645A.020 - Application: Requirements; issuance; restriction. - Nevada Statutes

645A.020  Application: Requirements; issuance; restriction.

      1.  A person who wishes to be licensed as an escrow agent or agency must file a written application in the Office of the Commissioner.

      2.  The application must:

      (a) Be verified.

      (b) Be accompanied by the appropriate fee prescribed in NRS 645A.040.

      (c) State the location of the applicant’s principal office and branch offices in the State and residence address.

      (d) State the name under which the applicant will conduct business.

      (e) List the names, residence and business addresses of all persons having an interest in the business as principals, partners, officers, trustees or directors, specifying the capacity and title of each.

      (f) Indicate the general plan and character of the business.

      (g) State the length of time the applicant has been engaged in the escrow business.

      (h) Require a financial statement of the applicant.

      (i) Require such other information as the Commissioner determines necessary.

      (j) If for an escrow agency, designate a natural person to receive service of process in this State for the agency.

      (k) Include all information required to complete the application.

      3.  If the Commissioner determines, after investigation, that the experience, character, financial condition, business reputation and general fitness of the applicant are such as to command the confidence of the public and to warrant the belief that the business conducted will protect and safeguard the public, the Commissioner shall issue a license to the applicant as an escrow agent or agency.

      4.  The Commissioner may waive the investigation required by subsection 3 if the applicant submits with the application satisfactory proof that the applicant, in good standing, currently holds a license, or held a license, within 1 year before the date the applicant submits his or her application, which was issued pursuant to the provisions of NRS 692A.103.

      5.  An escrow agent or agency shall immediately notify the Division of any material change in the information contained in the application.

      6.  A person may not be licensed as an escrow agent or agency or be a principal officer, director or trustee of an escrow agency if the person is the holder of an active license issued pursuant to chapter 645 of NRS.

      (Added to NRS by 1973, 1306; A 1985, 1810; 1987, 117; 1991, 1848; 1995, 1003; 1997, 2169; 2005, 2779, 2807)