Nev. Rev. Stat. § 645B.050

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 645B.050 - [Parts of this section were replaced in revision in 2015 by NRS 645B.017] Expiration of license; procedure for renewal; cancellation and reinstatement; fees; duplicate copy; deposit of fees; regulations

1. A license as a mortgage company issued pursuant to this chapter expires each year on December 31, unless it is renewed. To renew such a license, the licensee must submit to the Commissioner on or after November 1 and on or before December 31 of each year, or on a date otherwise specified by the Commissioner by regulation:

(a) An application for renewal;

(b) The fee required to renew the license pursuant to this section;

(c) The information required pursuant to NRS 645B.051; and

(d) All information required by the Commissioner or, if applicable, required by the Registry to complete the renewal.

2. If the licensee fails to submit any item required pursuant to subsection 1 to the Commissioner on or after November 1 and on or before December 31 of any year, unless a different date is specified by the Commissioner by regulation, the license is cancelled as of December 31 of that year. The Commissioner may reinstate a cancelled license if the licensee submits to the Commissioner on or before February 28 of the following year:

(a) An application for renewal;

(b) The fee required to renew the license pursuant to this section;

(c) The information required pursuant to NRS 645B.051;

(d) Except as otherwise provided in this section, a reinstatement fee of not more than $200; and

(e) All information required to complete the reinstatement.

3. Except as otherwise provided in this section, a person must pay the following fees to apply for, to be issued or to renew a license as a mortgage company pursuant to this chapter:

(a) To file an original application for a license, not more than $1,500 for the principal office and not more than $400 for each branch office. The person must also pay such additional expenses incurred in the process of investigation as the Commissioner deems necessary.

(b) To be issued a license, not more than $1,000 for the principal office and not more than $100 for each branch office.

(c) To renew a license, not more than $500 for the principal office and not more than $100 for each branch office.

4. To be issued a duplicate copy of any license, a person must make a satisfactory showing of its loss and pay a fee of not more than $10.

5. Except as otherwise provided in this chapter, all fees received pursuant to this chapter are in addition to any fee required to be paid to the Registry and must be deposited in the Account for Mortgage Lending created by NRS 645F.270.

6. The Commissioner may, by regulation, adjust any fee or date set forth in this section if the Commissioner determines that such an adjustment is necessary for the Commissioner to carry out his or her duties pursuant to this chapter. The amount of any adjustment in a fee pursuant to this subsection must not exceed the amount determined to be necessary for the Commissioner to carry out his or her duties pursuant to this chapter.

7. The Commissioner may require a licensee to submit an item or pay a fee required by this section directly to the Commissioner or, if the licensee is required to register or voluntarily registers with the Registry, to the Commissioner through the Registry.

NRS 645B.050

Added to NRS by 1973, 1538; A 1975, 814; 1977, 1636; 1979, 120, 1094; 1981, 1788; 1983, 1320, 1379, 1702; 1985, 2187; 1987, 86, 1878; 1989, 1764; 1991, 177, 1803, 1825; 1993, 496; 1997, 2172; 1999, 3782; 2001, 2465; 2003, 3229, 3548; 2003, 20th Special Session, 265; 2005, 2784, 2807, 2817; 2007, 953; 2009, 2680; 2011, 3612; 2015, 2799; 2017, 3045

Amended by 2017, Ch. 486,§18, eff. 1/1/2020.

Amended by 2015, Ch. 477,§16, eff. 1/1/2016.