NRS 645E.290
License required for certain persons who engage in activities as loan originator or who supervise mortgage agents who engage in such activities.

1.

Any person licensed as a mortgage banker under this chapter and who engages in activities as a loan originator or who supervises a mortgage agent who engages in activities as a loan originator, and any employee or independent contractor of a mortgage banker who engages in activities as a loan originator, must be licensed as a mortgage agent pursuant to the provisions of NRS 645B.400 to 645B.460, inclusive.

2.

As used in this section:

(a)

“Clerical or ministerial tasks” means communication with a person to obtain, and the receipt, collection and distribution of, information necessary for the processing or underwriting of a loan.

(b)

“Loan originator” means a natural person who takes a loan application or offers or negotiates terms of a loan for compensation or other pecuniary gain. The term does not include:

(1)

A person who performs clerical or ministerial tasks as an employee at the direction of and subject to the supervision and instruction of a person licensed or exempt from licensing under this chapter, unless the person who performs such clerical or ministerial tasks is an independent contractor; or

(2)

A person solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. § 101(53D).

Source: Section 645E.290 — License required for certain persons who engage in activities as loan originator or who supervise mortgage agents who engage in such activities., https://www.­leg.­state.­nv.­us/NRS/NRS-645E.­html#NRS645ESec290.

Last Updated

Jun. 24, 2021

§ 645E.290’s source at nv​.us