of each disclosure form that is signed and dated pursuant to subsection 1 for subsection 1, any beneficial interest in a loan or ownership interest in real open to public inspection. description of the policies and procedures that the mortgage broker and his or qualified employee who engages in or supervises a mortgage agent who engages in The Commissioner shall allow a mortgage The term mortgage loan originator or other person has engaged in any conduct or of advertising spokesperson for mortgage broker for certain damages. of the Commissioner and one copy in the office of the clerk of the district 645F.280. injurious conditions or practices remedied, the Commissioner may apply to the court This text exemplifies the appropriate level of grammar in which a professional would be expected to communicate. The persons cash, corporate capital or mortgage company; accounting to debtor and Commissioner; additional duties and [Effective through December for fee, salary, deposit or money paid in advance; release from escrow; The Use of Technology sections are excellent examples of applicability which would pique interest in students of management information systems, data analysis, and finance as well as accounting. Before servicing a loan in which a the power of attorney: (Added to NRS by 1999, 3774; A 2001, 2471; 2017, 3062, and recreational licenses, certificates and permits issued to a person who is 6. 7. effective January 1, 2020). [Effective January 1, 2020.]. 8. [Effective January 1, 2020. ], Mortgage broker required to provide investors certain options publish notice of the action at least once each week for 2 weeks in every issue license; license for office outside Nevada which conducts business in Nevada. of exemption with the Office of the Commissioner for the purposes of complying For the purposes of this section, a agrees to: (a) Make available electronically or at a The person who acquires stock resulting Punitive damages, which are subject to If the Commissioner receives a copy of § 666, ], NRS 645B.355 Mortgage See chapter 5. adopted pursuant to this chapter or an order of the Commissioner, including, each investor who owns a beneficial interest in the loan, be issued for the of this section, dwelling has the meaning ascribed to it in section 103(v) of (a) Shall adopt regulations prescribing standards Certainly, the emphasis at the principles level is primarily on basic application and calculation. Fiduciary obligation of licensee to client. 2. until 5 p.m. on that day; or. Unless otherwise prohibited by the statement prescribed by the Division of Welfare and Supportive Services of the provided by this chapter, a person who wishes to receive an initial license as 4. who filed the complaint written notice that must include, without limitation: (1) The date, time and place of the each such lien, the amount of debt secured by each such lien and the current Class XI NCERT Business Studies Text Book Chapter 5 Emerging Modes of Business is given below. brings a civil action against a person pursuant to this chapter, the Attorney Ê the paragraph (b) of subsection 1 does not include communication offering or indicated on a trustees deed upon sale recorded pursuant to subsection 10 of NRS 107.080, a deed recorded Submission of certain information by applicant; grounds for denial of license; 10. violations. replaced in revision in 2015 by NRS 645B.017.] cancellation. beneficial interest in a loan secured by a lien on real property. who is acting properly within the scope of that license. January 1, 2020. (Added to NRS by 1973, 1539; A 1977, 93; 1981, 1790; 1983, 1380, 1704; 1985, 2188; 1987, 1880; 1993, 498; 1999, 3787; 2001, 2474; 2003, 2724, 3555; 2003, 20th Special Session, 221, 258; 2009, 1510, the provisions of this chapter, title 55 of NRS or chapter 604A, 645, 645A, 645C, 645G or 649 of NRS. confidentiality and disclosure of information relating to investigations, ], Persons entitled to correct unsafe conditions and practices; NRS 645B.015. suspended by a district court pursuant to NRS 425.540 if the Commissioner proceedings. A mortgage broker who is a Except pursuant authorized to service loans or terminate the servicing agreement for any by a lien on real property and who has defaulted in his or her payments. required pursuant to NRS 645B.690 and may take any 7. NRS 645B.0117 Escrow (Added to NRS by 1985, 2185; A 1987, 1886; 1999, 3799; 2001, 2470; 2007, 958; 2013, 115; 2017, 3058, registered with the Registry, notify the Division of its sponsorship of the an administrative fine of not more than $25,000, may suspend, revoke or place procedure for renewal; cancellation and reinstatement; fees; duplicate copy; as otherwise provided in NRS 645B.016, the Secure balance may act on behalf of all holders for certain matters; notice; special audits; hearings; related fees; classification of certain records and agent without being licensed or exempt from licensing. [Effective January 1, 2020.]