Section 645B.215 - Disclosures to purchaser of note secured by deed of trust; retention of documents1. Before a person purchases an existing note secured by a deed of trust or an interest therein for which a licensed mortgage company is acting as a broker or as an investor selling his or her interest, the mortgage company must provide to the purchaser, unless specifically waived in writing by that person: (a) A copy of the promissory note;(b) A record of the history of payments on the note or a document signed by the seller and borrower stating the existing balance of the note;(c) The policy of title insurance for the original beneficiaries of the note; and(d) The original appraisal or any other independent assessment of the value of the mortgaged property securing the note, if available.2. A mortgage company shall retain a copy of the materials provided to the purchaser pursuant to subsection 1.3. If the purchase is made, the mortgage company shall retain in his or her files the original or a copy and provide to the purchaser, respectively, the copy or original of the following documents:(a) The promissory note and the assignment of the note.(b) The recorded deed of trust and recorded assignment of the beneficial interest.(c) The endorsement to the policy of title insurance or a new policy of title insurance for the assignment.(d) A policy of fire insurance indicating coverage in an amount sufficient to cover the replacement costs of all improvements on the property, including, if applicable, an endorsement naming the purchaser as a payee in case of loss.(e) A statement signed by the purchaser acknowledging that: (1) The decision to purchase the note secured by a deed of trust was made after the purchaser was provided with and reviewed the material required in subsection 1; and(2) The purchaser meets the minimum financial requirement set forth in NAC 645B.255.Nev. Admin. Code § 645B.215
Added to NAC by Admstr. of Financial Institutions, eff. 12-15-86; A by Comm'r of Financial Institutions by R045-00, 9-5-2000; A by Comm'r of Mortgage Lending by R057-08, 4-23-2009-Substituted in revision for NAC 645B.140; A by R119-19A, eff. 11/9/2023