Section 645B.0165 - Qualifications of applicant: Requirements for licensure pursuant to NRS 645B.0201. Pursuant to subsection 3 of NRS 645B.020, the Commissioner will not issue a license as a mortgage company unless the requirements of that subsection have been fulfilled.2. For the purposes of subparagraph (1) of paragraph (b) of subsection 3 of NRS 645B.020, factors considered in determining whether a person has demonstrated financial responsibility include, without limitation: (a) Whether the person's personal credit history indicates any adverse material items, including, without limitation, liens, judgments, disciplinary action, bankruptcies, foreclosures or failures to comply with court-approved payment plans;(b) The circumstances surrounding any adverse material items in the person's personal credit history; and(c) Any instance of fraud, misrepresentation, dishonest business practices, the mishandling of trust funds or other types of comparable behavior.3. For the purposes of subparagraph (2) of paragraph (b) of subsection 3 of NRS 645B.020, the Commissioner will not consider a person to have been convicted or entered a plea of guilty or nolo contendere if the conviction or plea has been pardoned or vacated.4. For the purposes of subparagraph (4) of paragraph (b) of subsection 3 of NRS 645B.020, a license shall not be considered to be revoked or suspended if the revocation or suspension was subsequently vacated.Nev. Admin. Code § 645B.0165
Added to NAC by Comm'r of Mortgage Lending by R035-10, eff. 7-22-2010; A by R119-19A, eff. 11/9/2023