Section 645B.Sec. 2 - NEWThe Commissioner may issue a license by endorsement as a mortgage company or mortgage loan originator to a natural person who holds a corresponding valid and unrestricted license to engage in the activities of a mortgage company or mortgage loan originator, 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 a mortgage company or mortgage loan originator, 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 required for issuance of a license as a mortgage company or mortgage loan originator, 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 a mortgage company or mortgage loan originator, 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 645B.363 and 645B.367;(3) Has at least 2 years of verifiable experience in the business of lending money for real estate or mortgages, as defined in NAC 645B.016, 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) Has passed the National S.A.F.E. Mortgage Loan Originator Test with Uniform State Content developed by the Nationwide Mortgage Licensing System and Registry pursuant to and in the manner provided for in section 1505(b)(5) of the S.A.F.E. Mortgage Licensing Act;(5) Has met the requirements imposed by the S.A.F.E. Mortgage Licensing Act;(6) Is a citizen of the United States or otherwise has the legal right to work in the United States;(7) 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 a mortgage company or mortgage loan originator, as applicable;(8) 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 a mortgage company or mortgage loan originator, as applicable;(9) Has not had a license to engage in the activities of a mortgage company or mortgage loan originator, as applicable, suspended or revoked in the District of Columbia or any state or territory of the United States;(10) Has not been refused a license to engage in the activities of a mortgage company or mortgage loan originator, as applicable, in the District of Columbia or any state or territory of the United States for any reason; and(11) Does not have pending any disciplinary action concerning his or her license to engage in the activities of a mortgage company or mortgage loan originator, 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 has 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 645B.023 or 645B.420, as applicable.(e) If the applicant is applying for a license as a mortgage loan originator, proof that the applicant is named as a principal on any corporate surety bond deposited with the Commissioner pursuant to NRS 645B.042 by the mortgage company with whom he or she is associated or employed.(f) If the applicant is applying for a license as a mortgage company: (1) An audited financial statement that is prepared using the records of the activities of a mortgage company 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;(3) If the mortgage company maintains or intends to maintain any accounts described in NRS 645B.175, proof satisfactory to the Commissioner that the applicant is in such financial condition that the applicant can maintain continuously the minimum net worth required by NRS 645B.115; and(4) Proof that the applicant is named as a principal on a corporate surety bond deposited with the Commissioner pursuant to NRS 645B.042 that is in full force and effect and satisfies all of the requirements of NRS 645B.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 applicable fees: (a) To apply for and be issued a license as a mortgage company, as provided by NRS 645B.050; or(b) To apply for and be issued a license as a mortgage loan originator, as provided by NRS 645B.410.Nev. Admin. Code § 645B.Sec. 2
Added to NAC by Comm'r of Mortgage Lending by R178-18A, eff. 6/13/2019; A by R119-19A, eff. 11/9/2023