645A.010 - Definitions. - Nevada Statutes

645A.010  Definitions.  As used in this chapter, unless the context otherwise requires:

      1.  “Commissioner” means the Commissioner of Mortgage Lending.

      2.  “Division” means the Division of Mortgage Lending of the Department of Business and Industry.

      3.  “Escrow” means any transaction wherein one person, for the purpose of effecting the sale, transfer, encumbering or leasing of real or personal property to another person, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor or any agent or employee of any of the latter. The term includes the collection of payments and the performance of related services by a third person in connection with a loan secured by a lien on real property.

      4.  “Escrow agency” means:

      (a) Any person who employs one or more escrow agents; or

      (b) An escrow agent who administers escrows on his or her own behalf.

      5.  “Escrow agent” means any person engaged in the business of administering escrows for compensation.

      (Added to NRS by 1973, 1305; A 1985, 536, 1809; 1991, 1847; 1993, 1891; 2003, 3539)