645E.350 - Records relating to mortgage transactions, financial condition and trust accounts; monthly report to Commissioner; accounting procedures for trust accounts; regulations; records of licensee
645E.350 Records relating to mortgage transactions, financial condition and trust accounts; monthly report to Commissioner; accounting procedures for trust accounts; regulations; records of licensee who operates outside Nevada.
1. Each mortgage banker shall keep and maintain at all times at each location where the mortgage banker conducts business in this State complete and suitable records of all mortgage transactions made by the mortgage banker at that location. Each mortgage banker shall also keep and maintain at all times at each such location all original books, papers and data, or copies thereof, clearly reflecting the financial condition of the business of the mortgage banker.
2. Each mortgage banker shall submit to the Commissioner each month a report of the mortgage banker’s activity for the previous month. The report must:
(a) Specify the volume of loans made by the mortgage banker for the month or state that no loans were made in that month;
(b) Include any information required pursuant to the regulations adopted by the Commissioner; and
(c) Be submitted to the Commissioner by the 15th day of the month following the month for which the report is made.
3. The Commissioner may adopt regulations prescribing accounting procedures for mortgage bankers handling trust accounts and the requirements for keeping records relating to such accounts.
4. A licensee who operates outside this State an office or other place of business which is licensed pursuant to this chapter shall:
(a) Make available at a location within this State the books, accounts, papers, records and files of the office or place of business located outside this State to the Commissioner or a representative of the Commissioner; or
(b) Pay the reasonable expenses for travel, meals and lodging of the Commissioner or a representative of the Commissioner incurred during any investigation or examination made at the office or place of business located outside this State.
Ê The licensee must be allowed to choose between paragraph (a) or (b) in complying with the provisions of this subsection.
(Added to NRS by 1999, 3752; A 2001, 2046; 2003, 3564)