Nevada Enacts Licensing Provisions
The Nevada Department of Business and Industry, Division of Mortgage Lending has adopted several provisions regarding licensure by endorsement of escrow agents and agencies. These provisions are effective immediately.
Standards for Licensure by Endorsement
Section two of the amended regulation establishes standards for the licensure by endorsement of a natural person as an escrow agent or escrow agency. The Commissioner may issue such a license as long as the applicant submits to the Commissioner each of the following: 1) an application containing the applicant’s social security number; 2) satisfactory proof of certain criteria enumerated within this section; 3) a complete set of fingerprints; 4) a statement required by NRS 645A.025; 5) an affidavit swearing that all information contained within the application is true and complete; and 6) any other information required by the Commissioner.
Duties of the Commissioner
Section three states that the Commissioner has twenty-one business days after receiving an application to send a written request to an applicant for any additional information. The Commissioner has sixty days after receiving the application to approve the application and issue a license by endorsement. If the Federal Bureau of Investigation has determined that an applicant has previously passed a comparable criminal background check within the past six months, the Commissioner is required to approve the application and issue the license within fifteen days of receiving the FBI’s report.
Denial of an Application
The Commissioner may deny an application for licensure by endorsement if the applicant willfully fails to comply with the requirements set out in the regulation, or if a report by the FBI indicates that the applicant has been convicted of a crime that could have resulted in disciplinary action and the Commissioner has not previously taken disciplinary action based on said conviction.
For the full text of the amended regulation, please refer to https://www.leg.state.nv.us/Register/2018Register/R177-18A.pdf.
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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