Nev. Rev. Stat. § 645B.354

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1
Section 645B.354 - Restrictions on withholding money from certain investors; loan servicing agreement may contain provision which provides written consent to withhold money
1. If an investor owes money to the mortgage company who is servicing a loan or to other investors, the mortgage company shall not withhold money due the investor in order to offset the money owed to the mortgage company or to another investor, unless:
(a) The mortgage company obtains the written consent of the investor who owes the money; or
(b) A court order requires the mortgage company to withhold the money.
2. A mortgage company may include in a loan servicing agreement a provision which provides written consent to withhold money due an investor in order to offset money owed by the investor to the mortgage company or other investors.

NRS 645B.354

Added to NRS by 2011, 3604; A 2017, 3066
Amended by 2017, Ch. 486,§51, eff. 1/1/2020.
Added to NRS by 2011, 3604