Nev. Admin. Code § 645B.0086

Current through November 8, 2024

Section 645B.0086 - "Insolvent" interpreted

For the purposes of subparagraph (1) of paragraph (b) of subsection 1 of NRS 645B.670, "insolvent" is interpreted to mean that the liabilities of a mortgage company exceed his or her assets, as calculated by the Commissioner in accordance with generally accepted accounting principles, and the calculation:

1. Must exclude any intangible and any amount receivable by the mortgage company that is related to the intangible; and

2. May exclude any shareholder debt that is subordinated.

Nev. Admin. Code § 645B.0086

Added to NAC by Comm'r of Mortgage Lending by R035-10, eff. 7-22-2010; A by R119-19A, eff. 11/9/2023

NRS 645B.060