NAC645F.225. Grounds for refusal to issue license: Act or omission of certain persons; control by relative who is ineligible to be licensed.

     1. If an applicant is not a natural person, the Commissioner may refuse to issue a license to the applicant if the Commissioner has reasonable cause to believe that any person who will have an interest in the applicant as an owner, principal, partner, officer, director or trustee:

     (a) Is ineligible to be licensed as a covered service provider, foreclosure consultant or loan modification consultant or has committed any act or omission that would be cause for refusing to issue a license to that person as a covered service provider, foreclosure consultant or loan modification consultant; or

     (b) Is or would be subject to control by a relative who is ineligible to be licensed as a covered service provider, foreclosure consultant or loan modification consultant or has committed any act or omission that would be cause for refusing to issue a license to that relative as a covered service provider, foreclosure consultant or loan modification consultant.

     2. If an applicant is a natural person, the Commissioner may refuse to issue a license to the applicant if the Commissioner has reasonable cause to believe that the applicant is or would be subject to control by a relative who is ineligible to be licensed as a covered service provider, foreclosure consultant or loan modification consultant or has committed any act or omission that would be cause for refusing to issue a license to that relative as a covered service provider, foreclosure consultant or loan modification consultant.

     (Added to NAC by Comm’r of Mortgage Lending by R052-09, eff. 8-25-2009)