NAC645F.670. Fiduciary obligation of licensee.

     1. In addition to any other duties set forth in this chapter or chapter 645F of NRS, any person licensed pursuant to this chapter and chapter 645F of NRS has a fiduciary obligation to a client.

     2. For the purposes of this section, a person’s fiduciary obligation does not impose a requirement to obtain access to products or services for a client other than those that are available to the person at the time of the transaction.

     3. As used in this section, “fiduciary obligation” means a duty of good faith and fair dealing, including, without limitation, the duty to:

     (a) Act in the client’s best interest;

     (b) Conduct only those services which are suitable for the client’s needs;

     (c) Disclose any financial, business, professional or personal interest the person has in conducting a transaction for the client;

     (d) Disclose any material fact that the person knows or should know may affect the client’s rights or interests or the ability to obtain the intended benefit from a transaction;

     (e) Provide an accounting to the client that lists all money received from the client; and

     (f) Exercise reasonable care in performing any other duty relating to the provision of services as a covered service provider, foreclosure consultant or loan modification consultant, as applicable.

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