Section 645F.992 - Appointment of receiver or conservator1. In addition to any other action that is required or permitted pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer Regulations, if the Commissioner has reasonable cause to believe that: (a) The assets or capital of a mortgage servicer are impaired;(b) A mortgage servicer is negligently failing to service mortgage loans in accordance with the terms of chapter 645F of NRS and the Nevada Mortgage Servicer Regulations or the terms of the servicing contracts; or(c) A mortgage servicer is conducting business in an unsafe and injurious manner that may result in danger to the public, the Commissioner may petition for an order appointing the Commissioner or some other competent disinterested person as receiver or conservator and directing the receiver or conservator to take sole control of the affairs of the mortgage servicer and possession of the books, records, contracts and property of the mortgage servicer. A person other than the Commissioner appointed as receiver or conservator may be required to supply a bond or other security as required by the Commissioner.2. The receiver or conservator shall take such action as necessary to assure that the mortgage loans are serviced in accordance with the terms of chapter 645F of NRS and the Nevada Mortgage Servicer Regulations and the terms of the servicing contracts, and may cause the servicing rights to be transferred or assigned to another person approved by the Commissioner.3. If the Commissioner is satisfied that the termination of the receivership or conservatorship may be done safely and is in the public interest, the Commissioner may petition to have the receivership or conservatorship terminated and permit the mortgage servicer to resume the servicing of mortgage loans subject to any terms, conditions and limitations as the Commissioner may prescribe.4. The Division must be reimbursed out of the assets of the receivership or conservatorship for actual expenses incurred by it in connection with the receivership or conservatorship. All expenses of a receivership or conservatorship must be paid out of the assets of the mortgage servicer, upon approval of the Commissioner or court. These expenses must be fully paid before any final distribution or payment of dividends is made to creditors or shareholders.5. All compensation and expenses required to be reimbursed to the Division in connection with a receivership or conservatorship and all expenses for state supervision of a receivership or conservatorship under chapter 645F of NRS and the Nevada Mortgage Servicer Regulations must be deposited in the Account for Mortgage Lending created by NRS 645F.270. Money in the Account must only be disbursed on proper vouchers, approved by the Commissioner, to reimburse the Division for expenses incurred by the Division in connection with the receivership or conservatorship.Nev. Admin. Code § 645F.992
Added to NAC by Comm'r of Mortgage Lending by R120-15, effective upon the later of 1/1/2016 or the date this regulation is filed with the Secretary of State.NRS 645F.255 and section 86.4 of Assembly Bill No. 480, chapter 477, Statutes of Nevada 2015, at page 2806