Nev. Admin. Code § 645B.095

Current through December 12, 2024

Section 645B.095 - Determination by Commissioner

For the purpose of determining the net worth of a mortgage company pursuant to NRS 645B.115, the Commissioner will interpret the term "net worth" to mean the amount by which the assets of a mortgage company exceed his or her liabilities, as calculated by the Commissioner in accordance with generally accepted accounting principles. 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.095

Added to NAC by Comm'r of Financial Institutions by R045-00, eff. 9-5-2000; A by Comm'r of Mortgage Lending by R035-10, 7-22-2010; A by R119-19A, eff. 11/9/2023

NRS 645B.060, 645B.115