Section 645B.055 - Qualified employee: Designation and approval1. Every person, other than a natural person, doing business as a mortgage company in this State shall designate a natural person as a qualified employee who may, upon approval of the Commissioner, act on behalf of the mortgage company.2. The Commissioner will approve the qualified employee designated pursuant to subsection 1 if the qualified employee is a natural person who: (a) Is licensed in good standing as a mortgage loan originator;(b) Is designated by a mortgage company to act on behalf of the mortgage company and to supervise the conduct of the business of the mortgage company and the mortgage loan originators and other staff members employed by the mortgage company at the licensed office location;(c) Will be present at the licensed office location for which he or she is the qualified employee the majority of the time that the office is open to the public; and(d) In the immediately preceding 5 years, has at least 2 years of verifiable experience in the business of lending money for real estate or mortgages.3. If the qualified employee designated pursuant to subsection 1 is not approved by the Commissioner pursuant to subsection 2 or ceases to be a qualified employee as defined in NAC 645B.008, the mortgage company shall designate another qualified employee pursuant to subsection 1 not later than:(a) Thirty calendar days after the date that:(1) The Commissioner notifies the mortgage company that the initial qualified employee designated pursuant to subsection 1 is not approved; or(2) The qualified employee ceases to be a qualified employee as defined in NAC 645B.008; or(b) A date after the date described in paragraph (a) if agreed to by the Commissioner.4. As used in this section, "verifiable experience in the business of lending money for real estate or mortgages" has the meaning ascribed to it in NAC 645B.016.Nev. Admin. Code § 645B.055
Added to NAC by Comm'r of Financial Institutions by R045-00, eff. 9-5-2000; A by Div. of Mortgage Lending by R123-08, 4-23-2009; A by Comm'r of Mortgage Lending by R035-10, 7-22-2010; A by R125-16A, eff. 1/27/2017; A by R119-19A, eff. 11/9/2023