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WBK Industry News - State Regulatory Developments

Nevada to Regulate Mortgage Bankers and Brokers under Same Statute

Nevada has recently enacted two sets of amendments to the statutes governing regulation and licensure of mortgage brokers and mortgage bankers, to regulate both types of entity as “mortgage companies,” and made substantive changes to its statutory framework for the regulation of mortgage companies and mortgage loan originators.

Assembly Bill 468 repeals the statutory provisions that regulate mortgage bankers and revises those that currently regulate mortgage brokers to apply to both mortgage brokers and mortgage bankers, both of which are now included in the term “mortgage company;” changes the term “mortgage agent” to “mortgage loan originator;” and amends certain bond requirements and exemptions applicable to mortgage companies.

Senate Bill 498 amends mortgage broker/mortgage agent continuing education requirements, reducing the required hours from 10 hours to 8 hours and removing the requirement that such continuing education include at least 3 hours on Nevada law; eliminates the requirement that the Commissioner of Mortgage Lending perform annual examinations, instead permitting the Commissioner to conduct periodic examinations at his or her discretion; and permits the Commissioner to waive the requirement for mortgage brokers and bankers to submit monthly activity reports, if substantially similar information is available to the Commissioner from another source.

The amendments in AB 468 are effective January 1, 2020, and the amendments in SB 498 are effective on January 1, 2018.

The full text of AB 468 may be found here, and the full text of SB 498 may be found here.