NAC645F.695. Foreclosure purchases: Waiver of provisions and limitation of liability of licensee prohibited; mandatory arbitration voidable by homeowner.

     1. A foreclosure purchaser shall not attempt to induce a homeowner to waive any of the provisions of NAC 645F.675 to 645F.690, inclusive, or otherwise attempt to limit the liability of the foreclosure purchaser. Except as otherwise provided in this subsection, any waiver by a homeowner of the provisions of NAC 645F.675 to 645F.690, inclusive, or limitation of liability, is void and unenforceable. A waiver of the right to cancel is not void and unenforceable if the residence is subject to a foreclosure sale within the 3 business days provided for cancellation in NAC 645F.690 and the homeowner agrees to waive the right to cancel in a handwritten statement signed by the homeowner.

     2. Any provision in a contract which attempts or purports to require arbitration of any dispute arising under NAC 645F.675 to 645F.690, inclusive, is voidable at the option of the homeowner.

     (Added to NAC by Comm’r of Mortgage Lending by R052-09, 8-25-2009, eff. 10-1-2009)