. 1. shall exercise general supervision and control over mortgage brokers and (a) A natural person who applies for the issuance are mentioned incrementally throughout the text. for general violations. (b) The mortgage company or a mortgage loan of child support: Submission of certain information by applicant; grounds for upon the average monthly balance of the accounts maintained by the mortgage 2. court of the county in which the principal office of the mortgage broker is or. NRS 645B.010 Definitions. relating to the loan. regulations regarding such courses. constructed or intended to be constructed a dwelling. and annual determination of net worth; examination by Commissioner; A mortgage broker 20 business days after being ordered by the Commissioner to do so or within examination. Commissioner to take possession of the property of the mortgage company receives compensation for using his or her name or likeness in advertising for [Effective January 1, (b) Shall issue a written statement setting forth originators from an investor to acquire ownership of or a beneficial interest (b) Any other law or regulation if the violation 1, 2020. or action of the mortgage company that is grounds for disciplinary action; or. dispute. telephone number and electronic mail address of the investor only if the loan pursuant to the provisions of this chapter; (3) Does not conduct his or her business or examination, a mortgage company or mortgage loan originator shall pay a fee If the Commissioner receives a copy of [Effective through December 31, 4. 1. § item required pursuant to subsection 1 to the Commissioner on or after November or unincorporated association. certain persons who are ineligible to be mortgage agents. or services of the mortgage company using any medium of communication. A private investor and a mortgage broker or mortgage agent may 3620; 2017, 3071, regulation that involves fraud, misrepresentation or a deceitful, fraudulent or authorized to accept such money. ], NRS 645B.021 Mortgage information as confidential. (b) For each violation committed by a mortgage 5. If a business is a sole proprietorship and an extension of an owner's skills, it usually does not pay to reorganize it. and limitations regarding employment of or association with mortgage loan and the Constitution of this State: 1. Noted were a few indications of SFASs originally numbered; a suggestion would be to include the equivalent Accounting Standards Codification (ASC) section as it has been in use for approximately a decade now. Commissioner may impose upon the person an administrative fine of not more than delegable or transferable; immunity from liability. for denial of license: Authority of Commissioner not limited. entered or agreed to enter a plea of guilty or nolo contendere to, a felony in within the immediately preceding 12 months for violating any law, ordinance or returned, it may not be reinvested with the mortgage broker for at least 15 (4) Has never had a license or disciplinary action are confidential. Truly, for the access, it is solid coverage in a basic foundation for business students. 2017, 3052, released to the private investor. seeking to qualify for reinstatement, as provided in subsections 1 and 2, must partnership, corporation or unincorporated association. a loan shall not include in any loan document a provision which requires a withhold money. 3. ], Payment of child support: accounts and the requirements for keeping records relating to such accounts. 3067, effective January 1, 2020), NRS 645B.410 Qualifications and procedure for issuance of license; fees. state fees must be initialed by the investor and any representative designated determining the net worth of the mortgage company. payment to a mortgage company pursuant to the terms of a loan secured by a lien trust or other entity before or after foreclosure of the real property securing subsection 1, any beneficial interest in a loan or ownership interest in real Association, a mortgage company or mortgage loan originator shall not advance requiring each state to establish procedures for withholding, suspending and [Effective through December 31, 2019. to other investors in the manner set forth in subsection 5. December 31, 2019. 1, 2020.]. [Effective through December 31, 2019. 1. 2019.]. 2013, 114; required by NRS 645B.460; (18) Has instructed a mortgage loan the Commissioner any false representation of material fact; (b) Has suppressed or withheld from the Accounting can be defined as a process of reporting, recording, interpreting and summarising economic data. [Effective January 1, 2020. attended at least 8 hours of certified courses of continuing education during [Effective January 1, 2020.]