NAC645B.367. Requirements for initial licensure.

     1. A natural person who is an applicant for an initial license as a mortgage broker or mortgage agent must complete at least 30 hours of instruction in approved courses from the subjects set forth in NAC 645B.363.

     2. The 30 hours of instruction required pursuant to subsection 1 must include:

     (a) Three hours of ethics, which must include instruction on fraud, consumer protection and fair lending issues;

     (b) Three hours of federal law and regulations relating to mortgage lending;

     (c) Two hours of training relating to lending standards for the nontraditional mortgage product marketplace;

     (d) Four hours of Nevada law and regulations relating to mortgage lending; and

     (e) Eighteen hours of electives.

     3. Nothing in this section precludes any approved course that is provided by the employer of the applicant, an entity which is affiliated with the applicant by an agency contract or any subsidiary or affiliate of such employer or entity.

     4. The Commissioner may accept any hours of training completed in fulfillment of the requirements for a license for another state as hours of training for an initial license in this State if the Commissioner determines that those hours of training meet the requirements of this State.

     (Added to NAC by Comm’r of Mortgage Lending by R093-09, eff. 10-27-2009; A by R035-10, 7-22-2010)

Notation

REVISER’S NOTE.

      The regulation of the Commissioner of Mortgage Lending filed with the Secretary of State on July 22, 2010 (LCB File No. R035-10), which amended this section, contains the following provision not included in NAC:

      “Notwithstanding any other provision of this regulation, any natural person who completed the requirements of section 6 of LCB File No. R093-09 [NAC 645B.367], which was adopted by the Commissioner of Mortgage Lending and filed with the Secretary of State on October 27, 2009, before July 22, 2010, through courses approved by the Division of Mortgage Lending of the Department of Business and Industry or the Nationwide Mortgage Licensing System and Registry does not have to complete those requirements again. The Division shall certify to the Registry that the natural person previously met those requirements.”