NAC645B.160. Money received to repay loans: Required statements and records.

A licensed mortgage broker maintaining any accounts described in subsection 4 of NRS 645B.175 shall:

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

     2. Keep monthly records reconciling all payments received on loans made by investors to such accounts and any subsequent disbursement to the investors.

     3. At least annually, provide to each investor:

     (a) A statement indicating all money collected and disbursed; and

     (b) The amortized balance of each loan in which the investor has an interest.

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

     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)