NAC645E.203. Qualifications of applicant: Compliance with federal and state law; licensure through Registry.

     1. Each applicant for a license issued pursuant to chapter 645E of NRS:

     (a) Shall comply with any applicable federal or state law or regulation, including, without limitation:

          (1) The provisions of the S.A.F.E. Mortgage Licensing Act and any regulation adopted pursuant thereto; and

          (2) Any applicable requirement pursuant to chapter 645B, 645E or 645F of NRS or any regulation adopted pursuant thereto, including, without limitation, any applicable requirement relating to:

               (I) A bond; or

               (II) A license for a loan processor or underwriter who is an independent contractor; and

     (b) Must be licensed with the Division through the Registry.

     2. As used in this section:

     (a) “Clerical or support duties” has the meaning ascribed to it in section 1503(4)(B) of the S.A.F.E. Mortgage Licensing Act.

     (b) “Loan processor or underwriter” means a natural person who performs clerical or support duties at the direction of and subject to the supervision and instruction of a person licensed, or exempt from licensing, under chapter 645B or 645E of NRS.

     (Added to NAC by Comm’r of Mortgage Lending by R038-10, eff. 7-22-2010)