Section 645A.Sec. 2 - NEWThe Commissioner may issue a license by endorsement as an escrow agent or escrow agency to a natural person who holds a corresponding valid and unrestricted license to engage in the activities of an escrow agent or escrow agency, as applicable, in the District of Columbia or any state or territory of the United States if the natural person:
1. Submits to the Commissioner all of the following:(a) An application on a form prescribed by the Commissioner. The applicant shall include in the application his or her social security number.(b) Proof satisfactory to the Commissioner that he or she:(1) Holds a corresponding valid and unrestricted license to engage in the activities of an escrow agent or escrow agency, as applicable, in the District of Columbia or any state or territory of the United States and has held such a license for a period of at least 5 continuous years immediately preceding the date on which the application is submitted;(2) Possesses qualifications that are equal to or substantially similar to the qualifications for issuance of a license as an escrow agent or escrow agency, as applicable, in this State, including, without limitation, proof satisfactory to the Commissioner that the applicant has successfully completed the education and training required for the issuance of the applicant's license to engage in the activities of an escrow agent or escrow agency, as applicable, in the District of Columbia or any state or territory of the United States and that such education and training provided instruction that is, as determined by the Commissioner, equivalent to the instruction required for initial licensure pursuant to NAC 645A.055 to 645A.160, inclusive;(3) Has at least 2 years of verifiable experience in the business of administering escrows, as defined in NRS 645A.010, in the District of Columbia or any state or territory of the United States within the 5 years immediately preceding the date on which the application is submitted;(4) Is a citizen of the United States or otherwise has the legal right to work in the United States;(5) Has not been disciplined by the corresponding regulatory authority of the District of Columbia or any state or territory of the United States in which the applicant currently holds or has held a license to engage in the activities of an escrow agent or escrow agency, as applicable;(6) Has not been held civilly or criminally liable in the District of Columbia or any state or territory of the United States for misconduct relating to his or her license to engage in the activities of an escrow agent or escrow agency, as applicable;(7) Has not had a license to engage in the activities of an escrow agent or escrow agency, as applicable, suspended or revoked in the District of Columbia or any state or territory of the United States;(8) Has not been refused a license to engage in the activities of an escrow agent or escrow agency, as applicable, in the District of Columbia or any state or territory of the United States for any reason; and(9) Does not have pending any disciplinary action concerning his or her license to engage in the activities of an escrow agent or escrow agency, as applicable, in the District of Columbia or any state or territory of the United States.(c) A complete set of his or her fingerprints, submitted directly or through the Registry, and written permission authorizing the Commissioner to forward the fingerprints to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for its report or proof that the applicant previously passed a comparable criminal background check within the 6 months immediately preceding the date on which the application is submitted.(d) The statement required by NRS 645A.025.(e) If the applicant is applying for a license as an escrow agent, proof that the applicant is named as principal in any corporate surety bond deposited with the Commissioner pursuant to NRS 645A.041 by the escrow agency with whom he or she is associated or employed.(f) If the applicant is applying for a license as an escrow agency: (1) An audited financial statement that is prepared using the records of the activities of an escrow agency engaged in by the applicant in the District of Columbia or any state or territory of the United States by a certified public accountant who holds a certificate to engage in the practice of public accounting;(2) Proof satisfactory to the Commissioner that the applicant is in such financial condition that the applicant can continue in business with safety to his or her customers; and(3) Proof that the applicant is named as a principal on a corporate surety bond deposited with the Commissioner pursuant to NRS 645A.041 that is in full force and effect and satisfies all of the requirements of NRS 645A.041 or that the applicant has deposited a substitute form of security pursuant to NRS 645A.042.(g) An affidavit stating that the information contained in the application and any accompanying material is true and complete.(h) Any other information required by the Commissioner.2. Pays the fees to apply for and be issued a license as an escrow agent or escrow agency, as applicable, as required by NRS 645A.040.Nev. Admin. Code § 645A.Sec. 2
Added to NAC by Comm'r of Mortgage Lending by R177-18A, eff. 6/12/2019