645F.270 - Fund for Mortgage Lending: Creation; use; no reversion to State General Fund; administration; interest and income; payment of claims.
645F.270 Fund for Mortgage Lending: Creation; use; no reversion to State General Fund; administration; interest and income; payment of claims.
1. The Fund for Mortgage Lending is hereby created in the State Treasury as a special revenue fund.
2. Except as otherwise provided by law, any money collected by the Commissioner or Division pursuant to law:
(a) Must be deposited in the Fund for Mortgage Lending; and
(b) May only be used to:
(1) Carry out the programs and laws administered by the Commissioner and the Division; and
(2) Pay the expenses related to the operations of the Commissioner and the Division.
3. Except as otherwise provided by law, any money that remains in the Fund for Mortgage Lending at the end of the fiscal year does not revert to the State General Fund, and the balance of the Fund for Mortgage Lending must be carried forward to the next fiscal year.
4. The Commissioner shall administer the Fund for Mortgage Lending. Any interest or income earned on the money in the Fund must be credited to the Fund after deducting any applicable charges. Any claims against the Fund must be paid as other claims against the State are paid.
(Added to NRS by 2003, 3539)