Nev. Admin. Code § 319.590 - Loans: Execution of documents; assignment or sale
1. Before the initial closing of a loan made
pursuant to NAC 319.588, the sponsor must execute any documents which the
Division deems necessary or appropriate to regulate the acquisition,
development, construction or rehabilitation of the proposed project and the
operations of the sponsor in order to carry out the duties and protect the
interests of the Division.
2. A
loan may not be assigned or sold without the prior written approval of the
Division.
3. The sponsor shall pay
to the Division a fee in an amount equal to 1 percent of the unpaid principal
balance of the loan upon the execution of an agreement for the sale or
assumption of the loan.
Notes
NRS 319.140
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