675.230 - Restriction on location of business of making loans.
675.230 Restriction on location of business of making loans.
1. Except as otherwise provided in subsection 2, a licensee may not conduct the business of making loans under this chapter within any office, suite, room or place of business in which any other business is solicited or engaged in, except an insurance agency or 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 making loans pursuant to this chapter in the same office or place of business as:
(a) A mortgage broker if:
(1) The licensee and the mortgage broker:
(I) Operate as separate legal entities;
(II) Maintain separate accounts, books and records;
(III) Are subsidiaries of the same parent corporation; and
(IV) Maintain separate licenses; and
(2) The mortgage broker is licensed by this state pursuant to chapter 645B of NRS and does not receive money to acquire or repay loans or maintain trust accounts as provided by NRS 645B.175.
(b) A mortgage banker if:
(1) The licensee and the mortgage banker:
(I) Operate as separate legal entities;
(II) Maintain separate accounts, books and records;
(III) Are subsidiaries of the same parent corporation; and
(IV) Maintain separate licenses; and
(2) The mortgage banker is licensed by this state pursuant to chapter 645E of NRS and, if the mortgage banker is also licensed as a mortgage broker pursuant to chapter 645B of NRS, does not receive money to acquire or repay loans or maintain trust accounts as provided by NRS 645B.175.
(Added to NRS by 1959, 230; A 1983, 1809; 1987, 1990; 1991, 884; 1999, 3810; 2003, 3579)