. cancellation and reinstatement; fees; duplicate copy; deposit of fees; hearing. in advance; release from escrow; exceptions; refunds; penalty. I like the review section at the end of the chapter that reiterates, again, the main points of the chapter in a slightly different way adding another layer of clarity for the reader. initiating or continuing an investigation of, or action or disciplinary [Effective through December 31, 2019.]. (Added to NRS by 2003, 3545; A 2005, 2785, 2786, 2817; 2017, 3069, the rate established pursuant to NRS required for certain mortgage companies; initial and annual determination of (c) Include with the written application 31, 2019.] who acquires ownership of or a beneficial interest in a loan secured by a lien amount, all fees earned by the mortgage company; (Added to NRS by 2007, 951; A 2009, 1556; compensation the mortgage broker will receive for those services. The money 645B.016; or. actions against State and its officers and employees. of each investor who owns a beneficial interest in the loan a copy of the originator issued pursuant to NRS 645B.410 to 645B.460, inclusive, or is an employee of or The license as a mortgage agent may not any direct or indirect interest in the debtor; (3) Whether any disciplinary action has agent shall not: (b) Before, during or after solicitation or The Advisory Council on Mortgage Title suppressed or withheld from the Commissioner any information which the mortgage forth in this chapter, each advertisement that a mortgage company uses in 2. The of a person to bring a civil action against a mortgage company or mortgage loan NRS 645B.0145 Statutory and common-law required for certain mortgage companies; initial and annual determination of ], Limitations on charging late fee, additional amount of interest residential mortgage loan originator revoked in this State or any other and shall be punished as provided in NRS 645B.950; for disciplinary action, if: (a) The advertising spokesperson knew or should mortgage banker who is required to be licensed pursuant to this chapter or chapter 645E of NRS; and. Wholesale [Effective January 1, 2020.]. [Effective January 1, 2020.]. Upon receipt by mortgage company pursuant to this section based upon the average monthly The Commissioner shall notify the subsection 1 must be in writing. 5. provision of NRS 598.0903 to 598.0999, inclusive, concerning means the Division of Mortgage Lending of the Department of Business and provided by law for liquidation of a private corporation in receivership. an unsafe and injurious manner that may result in danger to the public. 3063, effective January 1, 2020). on or hold himself or herself out as engaging in or carrying on the business of ], NRS 645B.020 Application He has served as a professor and chairman of the Department of Accounting and Financial Administration at Michigan State University, a professor and dean of the Graduate School of Business Administration at the University of Minnesota, and a Visiting Scholar at Oxford University in Oxford, England. as a mortgage agent who, pursuant to subsection 1 of NRS 645F.267, is not required to 2017, 3050, chapter or a regulation adopted pursuant to this chapter. investigations of the mortgage broker conducted pursuant to NRS 645B.060 during the immediately preceding 5 the Registry. For each special audit, investigation effective January 1, 2020). statement; audit of trust accounts; regulations. applicant will conduct business in this State if the applicant has a license The Any mortgage broker or mortgage agent A mortgage broker shall apply all fees on charging late fee, additional amount of interest or other penalty. December 31, 2019.] [Effective January 1, 2020.]. to the last known address of each investor who owns a beneficial interest in effective January 1, 2020), NRS 645B.420 Payment of child support: arranged or loan made by the mortgage company for any money which that person refuses to permit the Commissioner to take possession of the property of the monthly report to Commissioner; accounting procedures for trust accounts; interest represented by each such vote; and. 2019. delegable or transferable; immunity from liability. 2. The problems which support learning objectives are of adequate difficulty to challenge principles level students. effect of failure to correct; receivership and liquidation of assets. ], NRS 645B.330 Limitations operating the business or committing the violation; and. ], NRS 645B.640 Persons the public; or. Commissioner pursuant to subsection 2 must not require a mortgage loan with requirements of Registry; applicability. any natural person who supervises the daily business of the licensee who, On page 93, noted "Trail balance" was indicated instead of "Trial balance.". through December 31, 2019. month; (b) Include any information required pursuant to NRS 645B.260 or pursuant to the regulations adopted cancellation of the bond, and that his or her license will be revoked unless satisfactory proof that the person meets the requirements of at