NRS 598D.120
Repurchase of home loan by lender who sold home loan.


1.

If an action has been filed in a court of competent jurisdiction claiming an unfair lending practice in connection with a home loan, the lender who holds the home loan may sell the home loan and recover damages and costs as provided in this section if the lender did not:

(a)

Originate the home loan; and

(b)

Willfully engage in any unfair lending practice described in this chapter in connection with the home loan.

2.

The lender described in subsection 1 may require the person from whom the lender purchased the home loan described in subsection 1 to:

(a)

Repurchase the home loan for the amount the lender paid for the home loan; and

(b)

Pay to the lender all damages and reasonable costs incurred by the lender that are related to:

(1)

The purchase of the home loan by the lender from the person;

(2)

Any damages awarded in the action described in subsection 1;

(3)

Any costs related to the action described in subsection 1;

(4)

The repurchase of the home loan by the lender if the lender was required to repurchase the home loan from another lender pursuant to this section; and

(5)

The repurchase of the home loan from the lender by the person pursuant to this section.

3.

The person described in subsection 2:

(a)

Shall repurchase the home loan and pay the damages and costs as described in subsection 2; and

(b)

After repurchasing the home loan, may sell the home loan and recover damages and costs as provided in this section if he or she is a lender described in subsection 1.

Source: Section 598D.120 — Repurchase of home loan by lender who sold home loan., https://www.­leg.­state.­nv.­us/NRS/NRS-598D.­html#NRS598DSec120.

Last Updated

Feb. 5, 2021

§ 598D.120’s source at nv​.us