Nev. Admin. Code § 645B.367 - Requirements for initial licensure

1. A natural person who is an applicant for an initial license as a mortgage company or mortgage loan originator must complete at least 30 hours of instruction in approved courses from the subjects set forth in NAC 645B.363.

2. The 30 hours of instruction required pursuant to subsection 1 must include:

(a) Three hours of ethics, which must include instruction on fraud, consumer protection and fair lending issues;

(b) Three hours of federal law and regulations relating to mortgage lending;

(c) Two hours of training relating to lending standards for the nontraditional mortgage product marketplace;

(d) Four hours of Nevada law and regulations relating to mortgage lending; and

(e) Eighteen hours of electives.

3. Nothing in this section precludes any approved course that is provided by the employer of the applicant, an entity which is affiliated with the applicant by an agency contract or any subsidiary or affiliate of such employer or entity.

4. The Commissioner may accept any hours of training completed in fulfillment of the requirements for a license for another state as hours of training for an initial license in this State if the Commissioner determines that those hours of training meet the requirements of this State.

Notes

Nev. Admin. Code § 645B.367

Added to NAC by Comm'r of Mortgage Lending by R093-09, eff. 10-27-2009; A by R035-10, 7-22-2010; A by R119-19A, eff. 11/9/2023

NRS 645B.0137, 645B.0138, 645B.060, 645F.292, 645F.293