Nevada Legislative Update

Nevada Legislative Update

The Nevada legislature recently amended the laws related to mortgage brokers, mortgage agents, and mortgage bankers, effective January 1, 2018.

 

NEVADA SENATE BILL 498

 

The requirements for renewal of a mortgage broker license or mortgage agent license are:

  • If the licensee is a natural person, the licensee must submit proof of attendance for 8 hours of certified courses of continuing education during the 12 months preceding license expiration (previously 10 hours);
  • If the licensee is not a natural person, the licensee must submit proof that each natural person who supervises the daily business of the licensee attended at least 8 hours of certified courses of continuing education during the 12 months preceding license expiration (previously 10 hours).

 

A licensee or any natural person who supervises the daily business of the licensee who, under Nevada law is not required to register or renew with the Nationwide Mortgage Licensing System and Registry, and who has not voluntarily registered or renewed with the Registry, must submit satisfactory proof of attendance for at least 5 hours of certified courses of continuing education during the 12 months preceding license expiration.  This continuing education must include at least 2 hours relating to ethics (the requirement for 3 hours relating to the laws and regulations of Nevada has been eliminated).

 

The law is amended to require the Commissioner of Mortgage Lending to perform periodic standard examinations (previously, annual examinations) of mortgage bankers and mortgage brokers.

 

The current law requires each mortgage broker or mortgage banker to submit a monthly report of its activity to the Commissioner.   The Commissioner may now waive this requirement if substantially similar information is available to the Commissioner from another source.