NRS 645B.018
Exemptions for certain loans: Grounds for granting

  • revocation
  • issuance of statement by Commissioner of reasons for granting, denying or revoking.

1.

A person may apply to the Commissioner for an exemption from the provisions of this chapter governing the making of a loan of money, except that an exemption may not be issued for the making of a residential mortgage loan.

2.

The Commissioner may grant the exemption if the Commissioner finds that:

(a)

The making of the loan would not be detrimental to the financial condition of the lender, the debtor or the person who is providing the money for the loan;

(b)

The lender, the debtor or the person who is providing the money for the loan has established a record of sound performance, efficient management, financial responsibility and integrity;

(c)

The making of the loan is likely to increase the availability of capital for a sector of the state economy; and

(d)

The making of the loan is not detrimental to the public interest.

3.

The Commissioner:

(a)

May revoke an exemption unless the loan for which the exemption was granted has been made; and

(b)

Shall issue a written statement setting forth the reasons for his or her decision to grant, deny or revoke an exemption.
ADVISORY COUNCIL ON MORTGAGE INVESTMENTS AND MORTGAGE LENDING

Source: Section 645B.018 — Exemptions for certain loans: Grounds for granting; revocation; issuance of statement by Commissioner of reasons for granting, denying or revoking., https://www.­leg.­state.­nv.­us/NRS/NRS-645B.­html#NRS645BSec018.

Last Updated

Feb. 5, 2021

§ 645B.018’s source at nv​.us