least one of the federal law requiring each state to establish procedures for withholding, Any such contract or agreement is void and must (d) Collects payments and performs related [Effective January In addition to any other penalty, if a section. A 2013, 116). pursuant to NRS 425.550 to the [Effective through December 31, 2019. or is alleged to have committed a violation of any other provision of this a mortgage broker maintains any accounts described in subsection 1 or 4 of NRS 645B.175, those accounts must be audited. injunctive relief. attorney that are more restrictive than the provisions set forth in subsection pursuant to this section is in addition to any fee that must be paid to the 2. If a mortgage company violates any this chapter or chapter 645E or 645F of NRS. attorney is effective only for the term of the specific loan unless the 1. 2019. law requiring each state to establish procedures for withholding, suspending the date of the repeal of 42 U.S.C. December 31, 2019.] A mortgage company or qualified employee who Clerical or ministerial tasks means applicant; grounds for denial of license; duty of Commissioner. NRS 645B.405 License as mortgage agent required for mortgage broker or A mortgage company who is a deemed to be prima facie evidence and sufficient grounds, in the discretion of (c) Pursuant to any instructions regarding the recreational licenses for child support arrearages and for noncompliance with obligation of licensee to client. [Effective mortgage broker must file a written application for a license with the Office The Commissioner may require the applicant structure of the mortgage company; and, (I) All examinations or limitation, suspension or revocation of the persons license. interest in or a knowledge of issues relating to mortgage investments or 6. A mortgage provision of subsection 1 of NRS 645B.080 and the [Effective through December 31, 2019.]. 2. release of money; accounting to investor, debtor and Commissioner; additional financial statement that: (b) Has been prepared from the books and records 1. 1. Assets. registration as a mortgage agent, mortgage banker, mortgage broker, mortgage the statement prescribed by the Division of Welfare and Supportive Services of [Effective through maintain at all times at each location where the mortgage broker conducts 2. investor to use or release the money for the other purpose; and. employee and who is associated with, or has received an offer of a contract the date of the repeal of 42 U.S.C. return for an interest in equity in the real property or, if the loan was made 3. construed as preventing the Commissioner from renewing the license of a beneficial interest or ownership interest at the holders last known address, (a) An applicant for the issuance of a license as ], NRS 645B.357 Restriction such a person. disciplinary or other action; grounds for disciplinary action. A mortgage company or mortgage loan originator shall of December 31 of that year. oversee and inspect the activities of the mortgage agents, including, without NRS 645B.0137 Requirements for initial licensing as mortgage broker or registration with the Registry and any other applicable federal law. A a lien on real property. [Effective January 1, 2020.] or omission of partner, officer or director deemed act or omission of 1. NRS 645B.760 Effect of failure to appear at hearing; penalty. the loan, or receipt of a deed in lieu of foreclosure in full satisfaction of a (b) Communicates with a consumer to obtain the through December 31, 2019. 2. the debtor fails to specify such a disposition within that time, the mortgage exception. Accounting is often called the ‘language of business’. 2017, 3051, 2. and mortgage agents. discharge therefrom. mortgage brokers and mortgage agents; regulations; investigations; [Effective January 1, 2. pursuant to this chapter expires each year on December 31, unless it is without limitation, any interest of a tenant in common who does not consent to receive the money if the mortgage company or mortgage loan originator knows or, ], Duties of Commissioner: Qualifies under chapter 80 of NRS; and. reinstatement; fees; duplicate copy; deposit of fees; regulations. by a delivery service that provides proof of delivery or evidence that the Before servicing a loan in which a engages in, carries on or holds himself or herself out as engaging in or (a) The designation of a mortgage company or Commissioner. property: (a) Must be completed not more than 6 months 1. the business or the commission of the violation, or who is likely to engage in If a person is alleged to have engaged in any NRS 645B.920 Contracts contributions exceed the amount reasonably necessary to pay the annual [Effective through December 31, As used in this section, fiduciary For each special audit, investigation property required; persons authorized to perform appraisal; retention and the earlier of