NAC645B.280. Power of attorney: Submission to and action by Commissioner; maintenance of written communications; extension of term; inclusion of date of approval.

     1. Before a mortgage broker or mortgage agent engages in any act or transaction on behalf of an investor pursuant to a power of attorney, the power of attorney must first be submitted to the Commissioner for approval. The Commissioner will, within 15 business days after receiving a request for approval of a power of attorney:

     (a) Approve the power of attorney;

     (b) Approve the power of attorney on the condition that the mortgage broker amend the power of attorney as directed by the Commissioner;

     (c) Reject the power of attorney; or

     (d) Provide notice in writing to the person who requested the power of attorney that an additional period of time, not to exceed 15 business days, is needed by the Commissioner to act on the request for approval of the power of attorney.

     2. The mortgage broker shall maintain in his or her file all written communications relating to the request for approval of the power of attorney.

     3. Any writing executed or issued by a person extending the term of a power of attorney must be dated, and the mortgage broker shall maintain a copy of the extension in the file of the mortgage broker.

     4. A power of attorney approved by the Commissioner pursuant to this section must state the date that the Commissioner approved the power of attorney. If the mortgage broker materially changes the power of attorney, the mortgage broker must resubmit the power of attorney to the Commissioner for approval before the mortgage broker uses the power of attorney.

     (Added to NAC by Comm’r of Financial Institutions by R045-00, eff. 9-5-2000; A by Comm’r of Mortgage Lending by R087-04, 8-31-2004)