Section 645F.955 - Qualifications for licenseThe Commissioner may issue a license to an applicant for a license as a mortgage servicer if, after investigation, the Commissioner finds that the applicant and, if applicable, any control persons of the applicant:
1. Meet the requirements of chapter 645F of NRS and the Nevada Mortgage Servicer Regulations.2. Have demonstrated experience, financial responsibility, character and general fitness so as to command the confidence of the community and warrant a determination that the applicant and, if applicable, any control person of the applicant will operate honestly, fairly and efficiently for the purposes of chapter 645F of NRS and the Nevada Mortgage Servicer Regulations.3. Have never had a license or registration as a mortgage agent, mortgage broker, mortgage banker, mortgage company, mortgage loan originator or mortgage servicer revoked in this State or any other jurisdiction or had any financial services license or registration, as defined in NRS 645B.0119, revoked within the immediately preceding 10 years. For purposes of this subsection, a license or registration shall not be considered revoked if the revocation was subsequently vacated.4. Have not been convicted of, or entered or agreed to enter a plea of guilty or nolo contendere to, a felony in a domestic, foreign or military court within the past 7 years immediately preceding the date of the application, or at any time if such felony involved an act of fraud, dishonesty or a breach of trust, moral turpitude or money laundering. For the purposes of this subsection, a person shall not be considered to have been convicted, or entered or agreed to enter a plea of guilty or nolo contendere if the conviction or plea has been pardoned or vacated.5. Have designated a qualified employee for each principal and branch office, if any, pursuant to NAC 645F.957 and each qualified employee has been approved by the Commissioner.6. Have deposited the surety bond required pursuant to NAC 645F.970.7. Have provided the financial statements required pursuant to NAC 645F.973 and 645F.974.Nev. Admin. Code § 645F.955
Added to NAC by Comm'r of Mortgage Lending by R120-15, effective upon the later of 1/1/2016or the date this regulation is filed with the Secretary of State; A by R119-19A, eff. 11/9/2023