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.