Section 645B.250 - Prohibition against acting as trustee or substitute trustee under certain circumstances; exception1. Except as otherwise provided in subsection 3, a mortgage company and any partnership, corporation or limited-liability company in which the mortgage company or any officer, director, employee or relative of the mortgage company has a controlling interest shall not act as a trustee or substitute trustee for any deed of trust for which the mortgage company acted at any time as an investor, mortgage company or holder of a beneficial interest if the loan for which the deed of trust was executed was funded in whole or in part by a person other than the mortgage company or has been assigned in whole or in part to one or more natural persons.2. Except as otherwise provided in subsection 3, an officer, director or employee of a mortgage company, a relative of any officer, director or employee of a mortgage company, or an officer, director or employee of any corporation, partnership or limitedliability company that has a controlling interest in a mortgage company shall not act as a trustee or substitute trustee for any deed of trust for which the mortgage company acted at any time as an investor, mortgage company or holder of a beneficial interest if the loan for which the deed of trust was executed was funded in whole or in part by a person other than the mortgage company or has been assigned in whole or in part to one or more natural persons.3. A mortgage company may act as substitute trustee in a deed of trust for the purpose of reconveying title to the trustor upon payment in full of the note if the mortgage company receives a signed and notarized statement from each person holding a beneficial interest in the note, or the agent of that person, authorizing the mortgage company to so act and directing the disposition of the share of the money received for that person to pay the loan in full. The statement must be executed within 45 days before the execution of the deed of reconveyance. The mortgage company and his or her officers, directors and employees shall not act as the agent for that person for the purpose of executing the statement required by this section.Nev. Admin. Code § 645B.250
Added to NAC by Comm'r of Financial Institutions, eff. 6-20-97; A by R045-00, 9-5-2000-Substituted in revision for NAC 645B.145; A by R119-19A, eff. 11/9/2023