NAC645E.310. Qualified employee: Designation and approval.

     1. Every person, other than a natural person, doing business as a mortgage banker in this State shall designate a natural person as a qualified employee who may, upon approval by the Commissioner, act on behalf of the mortgage banker.

     2. The Commissioner will approve the qualified employee designated pursuant to subsection 1 if the qualified employee is a natural person who:

     (a) Is licensed in good standing as a mortgage agent pursuant to NRS 645B.410;

     (b) Is designated by a mortgage banker to act on behalf of the mortgage banker and to supervise the conduct of the business of the mortgage banker and the mortgage agents associated with or employed by the mortgage banker;

     (c) Will be present at the licensed office location for which he or she is the qualified employee the majority of the time that the office is open to the public; and

     (d) Has met the requirements of the S.A.F.E. Mortgage Licensing Act.

     3. If the qualified employee designated pursuant to subsection 1 is not approved by the Commissioner pursuant to subsection 2 or ceases to be a qualified employee, the mortgage banker shall designate another qualified employee pursuant to subsection 1 not later than:

     (a) Thirty calendar days after the date that:

          (1) The Commissioner notifies the mortgage banker that the initial qualified employee designated pursuant to subsection 1 is not approved; or

          (2) The qualified employee ceases to be a qualified employee pursuant to this section; or

     (b) A date after the date described in paragraph (a) if agreed to by the Commissioner.

     (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; R038-10, 7-22-2010)