NAC645F.825. Persons entitled to correct unsafe conditions and practices; effect of failure to correct; receivership and liquidation of assets.

     1. If the Commissioner takes possession of the property of a licensee as set forth in NAC 645F.820, the licensee or any officers, directors, partners, associates or stockholders of the licensee may, within 60 days after the date on which the Commissioner takes possession of the property, make good any deficit in the assets or capital of the licensee or remedy any unsafe and injurious conditions or practices of the licensee.

     2. At the expiration of the 60-day period, if the deficiency in assets or capital has not been made good or the unsafe and injurious conditions or practices remedied, the Commissioner may apply to the court to be appointed receiver and proceed to liquidate the assets of the licensee which are located in this State in the same manner as now provided by law for liquidation of a private corporation in receivership.

     3. No other person may be appointed receiver by any court without first giving the Commissioner ample notice of his or her application.

     4. The inventory made by the Commissioner and all claims filed by creditors are open at all reasonable times for inspection, and any action taken by the receiver upon any of the claims is subject to the approval of the court before which the case is pending.

     5. The expenses of the receiver and compensation of counsel, as well as all expenditures required in the liquidation proceedings, must be fixed by the Commissioner subject to the approval of the court and, upon certification of the Commissioner, must be paid out of the money in the Commissioner’s hands as the receiver.

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