Nev. Rev. Stat. § 645B.010
Definitions
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 645B.0102 to 645B.01356, inclusive, have the meanings ascribed to them in those sections.
Nevada Revised Statutes Chapter 645B — Mortgage Companies and Mortgage Loan Originators
Nevada · statute · Nev. Rev. Stat. ch. 645B · 126 active provisions
Nev. Rev. Stat. § 645B.0102
“Applicant” defined
“Applicant” means a person who applies for licensure as a mortgage company pursuant to this chapter.
Nev. Rev. Stat. § 645B.0104
“Clerical or ministerial tasks” defined
“Clerical or ministerial tasks” means communication with a person to obtain, and the receipt, collection and distribution of, information necessary for the processing or underwriting of a mortgage loan.
Nev. Rev. Stat. § 645B.01043
“Commercial mortgage loan” defined
“Commercial mortgage loan” means a loan primarily for a business, commercial or agricultural purpose that: 1. Directly or indirectly, is secured by a lien on commercial property; and 2. Is created with the consent of the owner of the commercial property.
Nev. Rev. Stat. § 645B.01047
“Commercial property” defined
“Commercial property” means any real property which is located in this State and which is neither used as a dwelling nor upon which a dwelling is constructed or intended to be constructed. For the purposes of this section, “dwelling” has the meaning ascribed to it in section 103(v) of the federal Truth in Lending Act,…
Nev. Rev. Stat. § 645B.0105
“Commissioner” defined
“Commissioner” means the Commissioner of Mortgage Lending.
Nev. Rev. Stat. § 645B.0107
“Construction control” defined
“Construction control” has the meaning ascribed to it in NRS 627.050.
Nev. Rev. Stat. § 645B.0109
“Depository financial institution” defined
“Depository financial institution” means a bank, savings and loan association, savings bank, thrift company or credit union.
Nev. Rev. Stat. § 645B.0111
“Division” defined
“Division” means the Division of Mortgage Lending of the Department of Business and Industry.
Nev. Rev. Stat. § 645B.0112
“Dwelling” defined
“Dwelling” has the meaning ascribed to it in section 103(v) of the federal Truth in Lending Act, 15 U.S.C. § 1602(v).
Nev. Rev. Stat. § 645B.01125
“Employee” defined
“Employee” means a natural person: 1. Whose manner and means of performance of work are subject to the right of control of, or are controlled by, another person; and 2. Whose compensation for federal income tax purposes is reported, or required to be reported, on Form W-2 issued by the controlling person.
Nev. Rev. Stat. § 645B.0113
“Escrow agency” defined
“Escrow agency” has the meaning ascribed to it in NRS 645A.010.
Nev. Rev. Stat. § 645B.0115
“Escrow agent” defined
“Escrow agent” has the meaning ascribed to it in NRS 645A.010.
Nev. Rev. Stat. § 645B.0117
“Escrow officer” defined
“Escrow officer” has the meaning ascribed to it in NRS 692A.028.
Nev. Rev. Stat. § 645B.0119
“Financial services license or registration” defined
“Financial services license or registration” means any license or registration issued in this State or any other state, district or territory of the United States that authorizes the person who holds the license or registration to engage in any business or activity described in the provisions of this chapter, title 55…
Nev. Rev. Stat. § 645B.012
“Institutional investor” defined
“Institutional investor” means a person who, in the regular course of business, makes commercial mortgage loans of more than $250,000 that are funded exclusively from one or more of the following sources: 1. The person’s cash, corporate capital or warehouse credit lines at a depository financial institution or other so…
Nev. Rev. Stat. § 645B.0121
“Investor” defined
“Investor” means a person who wants to acquire or who acquires ownership of or a beneficial interest in a loan secured by a lien on real property.
Nev. Rev. Stat. § 645B.0123
“Licensee” defined
“Licensee” means a person who is licensed or required to be licensed as a mortgage company pursuant to this chapter. The term does not include a person issued a license as a mortgage loan originator pursuant to NRS 645B.410 who is acting properly within the scope of that license.
Nev. Rev. Stat. § 645B.0124
“Loan processor” defined
1. “Loan processor” means a natural person who: (a) Receives, collects, distributes or analyzes information that is commonly used for the processing of a residential mortgage loan; and (b) Communicates with a consumer to obtain the information necessary for the activities described in paragraph (a). 2. The communicatio…
Nev. Rev. Stat. § 645B.01245
“Majority of the investors” defined
“Majority of the investors” means the investors holding 51 percent or more of the beneficial interests in a loan.
Nev. Rev. Stat. § 645B.0125
“Mortgage loan originator” defined
1. “Mortgage loan originator” means: (a) A natural person who: (1) Is an employee of a mortgage company who is required to be licensed pursuant to this chapter; and (2) Is authorized by the mortgage company to engage in, on behalf of the mortgage company, any activity that would require the person, if the person were n…
Nev. Rev. Stat. § 645B.0127
“Mortgage company” defined
1. “Mortgage company” means a person who, directly or indirectly: (a) Holds himself or herself out for hire to serve as an agent for any person in an attempt to obtain a loan which will be secured by a lien on real property; (b) Holds himself or herself out for hire to serve as an agent for any person who has money to…
Nev. Rev. Stat. § 645B.0128
“Nationwide Mortgage Licensing System and Registry” and “Registry” defined
“Nationwide Mortgage Licensing System and Registry” or “Registry” means the mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for licensing and registration of residential mortgage loan originators.
Nev. Rev. Stat. § 645B.0129
“Policy of title insurance” defined
“Policy of title insurance” has the meaning ascribed to it in NRS 692A.035.
Nev. Rev. Stat. § 645B.01305
“Private investor” defined
“Private investor” means: 1. An investor who is a natural person and who provides his or her own money for investment in a loan secured by a lien on real property; and 2. Two or more investors who are relatives and who jointly provide their own money for investment in a loan secured by a lien on real property, unless t…
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