NAC645F.700. Foreclosure purchases: Prohibited acts.

     1. A foreclosure purchaser shall not represent, directly or indirectly, that the foreclosure purchaser is:

     (a) Acting as an advisor or consultant to the homeowner, or in any other manner represent that the foreclosure purchaser is acting on behalf of the homeowner;

     (b) Licensed or certified by any entity or organization unless the foreclosure purchaser has such a license or certification; or

     (c) Assisting the homeowner to “save the home” or use a substantially similar phrase.

     2. A foreclosure purchaser shall not make any false statement, directly or indirectly, regarding the amount of proceeds the homeowner will receive after a foreclosure sale, any contract term, or the homeowner’s rights or obligations incident to or arising out of the foreclosure reconveyance.

     3. A foreclosure purchaser shall not do any of the following until the time during which the homeowner may cancel the transaction has fully elapsed:

     (a) Accept from a homeowner an execution of, or induce any homeowner to execute, any instrument of conveyance of any interest in the residence;

     (b) Record with the county recorder any document, including, but not limited to, any instrument of conveyance, signed by the homeowner;

     (c) Transfer or encumber or purport to transfer or encumber any interest in the residence to or for the benefit of any third party; or

     (d) Pay the homeowner any consideration.

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