Nevada · statute · Nev. Rev. Stat. ch. 645A · 56 active provisions
As used in this chapter, unless the context otherwise requires: 1. “Business of administering escrows” or “administering escrows” means the process of managing, conducting or supervising an escrow or escrow-related transaction as an escrow agent or escrow agency. 2. “Client” means a person that has engaged an escrow ag…
Except as otherwise required by the Director of the Department of Business and Industry pursuant to NRS 657A.430 or 657A.620, the provisions of this chapter do not apply to a participant in the Regulatory Experimentation Program for Product Innovation established and administered pursuant to chapter 657A of NRS.
1. Except as otherwise provided in subsection 2, it shall be unlawful for any person to engage in or carry on, or hold himself or herself out as engaging in or carrying on, the business of administering escrows or to act in the capacity of an escrow agent or escrow agency within this State or with respect to any transa…
1. An application for, or renewal of, a license as an escrow agency or escrow agent shall be made in writing to the Commissioner on a form and in a manner prescribed by the Commissioner. 2. An applicant shall include in an application for an initial license: (a) Any application fee required pursuant to NRS 645A.040; (b…
1. In addition to any other requirement, an applicant for an original license as an escrow agent or agency must furnish proof satisfactory to the Commissioner of the successful completion of a course of instruction in the principles, practices, procedures, law and ethics of escrows, which course may be an extension or…
1. In addition to any other requirements set forth in this chapter: (a) A natural person who applies for the issuance of a license as an escrow agent or escrow agency shall include the social security number of the applicant in the application submitted to the Commissioner. (b) A natural person who applies for the issu…
1. The Division shall issue to each licensee a license which: (a) Shows the name and address of the licensee, and in the case of an escrow agent, the name of the licensed escrow agency with whom the escrow agent will be employed and associated; and (b) Contains any additional information prescribed by the Commissioner.…
1. The license of each escrow agent must be delivered or mailed to the escrow agency with whom the licensee is associated and kept in the custody and control of the escrow agency. 2. The license of each escrow agency and of each escrow agent associated with that agency must be displayed conspicuously in the agency’s pl…
1. Every escrow agency shall maintain a definite place of business, which must be a room or rooms used for the transaction of escrows, or such business and any allied businesses, and which must serve as the office for the transaction of business pursuant to the authority granted in the license. 2. The place of business…
A license issued pursuant to the provisions of this chapter does not give authority to perform any act specified in this chapter to any person other than the person to whom the license is issued, or from any place of business other than that specified therein.
1. The Commissioner shall adopt regulations that prescribe standards for the continuing education of persons licensed pursuant to this chapter. 2. The standards adopted pursuant to subsection 1 must: (a) Permit alternative subject material appropriate for specialized areas of practice and alternative sources of program…
1. Every license issued pursuant to the provisions of this chapter expires on July 1 of each year if it is not renewed. A license may be renewed by filing an application for renewal, paying the annual fee for the succeeding year and submitting all information required to complete the renewal. 2. The fees for the issuan…
1. The Commissioner may require that any application, fee, fine, form or filing required pursuant to this chapter be submitted to the Commissioner through the Registry and that the applicant or licensee pay any costs associated with the use of the Registry. 2. All fees, assessments or penalties received by the Commissi…
1. Except as otherwise provided in NRS 645A.042, as a condition to doing business in this State, each escrow agency shall deposit with the Commissioner and keep in full force and effect a corporate surety bond payable to the State of Nevada, in the amount set forth in subsection 4, which is executed by a corporate sure…
1. As a substitute for the surety bond required by NRS 645A.041, an escrow agency may, in accordance with the provisions of this section, deposit with any bank or trust company authorized to do business in this state, in a form approved by the Commissioner: (a) An obligation of a bank, savings and loan association, sav…
1. The surety may cancel a bond upon giving 60 days’ notice to the Commissioner by certified mail. Upon receipt by the Commissioner of such a notice, the Commissioner immediately shall notify the licensee who is the principal on the bond of the effective date of cancellation of the bond, and that his or her license wil…
1. Any person claiming against a bond may bring an action in a court of competent jurisdiction on the bond for damages to the extent covered by the bond. A person who brings an action on a bond shall notify the Commissioner in writing upon filing the action. An action may not be commenced after the expiration of 3 year…
1. Subject to the administrative control of the Director of the Department of Business and Industry, the Commissioner shall exercise general supervision and control over escrow agents and agencies doing business in the State of Nevada. 2. In addition to the other duties imposed upon him or her by law, the Commissioner…
1. In the conduct of any examination, investigation or hearing, the Commissioner may: (a) Compel the attendance of any person by subpoena. (b) Compel the production of any document by subpoena. (c) Administer oaths. (d) Examine any person under oath concerning the business and conduct of affairs of any person subject t…
1. The Commissioner shall establish by regulation the fees to be paid by all persons subject to the provisions of this chapter for the supervision, investigation and examination of such persons by the Commissioner or the Division. 2. In establishing the fees, the Commissioner shall consider: (a) The complexity of the v…
Each escrow agency shall pay the assessment levied by the Commissioner and cooperate fully with the audits and examinations performed pursuant to NRS 645F.180.
1. All escrow agents and agencies shall maintain, for a period of not less than 6 years, complete and suitable records of all escrow transactions made by them. A record of a transaction must be maintained in the county in which the property to which it relates is located if the agent or agency maintains a place of busi…
1. A licensee shall comply with the requirements set forth in 16 C.F.R. Part 314. 2. In addition to complying with the requirements set forth in 16 C.F.R. Part 314, a licensee shall: (a) Maintain the information security program required by 16 C.F.R. § 314.3 as part of the books and records of the licensee; and (b) Not…
Except as otherwise provided by law, all papers, documents, reports and other written instruments filed with the Commissioner pursuant to this chapter are open to public inspection, except that the Commissioner may withhold from public inspection for such time as the Commissioner considers necessary any information whi…
1. Except as otherwise provided in this section and NRS 239.0115, a complaint filed with the Commissioner, all documents and other information filed with the complaint and all documents and other information compiled as a result of the investigation conducted to determine whether to initiate disciplinary action are con…