645A.037 - Prohibition on administering escrows in same location as or in conjunction with other businesses; exceptions.
645A.037 Prohibition on administering escrows in same location as or in conjunction with other businesses; exceptions.
1. Except as otherwise provided in subsection 2, a licensee may not conduct the business of administering escrows for compensation within any office, suite, room or place of business in which any other business is solicited or engaged in, except a notary public, or in association or conjunction with any other business, unless authority to do so is given by the Commissioner.
2. A licensee may conduct the business of administering escrows pursuant to this chapter in the same office or place of business as a mortgage banker if:
(a) The licensee and the mortgage banker:
(1) Operate as separate legal entities;
(2) Maintain separate accounts, books and records;
(3) Are subsidiaries of the same parent corporation; and
(4) Maintain separate licenses; and
(b) The mortgage banker is licensed by this state pursuant to chapter 645E of NRS and does not conduct any business as a mortgage broker licensed pursuant to chapter 645B of NRS in the office or place of business.
(Added to NRS by 1993, 503; A 1999, 3764; 2003, 3540)