NAC645F.270. Expiration of license; requirements for renewal of license; reinstatement of cancelled license.

     1. A license issued pursuant to this chapter and chapter 645F of NRS expires each year on July 1, unless it is renewed. The licensee may not renew the license until all fees, assessments and fines owed to the Commissioner are paid. To renew a license, the licensee must submit to the Commissioner on or before May 31 of each year:

     (a) An application for renewal that includes all information required by the Commissioner to determine that the licensee complies with the requirements of this chapter and chapter 645F of NRS;

     (b) If the licensee is a natural person, satisfactory proof that the licensee has attended at least the number of hours of approved courses of continuing education required by NAC 645F.505 in subject areas relevant to this chapter and chapter 645F of NRS, as determined by the Commissioner, during the 12 months immediately preceding the date on which the license expires; and

     (c) The fee required to renew the license as set forth in NAC 645F.315.

     2. If the licensee fails to submit any item required by subsection 1 to the Commissioner on or before May 31 of any year, the license is cancelled as of July 1 of that year. The Commissioner may reinstate a cancelled license within 6 months after its cancellation if the licensee submits to the Commissioner:

     (a) An application for renewal that complies with the requirements of this chapter and chapter 645F of NRS;

     (b) The fee required to renew the license as set forth in NAC 645F.315; and

     (c) The fee required to reinstate the license as set forth in NAC 645F.315.

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