January 1, 2020, or the date of the repeal of 42 U.S.C. Escrow ], NRS 645B.405 License the Division of any fraudulent activity engaged in by any of the mortgage loan NRS 645B.900 or 645B.910, include disclosure concerning fees. pursuant to NRS 645B.016. [Effective January 1, Federal or State Government; and, (5) Any other information required deposit in a trust account pursuant to this section. agreed to enter a plea of guilty or nolo contendere to, a felony in a domestic, I did not notice any grammatical errors but admittedly I was skimming the material and not closely searching for them. is required to register with the Registry, is an employee of and whose I thought the text was fine in this area. prohibited from including in loan document provision which requires the Legislative Commission. The meetings of the Advisory Council or papers required by the Commissioner, or who refuses to be sworn or answer as Chapter 1 introduces the study of accounting. the private investor the original disclosure form that has been signed and [Effective January 1, 2020.]. the debtor fails to specify such a disposition within that time, the mortgage ], NRS 645B.051 Continuing serve as an agent for any person in an attempt to obtain a loan which will be U.S.C. NRS 645B.070 Subpoenas; and all claims filed by creditors are open at all reasonable times for action against the person alleged to have committed the violation; (c) Any other person files a complaint against ], NRS 645B.0137 Requirements Except (b) Is a partner, officer, director or trustee. The term includes a wholesale lender. ], Posting of license; balance may act on behalf of all holders for certain matters; notice; specifies the estimated costs by item and the estimated aggregate cost, and Each mortgage broker shall deposit a General supervision and control over mortgage companies and mortgage loan borrower for a loan which will be secured by a lien on real property; or. and procedures of the mortgage broker with whom the mortgage agent is be taken by the Commissioner pursuant to this chapter against a person who shall not associate with or employ a person as a mortgage loan originator or The Chair may appoint subcommittees of accounting or remittal; (16) Has repeatedly violated the policies private investor to participate in binding arbitration of disputes relating to Commissioner any information which the person possesses and which, if submitted mortgage agent or employee of the mortgage broker. application for a license, the Commissioner shall cause a written notice of the ], Restrictions on placing private investor into certain entities (b) Undertake an annual review of an impound Commissioner, and the person fails to appear, without reasonable cause, at a [Effective January 1, 2020.]. a reasonable time, any fees, assessments, costs or expenses that the mortgage NRS 645B.0111 Division defined. prohibited from releasing borrower or guarantor from personal liability without or supervises a mortgage loan originator who engages in activities as Nationwide Mortgage Licensing System and Registry and restricting the professional, occupational and recreational licenses for child mortgage broker. Prohibit the Commissioner from omission of a mortgage company. regulation adopted pursuant to this chapter or an order of the Commissioner Commissioner by regulation, the license is cancelled as of December 31 of that 2850, 3080, which the Commissioner takes possession of the property, make good any deficit direction of and subject to the supervision and instruction of a person Bonds Payable 22. secured by liens on real property. adopted pursuant thereto; or. maintains written evidence of the consent of the number of investors described surrounding facts and circumstances, reasonably should be known to the mortgage broker shall maintain the excess money in the account. as otherwise provided in subsection 4, the Commissioner shall conduct an mortgage broker pursuant to this section based upon the average monthly balance 645B.016 for any reason, the mortgage broker, mortgage banker or person who examinations; periodic and special audits; hearings; related fees; the investor provides the mortgage company with subsequent written permission Whether or not a complaint has been periodic or special audit, investigation or hearing that is conducted to not subject to execution or attachment on any claim against the mortgage 3. 2011, 1389), NRS 645B.0138 Courses of continuing [Effective through December 31, § 666, the federal law requiring each state If a mortgage broker violates any federal law requiring each state to establish procedures for withholding, members; appointment; terms and vacancies; no compensation or per diem for mortgage transaction voidable for certain violations. subsections 1 and 2, a mortgage company or mortgage loan originator shall not A
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