Nevada Amends Mortgage Lending Licensing Provisions
Nevada has updated its provisions regarding licensing, including those relating to continuing education, examination, and reporting requirements. These provisions are effective as of January 1, 2018.
Continuing Education Requirements
Section 1 has been amended to require that a mortgage broker licensee must submit to the Commissioner of Mortgage Lending (Commissioner) proof that he or she has attended at least ten hours of certified courses of continuing education during the twelve months prior to the license expiration date. This provision applies to licensees who are natural persons. If the licensee is not a natural person, this requirement applies to each natural person who supervises the daily business of the licensee. The previous requirement under this section was eight hours of continuing education.
Eliminated from this section is the requirement that licensees complete at least three hours of continuing education relating to the laws and regulations of Nevada.
Examination Requirements
Section 1.5, addressing the Commissioner’s duties in supervising licensees, has been revised to allow the Commissioner to conduct, at his or her discretion, periodic standard examinations of each mortgage broker doing business in Nevada. The Commissioner must adopt regulations proscribing a standard for determining the rating of each broker based upon the results of the examination as well as procedures for resolving any objections made by a broker of the results of the examination. This provision replaces the requirement that the Commissioner conduct annual examinations.
Reporting Requirements
A provision has been added to Section 2, allowing for the Commissioner to waive the report requirement of subsection 2 if substantially similar information is available to the Commissioner from another source. This provision refers to the required monthly report of a mortgage broker’s activity for the previous month.
Elizabeth Dailey, JD, is a Regulatory Compliance Director with CLA. She is a graduate of the University of New Hampshire and earned her juris doctor at New England Law. She is admitted to the Massachusetts Bar.
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