Nev. Admin. Code § 645B.030 - Branch office: Prerequisites and name for issuance of license; display of license; responsibilities of mortgage broker; conditional approval; effect of failure to respond to written request for information
1. An applicant must submit with his or her
application for a license for a branch office:
(a) The name, residence address and telephone
number of the qualified employee designated to manage and supervise the branch
office;
(b) The name of each
mortgage loan originator who intends to work at the branch office;
and
(c) Evidence that the applicant
has met the requirements imposed by the S.A.F.E. Mortgage Licensing Act, if
applicable.
2. A license
for a branch office may be issued only in the name in which the mortgage
company is licensed to conduct business at his or her principal
office.
3. A mortgage company is
responsible for and shall supervise:
(a) Each
branch office of the mortgage company; and
(b) Each qualified employee, mortgage loan
originator and other staff member employed at a branch office of the mortgage
company.
4. If an
applicant has received from the Division a letter of conditional approval of
his or her application for a license for a branch office which imposes
additional requirements that the applicant must satisfy to obtain a license for
a branch office, the applicant must comply with those requirements within 30
days after the date on which the Division issued the letter. If the applicant
does not satisfy all additional requirements set forth in the letter within the
period prescribed in this subsection, the conditional approval of the
application shall be deemed to have expired and the applicant must reapply to
obtain a license for a branch office. The Commissioner may, for good cause,
extend the 30-day period prescribed in this subsection.
5. An application for a license for a branch
office shall be deemed abandoned if the applicant fails to respond, within 30
calendar days of the date after the request or on or before a later date set by
the Commissioner, to any written request by the Division for information or
records required in connection with the investigation and evaluation of the
qualifications and suitability for licensure of the applicant, its qualified
employee or, if applicable, its control persons.
Notes
NRS 645B.020, 645B.060, 645F.292, 645F.293
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