NAC645E.280. Circumstances under which person is or is not considered to be making loan secured by lien on real property using his or her own money.

     1. A person makes a loan secured by a lien on real property using his or her own money if the loan is funded from one or more of the following sources:

     (a) The person’s cash, corporate capital or warehouse credit lines at a depository financial institution or other sources that are liability items on the person’s financial statements.

     (b) An affiliate’s cash, corporate capital or warehouse credit lines at a depository financial institution or other sources that are liability items on the affiliate’s financial statements for which the affiliate’s assets are pledged. As used in this paragraph, “affiliate” means another person who, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with the person making the loan.

     2. A person does not make a loan secured by a lien on real property using his or her own money if, after consummation of the loan, the person sells the loan, or an interest in the loan, to a person from whom he or she would not be authorized to accept money initially to fund the loan.

     (Added to NAC by Comm’r of Financial Institutions by R046-00, eff. 9-5-2000)