Nevada § 645B.165 Escrow account required for fee, salary, deposit or money paid in advance; release from escrow; exceptions; refunds; penalty

Nevada Statutes

§ 645B.165 — Escrow account required for fee, salary, deposit or money paid in advance; release from escrow; exceptions; refunds; penalty

Nevada § 645B.165

Title 54PROFESSIONS, OCCUPATIONS AND BUSINESSES

Ch. 645BMortgage

ESCROW AND TRUST ACCOUNTS

This text of Nevada § 645B.165 (Escrow account required for fee, salary, deposit or money paid in advance; release from escrow; exceptions; refunds; penalty) 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.165 (2026).

Text

1. Except as otherwise permitted by law and as otherwise provided in subsection 3, the amount of any advance fee, salary, deposit or money paid to a mortgage company and his or her mortgage loan originators or any other person to obtain a loan which will be secured by a lien on real property must be placed in escrow pending completion of the loan or a commitment for the loan. 2. The amount held in escrow pursuant to subsection 1 must be released:

(a)Upon completion of the loan or commitment for the loan, to the mortgage company or other person to whom the advance fee, salary, deposit or money was paid.

(b)If the loan or commitment for the loan fails, to the person who made the payment. 3. Advance payments to cover reasonably estimated costs paid to third persons are excluded from the pro

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1. Except as otherwise permitted by law and as otherwise provided in subsection 3, the amount of any advance fee, salary, deposit or money paid to a mortgage company and his or her mortgage loan originators or any other person to obtain a loan which will be secured by a lien on real property must be placed in escrow pending completion of the loan or a commitment for the loan.
2. The amount held in escrow pursuant to subsection 1 must be released:
(a) Upon completion of the loan or commitment for the loan, to the mortgage company or other person to whom the advance fee, salary, deposit or money was paid.
(b) If the loan or commitment for the loan fails, to the person who made the payment.
3. Advance payments to cover reasonably estimated costs paid to third persons are excluded from the provisions of subsections 1 and 2 if the person making them first signs a written agreement which specifies the estimated costs by item and the estimated aggregate cost, and which recites that money advanced for costs will not be refunded. If an itemized service is not performed and the estimated cost thereof is not refunded, the recipient of the advance payment is subject to the penalties provided in NRS 645B.960 .