NAC645B.150. Money received to acquire loans: Required statements and ledgers.

A licensed mortgage broker maintaining any accounts described in subsection 1 of NRS 645B.175 shall:

     1. Provide to the Commissioner a financial statement of the account or accounts in accordance with NAC 645B.165.

     2. Maintain a subsidiary ledger for each investor which must include:

     (a) The name and address of the investor;

     (b) The amount of the initial investment and the amount of any subsequent investment;

     (c) The date of any investment placed with the licensee by the investor;

     (d) Each specific loan invested in, including:

          (1) The number of the loan;

          (2) The name of the borrower;

          (3) The closing date of the loan; and

          (4) The percentage of the loan owned by the investor, if the loan is owned by more than one person;

     (e) The date of the investment;

     (f) The amount of money invested;

     (g) The maturity date of the loan or loans made;

     (h) Any change in the investment made on behalf of the investor; and

     (i) The status of each loan, including whether the loan is current or delinquent, and if the loan is delinquent, the number of months it is past due.

     3. At least annually, provide each investor with a statement which details:

     (a) The total amount he or she has invested with the mortgage broker;

     (b) The amount he or she has invested in a loan or loans; and

     (c) The current status of the loan or loans.

Ê The statement, if annual, must be provided to the investor not later than 120 days after the end of the fiscal year of the mortgage broker.

     4. At the discretion of the Commissioner, for each loan, maintain the account or accounts separate and apart from any other money held in trust by the mortgage broker.

     (Added to NAC by Comm’r of Financial Institutions, eff. 5-27-92; A by R045-00, 9-5-2000; A by Comm’r of Mortgage Lending by R055-08 & R058-08, 4-23-2009)