NAC645E.220. Branch office: Prerequisites and name for issuance of license; display of license; responsibilities of mortgage banker; conditional approval; effect of failure to respond to written request for information.

     1. An applicant must submit with his or her application for a license for a branch office:

     (a) The name, residence address and telephone number of a qualified employee designated to manage the branch office; and

     (b) The name of each mortgage agent who intends to work at the branch office.

     2. The Commissioner will approve an application for a license for a branch office if:

     (a) The principal office of the mortgage company has been examined by the Commissioner and has received at least a satisfactory rating during the preceding 12 months.

     (b) The Commissioner approves the qualified employee designated to manage the branch office. The Commissioner will not approve a qualified employee to manage a branch office if the qualified employee manages or has been designated and approved to manage another office.

     3. The Commissioner may waive the requirements of subsection 2 upon good cause shown.

     4. A license for a branch office may be issued only in the name in which the mortgage banker is licensed to conduct business at its principal office.

     5. Each branch office must conspicuously display its license at the branch office.

     6. A mortgage banker is responsible for and shall supervise:

     (a) Each branch office of the mortgage banker; and

     (b) Each qualified employee and mortgage agent authorized to conduct mortgage lending activity at a branch office of the mortgage banker.

     7. The Commissioner may require that an applicant meet the requirements of the S.A.F.E. Mortgage Licensing Act.

     8. If an applicant has received a letter of conditional approval of his or her application for a license for a branch office from the Division which imposes additional requirements that the applicant must satisfy to obtain a license, the applicant must comply with those requirements within 30 days after the date on which the letter was issued by the Division. If the applicant does not satisfy all additional requirements set forth in the letter within the period prescribed in this subsection, the conditional approval of the application shall be deemed to have expired and the applicant must reapply to obtain a license. The Commissioner may, for good cause, extend the 30-day period prescribed in this subsection.

     9. An application shall be deemed abandoned if the applicant fails to respond to any written request for information by the Division within 30 days after the date of the request.

     (Added to NAC by Comm’r of Financial Institutions by R046-00, eff. 9-5-2000; A by Comm’r of Mortgage Lending by R088-04, 8-25-2004; R053-08, 4-23-2009; R038-10, 7-22-2010)