NAC645F.450. Rating of licensee upon completion of examination.

Upon completion of an examination of a licensee, the examiner shall rate the licensee on a scale of “1” to “5,” as follows:

     1. A rating of “1” indicates that the licensee and the management of the licensee, if any, have demonstrated a high degree of compliance with applicable laws and regulations. A rating of “1” may be given if there is a minor violation or deficiency, but only if the licensee acted to correct the violation or deficiency immediately and the action taken by the licensee is likely to prevent future violations or deficiencies.

     2. A rating of “2” indicates that the licensee and the management of the licensee, if any, have demonstrated substantial compliance with applicable laws and regulations and that any deficiencies noted in the report made by the examiner pursuant to NAC 645F.455 can be corrected by the licensee with a minimum of regulatory supervision. A rating of “2” may be given if there is more than one minor violation or deficiency, but only if the licensee acted to correct the violations or deficiencies immediately and the action taken by the licensee is likely to prevent future violations or deficiencies.

     3. A rating of “3” indicates that the licensee and the management of the licensee, if any, have demonstrated less than satisfactory compliance with applicable laws and regulations and that regulatory supervision is required for the correction of the violations and deficiencies noted in the report made by the examiner pursuant to NAC 645F.455. A rating of “3” may be given if there were minor violations or deficiencies from a previous examination that were not corrected.

     4. A rating of “4” indicates that the licensee and the management of the licensee, if any, have demonstrated substantial lack of compliance with applicable laws and regulations and that immediate remedial action is required for the correction of the violations and deficiencies noted in the report made by the examiner pursuant to NAC 645F.455. The licensee will be subject to close regulatory supervision, and the examiner will recommend disciplinary action against the licensee to the Commissioner.

     5. A rating of “5” indicates that the licensee and the management of the licensee, if any, have demonstrated unsatisfactory compliance with applicable laws and regulations and that immediate remedial action is required for the correction of the violations and deficiencies noted in the report made by the examiner pursuant to NAC 645F.455 and may include action by the Commissioner to take possession of the business and assets of the licensee. The examiner will recommend disciplinary action against the licensee to the Commissioner.

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