NRS 645B.115
Minimum net worth required for certain mortgage companies

  • initial and annual determination of net worth
  • examination by Commissioner
  • regulations.

1.

If a mortgage broker maintains any accounts described in NRS 645B.175, the mortgage broker and his or her mortgage agents shall not engage in any activity that is authorized pursuant to this chapter, unless the mortgage broker maintains continuously a minimum net worth in the following amount based upon the average monthly balance of the accounts maintained by the mortgage broker pursuant to NRS 645B.175:
[Text not available]
AVERAGE MONTHLY BALANCE MINIMUM NET
WORTH REQUIRED
$100,000 or less.................................................................................................. $25,000
More than $100,000 but not more than $250,000............................................ 50,000
More than $250,000 but not more than $500,000.......................................... 100,000
More than $500,000 but not more than $1,000,000....................................... 200,000
More than $1,000,000........................................................................................ 250,000
[Text not available]
The Commissioner shall determine the appropriate initial minimum net worth that must be maintained by the mortgage broker pursuant to this section based upon the expected average monthly balance of the accounts maintained by the mortgage broker pursuant to NRS 645B.175. After determining the initial minimum net worth that must be maintained by the mortgage broker, the Commissioner shall, on an annual basis, determine the appropriate minimum net worth that must be maintained by the mortgage broker pursuant to this section based upon the average monthly balance of the accounts maintained by the mortgage broker pursuant to NRS 645B.175.

2.

If requested by the Commissioner, a mortgage broker who is subject to the provisions of this section and his or her mortgage agents shall submit to the Commissioner or allow the Commissioner to examine any documentation or other evidence that is related to determining the net worth of the mortgage broker.

3.

The Commissioner:

(a)

Shall adopt regulations prescribing standards for determining the net worth of a mortgage broker; and

(b)

May adopt any other regulations that are necessary to carry out the provisions of this section.

Source: Section 645B.115 — Minimum net worth required for certain mortgage companies; initial and annual determination of net worth; examination by Commissioner; regulations., https://www.­leg.­state.­nv.­us/NRS/NRS-645B.­html#NRS645BSec115.

Last Updated

Feb. 5, 2021

§ 645B.115’s source at nv​.us