NAC645B.165. Money received to acquire or repay loans: Required financial statements.

     1. A licensed mortgage broker maintaining any accounts described in subsection 1 or 4 of NRS 645B.175 shall, not later than 120 days after the end of the fiscal year for the mortgage broker, provide to the Commissioner an annual financial statement of the account or accounts, which has been:

     (a) Prepared from the books and records of the mortgage broker by an independent public accountant who holds an active permit to engage in the practice of public accounting in this State; and

     (b) Audited in accordance with generally accepted auditing standards.

     2. A financial statement of the account or accounts required pursuant to this section must include, if applicable:

     (a) A statement of the balance and liabilities of each trust account;

     (b) A statement of all receipts for, disbursements from and changes in cash balances of each trust account;

     (c) A supplementary schedule of the liabilities of each trust account; and

     (d) A reconciliation of cash balance of each trust account to the supplementary schedule of the liabilities of each trust account.

     3. The Commissioner will make available an approved format and sample content for the statements required pursuant to this section. Mortgage brokers shall submit the statements in substantially the same format as the approved forms.

     4. In addition to the annual financial statement of the account or accounts required pursuant to subsection 1, not later than 60 days after the last day of each fiscal year for a mortgage broker, and every 6 months thereafter, the mortgage broker shall submit to the Commissioner an unaudited financial statement of the account or accounts. The financial statement required pursuant to this subsection may be self-prepared.

     5. Except as otherwise provided in this subsection, the Commissioner may grant a reasonable extension, not to exceed 30 days, for the submission of a financial statement of the account or accounts pursuant to this section if a mortgage broker requests such an extension in writing before the date on which the financial statement is due. Upon written request, the Commissioner may, for good cause, grant in writing an additional extension, not to exceed 30 days, of the period for the submission of a financial statement.

     (Added to NAC by Comm’r of Mortgage Lending by R055-08, eff. 4-23-2009)