NRS 658.190
Regulations concerning nontraditional mortgage loan products and certain lending practices.

1.

The Commissioner of Financial Institutions shall, with the cooperation of the Commissioner of Mortgage Lending, adopt regulations concerning nontraditional mortgage loan products and lending practices of persons and financial institutions that are required to be licensed or registered pursuant to the provisions of this title and chapters 645B and 645E of NRS and which make or offer to make loans that are secured by liens on real property.

2.

The regulations required to be adopted by subsection 1 must be substantially similar to the provisions set forth in the “Guidance on Nontraditional Mortgage Product Risks” published by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators on November 14, 2006.

3.

If the publication is revised, the Commissioner shall review the revision to determine whether the revision is suitable for this State. If the Commissioner determines that the revision is suitable for this State, he or she shall adopt a regulation that includes the revision.

4.

If the Commissioner determines that the revision is not suitable for this State, the Commissioner shall hold a hearing within 60 days after his or her determination and give notice of the hearing. If, after the hearing, the Commissioner does not revise his or her determination, the Commissioner shall give written notice within 30 days after the hearing that the revision is not suitable for this State.

5.

As used in this section, “nontraditional mortgage loan product”:

(a)

Means a residential loan agreement whose terms allow a borrower to defer repayment of principal or payment of interest on the loan for a period.

(b)

Includes, without limitation:

(1)

An interest-only loan; and

(2)

A payment option adjustable-rate mortgage.

(c)

Does not include:

(1)

A home equity line of credit other than a simultaneous second-lien home equity line of credit; or

(2)

A reverse mortgage.

Source: Section 658.190 — Regulations concerning nontraditional mortgage loan products and certain lending practices., https://www.­leg.­state.­nv.­us/NRS/NRS-658.­html#NRS658Sec190.

658.015
Administration of provisions of certain chapters. 658.021
Commissioner: Qualifications 658.025
Commissioner prohibited from having interest in bank or regulated corporation. 658.035
Oath of Commissioner. 658.045
Office. 658.055
Deputy commissioners 658.065
Oath of deputy commissioners. 658.085
Advisory capacity of State Board of Finance. 658.091
Deposit, use and disposition of money 658.096
Fees charged by Commissioner 658.098
Assessment for cost of legal services provided to Commissioner and Division of Financial Institutions 658.101
Rates charged by Commissioner for supervision and examination 658.105
Powers of Commissioner. 658.115
Summary orders of Commissioner. 658.125
Appeals to State Board of Finance. 658.135
Attestation of licenses, orders and certificates. 658.145
Power of Commissioner to offer rewards. 658.151
Power of Commissioner to take possession of business and property of depository institution 658.155
Penalty: Neglect of duty under certain chapters 658.165
Officers and employees of Division of Financial Institutions prohibited from having interest in certain banks 658.175
State Board of Finance bound by limitations imposed on Commissioner as to certification of new banks and establishment of branch banks. 658.185
Incidental powers of Commissioner. 658.190
Regulations concerning nontraditional mortgage loan products and certain lending practices. 658.195
Right to sue and defend in actions involving banks 658.200
Nontraditional mortgage loan products 658.210
Residential mortgage loan originator acting on behalf of privately insured institution or organization required to be licensed as mortgage loan originator.
Last Updated

Jun. 24, 2021

§ 658.190’s source at nv​.us