NAC645B.300. Application for licensing; association with or employment by mortgage broker or mortgage banker; investigation of background; confidentiality of certain documents; termination of association or employment.

     1. In addition to the requirements set forth in NRS 645B.410, an applicant for a license as a mortgage agent must include with the application for a license:

     (a) Evidence that the applicant is 18 years of age or older;

     (b) Evidence that the applicant has satisfied the educational and examination requirements set forth in applicable federal or state law or regulation, including, without limitation, the S.A.F.E. Mortgage Licensing Act and any regulation adopted pursuant thereto; and

     (c) A record of personal history and experience in a form prescribed by the Division.

     2. A mortgage broker or mortgage banker, and any mortgage agent, must sign the application for licensing required pursuant to NRS 645B.410.

     3. As regards the conduct of business within this State, a mortgage agent:

     (a) May associate with or be employed by a mortgage broker or mortgage banker at only one licensed office location of the mortgage broker or mortgage banker; and

     (b) While the mortgage agent associates with or is employed by a mortgage broker or mortgage banker, may not associate with or be employed by another mortgage broker or mortgage banker, an escrow agency licensed pursuant to chapter 645A of NRS, or any other entity that is exempt from the provisions of chapter 645B of NRS or whose office is located outside this State.

     4. Upon request of a mortgage broker or mortgage banker, the Commissioner may waive the requirement of an investigation of the credit history, criminal history and background of a mortgage agent if such an investigation has been conducted within the 6 months immediately preceding the date the application is submitted.

     5. An applicant for a license as a mortgage agent shall not be deemed to be licensed as a mortgage agent until the Commissioner has verified the information submitted by the applicant pursuant to applicable federal or state law or regulation and has notified the applicant that the information has been verified and that the records of the Division reflect activation of the license.

     6. The report of an investigation of the credit history, criminal history and background of a mortgage agent is confidential, and the Commissioner will release the report only pursuant to a valid subpoena or court order.

     7. The written statement of the circumstances surrounding the termination of a mortgage agent required by paragraph (b) of subsection 3 of NRS 645B.450 will be considered a public record.

     8. If a mortgage broker or mortgage banker terminates the association or employment of a mortgage agent for any reason, the mortgage broker or mortgage banker shall provide written notification of the termination to the mortgage agent not later than the third business day following the date of termination.

     (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; R058-08, 4-23-2009; R035-10, 7-22-2010)