NRS 645B.0147
Fiduciary obligation of licensee to client.

1.

In addition to any other duties set forth in this chapter, any person licensed pursuant to this chapter has a fiduciary obligation to a client.

2.

For the purposes of this section, a person’s fiduciary obligation does not impose a requirement to offer or obtain access to loan products or services for a client other than those that are offered by the person at the time of the transaction.

3.

As used in this section, “fiduciary obligation” means a duty of good faith and fair dealing, including, without limitation, the duty to:

(a)

Act in the client’s best interest;

(b)

Conduct only those mortgage transactions which are suitable for the client’s needs;

(c)

Disclose any financial, business, professional or personal interest the person has in conducting a mortgage transaction for the client;

(d)

Disclose any material fact that the person knows or should know may affect the client’s rights or interests or the ability to obtain the intended benefit from the mortgage transaction;

(e)

Provide an accounting to the client that lists all money and property received from the client;

(f)

Not accept or collect any fee for services rendered unless the fee was disclosed to the client before the service is provided; and

(g)

Exercise reasonable care in performing any other duty relating to a mortgage transaction.
APPLICABILITY OF CHAPTER: EXEMPTIONS

Source: Section 645B.0147 — Fiduciary obligation of licensee to client., https://www.­leg.­state.­nv.­us/NRS/NRS-645B.­html#NRS645BSec0147 (accessed May 26, 2025).

645B.010
Definitions. 645B.012
“Institutional investor” defined. 645B.0102
“Applicant” defined. 645B.0104
“Clerical or ministerial tasks” defined. 645B.0105
“Commissioner” defined. 645B.0107
“Construction control” defined. 645B.0109
“Depository financial institution” defined. 645B.0111
“Division” defined. 645B.0112
“Dwelling” defined. 645B.0113
“Escrow agency” defined. 645B.0115
“Escrow agent” defined. 645B.0117
“Escrow officer” defined. 645B.0119
“Financial services license or registration” defined. 645B.0121
“Investor” defined. 645B.0123
“Licensee” defined. 645B.0124
“Loan processor” defined. 645B.0125
“Mortgage loan originator” defined. 645B.0127
“Mortgage company” defined. 645B.0128
“Nationwide Mortgage Licensing System and Registry” and “Registry” defined. 645B.0129
“Policy of title insurance” defined. 645B.0131
“Relative” defined. 645B.0132
“Residential mortgage loan” defined. 645B.0133
“Title agent” defined. 645B.0135
“Title insurer” defined. 645B.0137
Requirements for initial licensing as mortgage company or mortgage loan originator 645B.0138
Courses of continuing education 645B.0145
Statutory and common-law rights, remedies and punishments unaffected 645B.0147
Fiduciary obligation of licensee to client. 645B.01043
“Commercial mortgage loan” defined. 645B.01047
“Commercial property” defined. 645B.01125
“Employee” defined. 645B.01245
“Majority of the investors” defined. 645B.01305
“Private investor” defined. 645B.01325
“Residential mortgage loan originator” defined. 645B.01356
“Wholesale lender” defined.

May 26, 2025

§ 645B.0147. Fiduciary obligation of licensee to client.'s source at nv​.us