Nev. Admin. Code § 645A.250

Current through November 8, 2024

Section 645A.250 - Deposit of money held in trust; maintenance and availability of certain records

1. Each escrow agency shall:

(a) Deposit all money held in trust by the escrow agency into a trust account in a financial institution pursuant to NRS 645A.160;

(b) Deposit all money held in trust by the escrow agency into the trust account on or before the close of the next business day after receipt of that money unless otherwise instructed in written instructions between the parties;

(c) Inform the financial institution of the purpose of the trust account; and

(d) Verify with the financial institution that the money deposited in the trust account is insured to the maximum amount permitted by federal law for accounts held as trust accounts.

2. Pursuant to NRS 645A.070, each escrow agency shall maintain, for a period of at least 6 years after final disposition of an escrow transaction:

(a) All records of the transaction, including, without limitation, checkbooks, cancelled checks, check stubs, vouchers, ledgers, journals, closing statements, accountings and other statements of disbursements rendered to a client or other party with regard to the trust account; and

(b) Any records that are related to the trust account which clearly reflect the date, amount, source and explanation for any receipt, withdrawal, delivery or disbursement of the funds or other property of a client with regard to the trust account.

3. The records maintained pursuant to subsection 2 must be:

(a) Prepared in accordance with generally accepted accounting principles; and

(b) Available for inspection by the Division, upon its request.

4. For the purposes of this section, "financial institution" includes any federally insured bank, savings and loan association, credit union, savings bank and any other federally insured institution located in this State that accepts for deposit funds held in trust by escrow agents and agencies.

Nev. Admin. Code § 645A.250

Added to NAC by Comm'r of Mortgage Lending by R086-04, eff. 8-25-2004; A by R143-08, 4-20-2010-Substituted in revision for NAC 645A.030

NRS 645A.050, 645A.070, 645A.160