Section 645F.835 - Authorized disciplinary action; grounds for disciplinary action1. For each violation committed by an applicant for a license issued pursuant to the Nevada Covered Service Provider Regulations and chapter 645F of NRS, whether or not the applicant is issued a license, the Commissioner may impose upon the applicant an administrative fine of not more than $10,000 if the applicant: (a) Has knowingly made or caused to be made to the Commissioner any false representation of material fact;(b) Has suppressed or withheld from the Commissioner any information which the applicant possesses and which, if submitted by the applicant, would have rendered the applicant ineligible to be licensed pursuant to the provisions of the Nevada Covered Service Provider Regulations and chapter 645F of NRS; or(c) Has violated any provision of the Nevada Covered Service Provider Regulations or chapter 645F of NRS or any order of the Commissioner in completing and filing the application for a license or during the course of the investigation of the application for a license.2. A person who engages in an activity for which licensure as a covered service provider, foreclosure consultant or loan modification consultant is required under the Nevada Covered Service Provider Regulations and chapter 645F of NRS, without regard to whether the person is licensed under the Nevada Covered Service Provider Regulations and chapter 645F of NRS, may be required by the Commissioner to pay restitution to any person who has suffered an economic loss as a result of a violation of the provisions of the Nevada Covered Service Provider Regulations or chapter 645F of NRS or an order of a court of competent jurisdiction.3. For each violation committed by a person who engages in an activity for which licensure as a covered service provider, foreclosure consultant or loan modification consultant is required under the Nevada Covered Service Provider Regulations and chapter 645F of NRS, without regard to whether the person is licensed under the Nevada Covered Service Provider Regulations and chapter 645F of NRS, the Commissioner may impose upon the person an administrative fine of not more than $10,000, and if the person holds a license as a covered service provider, foreclosure consultant or loan modification consultant, the Commissioner may suspend, revoke or place conditions upon the person's license, or may do both, if the person, whether or not acting as such:(b) Is grossly negligent or incompetent in performing any act for which the person is required to be licensed pursuant to the provisions of the Nevada Covered Service Provider Regulations and chapter 645F of NRS;(c) Does not conduct business in accordance with law or has violated any provision of the Nevada Covered Service Provider Regulations or chapter 645F of NRS or any order of the Commissioner;(d) Is in such financial condition that the person cannot continue in business with safety to his or her customers;(e) Has made a material misrepresentation in connection with any transaction governed by the Nevada Covered Service Provider Regulations or chapter 645F of NRS;(f) Has suppressed or withheld from a client any material facts, data or other information relating to any transaction governed by the provisions of the Nevada Covered Service Provider Regulations or chapter 645F of NRS which the person knew or, by the exercise of reasonable diligence, should have known;(g) Has knowingly made or caused to be made to the Commissioner any false representation of material fact or has suppressed or withheld from the Commissioner any information which the person possesses and which, if submitted to the Commissioner, would have rendered the person ineligible to be licensed pursuant to the provisions of the Nevada Covered Service Provider Regulations and chapter 645F of NRS;(h) Has failed to account to persons interested for all money received for a trust account or has failed to refund money for rescinded or cancelled contracts;(i) Has refused to permit an examination by the Commissioner of his or her books and affairs or has refused or failed, within a reasonable time, to furnish any information or make any report that may be required by the Commissioner pursuant to the provisions of the Nevada Covered Service Provider Regulations or chapter 645F of NRS;(j) Has been convicted of, or entered a plea of guilty or nolo contendere to, a felony relating to the practice of covered service providers, foreclosure consultants or loan modification consultants or any crime involving fraud, misrepresentation or moral turpitude;(k) Has refused or failed to pay, within a reasonable time, any fines, fees, assessments and costs that the person is required to pay pursuant to the Nevada Covered Service Provider Regulations or chapter 645F of NRS;(l) Has failed to satisfy a claim made by a client which has been reduced to judgment;(m) Has failed to account for or to remit any money of a client within a reasonable time after a request for an accounting or remittal;(n) Has commingled the money or other property of a client with the person's own or has converted the money or property of others to his or her own use;(o) Has engaged in any other conduct constituting a deceitful, fraudulent or dishonest business practice;(p) Has repeatedly violated the policies and procedures required of a licensee;(q) As a qualified employee, has failed to exercise reasonable supervision over the activities of associated licensees working under the qualified employee;(r) Has instructed an associated licensee to commit an act that would be cause for the revocation of the license of the associated licensee, whether or not the associated licensee commits the act;(s) If the person is an independent licensee, has employed a person as an associated licensee or authorized a person to be associated with the independent licensee as an associated licensee at a time when the independent licensee knew or, in light of all the surrounding facts and circumstances, reasonably should have known that the person:(1) Had been convicted of, or entered a plea of guilty or nolo contendere to, a felony relating to the practice of covered service providers, foreclosure consultants or loan modification consultants or any crime involving fraud, misrepresentation or moral turpitude; or(2) Had a professional license or a financial services license or registration that was issued in this State or any other state, the United States, any district or territory of the United States or any foreign country suspended or revoked within the 10 years immediately preceding the date of his or her application;(t) Has failed to pay any tax as required pursuant to NRS;(u) Has allowed a person not licensed pursuant to the Nevada Covered Service Provider Regulations and chapter 645F of NRS to act as a covered service provider, foreclosure consultant or loan modification consultant;(v) If the person is an associated licensee, has violated the policies and procedures of the independent licensee who employs the associated licensee;(w) Has offered or provided any services prescribed under the Nevada Covered Service Provider Regulations or chapter 645F of NRS requiring licensure and the person did not have such a license and was not exempt from licensing at the time the person engaged in the activities; or(x) Has failed to deposit money to a trust account when required to do so or has removed money from a trust account when not authorized to do so.Nev. Admin. Code § 645F.835
; A by R120-15, effective upon the later of 1/1/2016 or the date this regulation is filed with the Secretary of State.Added to NAC by Comm'r of Mortgage Lending by R052-09, eff. 8-25-2009