number and mailing address of the person who will be responsible for the maintenance of the records.

     6. The Commissioner may require the person acquiring stock or ownership in a mortgage broker pursuant to subsection 2 to meet the requirements of the S.A.F.E. Mortgage Licensing Act, including, without limitation, submitting information to the Registry.

     7. As used in this section, “change of control” has the meaning ascribed to it in NRS 645B.095.

     [Comm’r of Savings Associations, Mortgage Reg. § 4, eff. 6-29-82]—(NAC A by Admstr. of Financial Institutions, 6-29-84; A by Comm’r of Financial Institutions by R045-00, 9-5-2000; A by Comm’r of Mortgage Lending by R058-08, 4-23-2009; R035-10, 7-22-2010)