NRS 319.230
Loans to or purchase of securities from lending institutions

  • collateral.

1.

The Division may:

(a)

Make loans to lending institutions under terms and conditions requiring the proceeds of the loans to be used by the lending institutions for the making of new mortgage loans for residential housing;

(b)

Purchase securities from lending institutions under terms and conditions requiring that the securities finance mortgage loans for residential housing;

(c)

Require that loans to or securities purchased from lending institutions be additionally secured as to payment of both principal and interest by a pledge of and lien upon collateral security in such amounts and consisting of such obligations, securities, and mortgage loans as the Administrator determines to be necessary to assure the payment of the loans or securities purchased and the interest on them as they become due.

2.

The Division may require in the case of any lending institution that any required collateral be lodged with a bank or trust company, located either within or outside the State, designated by the Division as custodian therefor. In the absence of this requirement, a lending institution shall, if collateral is to be provided for the loan or securities purchased, upon receipt of the proceeds from the Division, enter into an agreement with the Division containing any provisions the Division deems necessary to identify adequately and maintain and service the collateral and providing that the lending institution shall hold the collateral as trustee for the benefit of the Division and shall be held accountable as the trustee of an express trust for the application and disposition thereof and the income therefrom solely to the uses and purposes in accordance with the provisions of the agreement. A copy of the agreement and any of its revisions or supplements, which revisions or supplements may add to, delete from, or substitute items of collateral pledged by the agreement, must be filed with the Secretary of State. The filing shall be deemed to perfect the security interest of the Division in the collateral and no filing, recording, possession or other action required under any other law of this state is necessary, and the lien and trust for the benefit of the Division so created is binding from the time made against all parties having any prior unperfected claim or claims of any kind in tort, contract or otherwise or any subsequent security interests against the lending institution. The Division may also establish any additional requirements the Administrator deems necessary with respect to the pledging, assigning, setting aside or holding of the collateral and the making of substitutions for it or additions to it and the disposition of income and receipts from it.

3.

The Division may collect, enforce the collection of and foreclose on any collateral securing its loan to or purchase of securities from lending institutions and acquire or take possession of the collateral and sell the collateral at public or private sale, with or without public bidding, and otherwise deal with the collateral as may be necessary to protect the interest of the Division in it, all subject to any agreement with bondholders or noteholders.

Source: Section 319.230 — Loans to or purchase of securities from lending institutions; collateral., https://www.­leg.­state.­nv.­us/NRS/NRS-319.­html#NRS319Sec230.

319.020
Legislative findings and declaration
319.030
Definitions.
319.040
“Administrator” defined.
319.042
“Affordable housing” defined.
319.045
“Collateralized mortgage obligation” defined.
319.050
“Division” defined.
319.060
“Eligible family” defined.
319.070
“Governmental agency” defined.
319.090
“Lending institution” defined.
319.100
“Mortgage” defined.
319.110
“Mortgage loan” defined.
319.115
“Person with a disability” defined.
319.120
“Real property” defined.
319.130
“Residential housing” defined.
319.135
“Sponsor” defined.
319.140
General powers and duties of Division
319.141
Housing Advocate: Creation of position
319.143
Division required to create and maintain statewide low-income housing database
319.145
Designation as housing credit agency
319.147
Certification of assisted living facilities: Requirements
319.167
Division may enter into instruments, agreements and other transactions for certain purposes.
319.169
Account for Housing Inspection and Compliance: Creation
319.170
Funds and accounts
319.171
Investment in collateralized mortgage obligations or trusts.
319.172
Authority to make loans of investment securities.
319.173
Advisory Committee on Housing: Creation
319.174
Advisory Committee on Housing: Creation
319.190
Authority to make loans and issue letters of credit.
319.200
Terms and conditions of mortgage loan.
319.210
Investment in mortgages.
319.220
Mortgages in default: Foreclosure
319.230
Loans to or purchase of securities from lending institutions
319.235
Financing rental sites for mobile homes and equipment for conservation of energy in residential dwelling units.
319.240
Lending fees and charges.
319.250
Insurance.
319.260
Prerequisites to financing residential housing.
319.265
Requirements for regulations adopted by Division that establish program for financing certain residential housing projects.
319.267
Duty of certain owners of residential housing to submit quarterly report to Aging and Disability Services Division of Department of Health and Human Services.
319.270
Notes and bonds: Issuance
319.290
Notes and bonds: Pledges as security.
319.300
Bonds: Trust indentures as security.
319.310
Notes and bonds: Guarantees of payment.
319.320
Notes and bonds: Redemption
319.323
Issuance of collateralized mortgage obligations
319.325
Division may provide that bonds, notes or loans be insured or secured
319.327
Exemption of interest on Division’s bonds from federal income taxation: Waiver
319.330
Refunding obligations: Issuance, sale and exchange.
319.340
Bond reserve funds: Establishment
319.350
Bond reserve funds: Limitations.
319.360
Bond reserve funds: Purpose
319.370
Remedies of bondholders and noteholders.
319.380
Pledge against impairment of holders’ rights and remedies
319.390
Notes and bonds as legal investments.
319.500
Creation
319.510
Use and distribution of money in Account.
319.520
Regulations concerning distribution and use of money in Account
319.530
Pets must be allowed in housing acquired, constructed or rehabilitated with money from Account
319.900
False statements
Last Updated

Feb. 5, 2021

§ 319.230’s source at nv​.us