Nevada § 645B.042 Duty of mortgage company to deposit surety bond with Commissioner; mortgage company and mortgage loan originators must be named as principals on bond; amount of bond; Commissioner to determine amount of initial deposit

Nevada Statutes

§ 645B.042 — Duty of mortgage company to deposit surety bond with Commissioner; mortgage company and mortgage loan originators must be named as principals on bond; amount of bond; Commissioner to determine amount of initial deposit

Nevada § 645B.042

Title 54PROFESSIONS, OCCUPATIONS AND BUSINESSES

Ch. 645BMortgage

MORTGAGE COMPANIES

This text of Nevada § 645B.042 (Duty of mortgage company to deposit surety bond with Commissioner; mortgage company and mortgage loan originators must be named as principals on bond; amount of bond; Commissioner to determine amount of initial deposit) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 645B.042 (2026).

Text

1.As a condition to doing business in this State, each mortgage company 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 surety satisfactory to the Commissioner and which names as principals the mortgage company and all mortgage loan originators employed by or associated with the mortgage company.

2.At the time of filing an application for a license as a mortgage loan originator and at the time of filing an application for the renewal of a license as a mortgage loan originator, the applicant shall file with the Commissioner proof that the applicant is named as a principal on the corporate surety bond deposited with the Commissioner by the

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1. As a condition to doing business in this State, each mortgage company 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 surety satisfactory to the Commissioner and which names as principals the mortgage company and all mortgage loan originators employed by or associated with the mortgage company.
2. At the time of filing an application for a license as a mortgage loan originator and at the time of filing an application for the renewal of a license as a mortgage loan originator, the applicant shall file with the Commissioner proof that the applicant is named as a principal on the corporate surety bond deposited with the Commissioner by the mortgage company with whom the applicant is associated or employed.
3. The bond must be in a form prescribed by the Commissioner.
4. Each mortgage company shall deposit a corporate surety bond that complies with the provisions of this section in the following amounts:
(a) For an annual loan production of $20,000,000 or less, $50,000.
(b) For an annual loan production of more than $20,000,000, $75,000.
5. Except as otherwise required by federal law or regulation, for the purposes of subsection 4, the Commissioner shall determine the appropriate amount of the surety bond that must be deposited initially by a mortgage company based upon the expected annual loan production amount and shall determine the appropriate amount of the surety bond annually based upon the actual annual loan production.