NAC645F.400. Qualified employee: Designation and approval.

     1. If a licensee is not a natural person, the licensee must designate a natural person as a qualified employee to act on behalf of the licensee.

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

     (a) Is licensed in good standing pursuant to this chapter and chapter 645F of NRS;

     (b) Is designated by the licensee to act on behalf of the licensee and to supervise the conduct of the business of the licensee and any associated licensee employed by or otherwise associated with the licensee;

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

     (d) Has at least 2 years of verifiable experience working in the real estate, mortgage, foreclosure or loan modification industries or applicable financial or legal fields; and

     (e) Meets the requirements of subsection 3.

     3. If the licensee which is not a natural person is licensed as:

     (a) A covered service provider, the qualified employee designated pursuant to subsection 1 must be licensed as a covered service provider.

     (b) A foreclosure consultant, the qualified employee designated pursuant to subsection 1 must be licensed as a covered service provider or a foreclosure consultant.

     (c) A loan modification consultant, the qualified employee designated pursuant to subsection 1 must be licensed as a covered service provider, foreclosure consultant or loan modification consultant.

     4. 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 licensee 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 licensee that the initial qualified employee designated pursuant to subsection 1 is not approved; or

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

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

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