§ 645B.016 — Certificate of exemption: Application; fee; automatic expiration; prohibitions; administrative fine; authority to file application for purposes of complying with requirements of Registry; applicability

Nevada § 645B.016

• Jurisdiction: Nevada
• Title 54: PROFESSIONS, OCCUPATIONS AND BUSINESSES
• Ch. 645B: Mortgage

Text

Except as otherwise provided in subsection 2 and NRS 645B.690:
1. A person who claims an exemption from the provisions of this chapter pursuant to subsection 1 of NRS 645B.015 must:
(a) File a written application for a certificate of exemption with the Office of the Commissioner;
(b) Pay the fee required pursuant to NRS 645B.017 ;
(c) Include with the written application satisfactory proof that the person meets the requirements of subsection 1 of NRS 645B.015 ; and
(d) Provide evidence to the Commissioner that the person is duly licensed to conduct his or her business, including, if applicable, the right to transact mortgage loans, and such license is in good standing pursuant to the laws of this State, any other state or the United States.
2. The provisions of subsection 1 do not apply to the extent preempted by federal law.
3. The Commissioner may require a person who claims an exemption from the provisions of this chapter pursuant to subsections 2 to 12, inclusive, of NRS 645B.015 to:
(a) File a written application for a certificate of exemption with the Office of the Commissioner;
(b) Pay the fee required pursuant to NRS 645B.017 ; and
(c) Include with the written application satisfactory proof that the person meets the requirements of at least one of those exemptions.
4. A certificate of exemption expires automatically if, at any time, the person who claims the exemption no longer meets the requirements of at least one exemption set forth in the provisions of NRS 645B.015 .
5. If a certificate of exemption expires automatically pursuant to this section, the person shall not provide any of the services of a mortgage company or mortgage loan originator or otherwise engage in, carry on or hold himself or herself out as engaging in or carrying on the business of a mortgage company or mortgage loan originator unless the person applies for and is issued:
(a) A license as a mortgage company or mortgage loan originator, as applicable, pursuant to this chapter; or
(b) Another certificate of exemption.
6. The Commissioner may impose upon a person who is required to apply for a certificate of exemption or who holds a certificate of exemption an administrative fine of not more than $10,000 for each violation that the person commits, if the person:
(a) Has knowingly made or caused to be made to the Commissioner any false representation of material fact;
(b) Has suppressed or withheld from the Commissioner any information which the person possesses and which, if submitted by the person, would have rendered the person ineligible to hold a certificate of exemption; or
(c) Has violated any provision of this chapter, a regulation adopted pursuant to this chapter or an order of the Commissioner that applies to a person who is required to apply for a certificate of exemption or who holds a certificate of exemption.
7. A person who is exempt from the requirements of this chapter may file a written application for a certificate of exemption with the Office of the Commissioner for the purposes of complying with the requirements of the Registry or enabling a mortgage loan originator to comply with the requirements of the Registry.
8. The Commissioner may require an applicant or person described in subsection 7 to submit the information or pay the fee directly to the Division or, if the applicant or person is required to register or voluntarily registers with the Registry, to the Division through the Registry.
9. An application filed pursuant to subsection 7 does not affect the applicability of this chapter to such an applicant or person.

Legislative History

(Added to NRS by 1999, 3767 ; A 2003, 3547 ; 2007, 952 ; 2009, 1554 ; 2011, 3607 ; 2017, 3038 )