§ 645A.085 — Change in ownership of voting stock of escrow agency

Nevada § 645A.085

• Jurisdiction: Nevada
• Title 54: PROFESSIONS, OCCUPATIONS AND BUSINESSES
• Ch. 645A: Escrow

Text

1. An escrow agency shall immediately notify the Commissioner of any change in the ownership of 5 percent or more of its outstanding voting stock.
2. An application must be submitted to the Commissioner, pursuant to NRS 645A.020 , by a person who acquires:
(a) At least 25 percent of the outstanding voting stock of an escrow agency; or
(b) Any outstanding voting stock of an escrow agency if the change will result in a change in the control of the escrow agency.
3. Except as otherwise provided in subsection 5, the Commissioner shall conduct an investigation to determine whether the applicant has the experience, character, financial condition, business reputation and general fitness to command the confidence of the public and to warrant the belief that the business conducted will protect and safeguard the public. If the Commissioner denies the application, the Commissioner may forbid the applicant from participating in the business of the escrow agency.
4. The escrow agency with which the applicant is affiliated shall pay the cost of the investigation as the Commissioner requires. All money received by the Commissioner pursuant to this section must be deposited in the Account for Mortgage Lending created by NRS 645F.270 .
5. An escrow agency may submit a written request to the Commissioner to waive an investigation pursuant to subsection 3. The Commissioner may grant a waiver if the applicant has undergone a similar investigation by a state or federal agency in connection with the licensing of or his or her employment with a financial institution.

Legislative History

(Added to NRS by 1993, 502 ; A 2003, 3542 ; 2011, 3600 )