NAC645B.210. Disclosure of involvement.

     1. If an owner, partner, director, officer, manager, member or employee of a licensed mortgage broker, or a relative of an owner, partner, director, officer, manager, member or employee of a licensed mortgage broker:

     (a) Has any personal involvement in a lending or borrowing transaction of the mortgage broker which is authorized under chapter 645B of NRS; or

     (b) Is licensed as, conducts business as or holds a controlling interest or position in:

          (1) A construction control;

          (2) An escrow agency or escrow agent; or

          (3) A title agent, a title insurer or an escrow officer of a title agent or title insurer,

Ê the involvement must be disclosed to the borrower and the investor before the date that the loan is consummated. Such a disclosure must be separate from the documents of the transaction and must clearly and concisely state the nature of the involvement. The statement of disclosure must be signed by the borrower and the investor as an acknowledgment of the involvement. The mortgage broker shall not act as the attorney in fact or the agent of an investor with respect to signing the acknowledgment.

     2. If a mortgage broker is owned by a corporation in which one owner, director, manager or employee owns an interest of 10 percent or more, and that person has any personal involvement in a licensed transaction of the mortgage broker, the involvement must be disclosed to the borrower and the investor pursuant to subsection 1.

     [Comm’r of Savings Associations, Mortgage Reg. § 13, eff. 6-29-82]—(NAC A by Comm’r of Financial Institutions by R045-00, 9-5-2000)—(Substituted in revision for NAC 645B.130)