Nev. Admin. Code § 645A.215

Current through November 8, 2024

Section 645A.215 - Qualified employee: Designation and approval

1. An escrow agency shall designate a natural person to serve as the qualified employee for each office designated in a license issued to the escrow agency pursuant to chapter 645A of NRS.

2. A person may not be designated to serve as the qualified employee of an escrow agency unless the person:

(a) Is licensed in good standing as an escrow agent pursuant to chapter 645A of NRS;

(b) Has at least 2 years of verifiable experience in the business of administering escrows within the 5 years immediately preceding the designation;

(c) Is designated by the escrow agency to act on behalf of the escrow agency and to supervise and control the conduct of the business of the escrow agency and its escrow agents at the place of business;

(d) Is designated to serve as the qualified employee at only one place of business and will be present at that place of business for a majority of the hours that the office is open to the public; and

(e) Is approved by the Commissioner.

3. If the person designated pursuant to subsections 1 and 2 subsequently becomes ineligible or is discovered to be ineligible because the person does not meet the requirements set forth in subsection 2, or is not approved by the Commissioner, within 30 days after the discovery of ineligibility or disapproval, the escrow agency shall:

(a) Provide written notification to the Commissioner, in a manner prescribed by the Commissioner; and

(b) Pursuant to the requirements of this section, designate another natural person to serve as the qualified employee.

4. As used in this section and NRS 645A.195, "qualified employee" means a licensed escrow agent who is designated by an escrow agency and approved by the Commissioner pursuant to this section to act on behalf of the escrow agency and to supervise and control the business of administering escrows at an office designated in a license issued to the escrow agency.

Nev. Admin. Code § 645A.215

Added to NAC by Commr of Mortgage Lending by R070-16A, eff. 1/27/2017

NRS 645A.050 and 645A.195