645B.450 - Conditions and limitations regarding employment of or association with mortgage agent; duties of mortgage broker upon termination of mortgage agent. - Nevada Statutes

645B.450  Conditions and limitations regarding employment of or association with mortgage agent; duties of mortgage broker upon termination of mortgage agent.

      1.  A person licensed as a mortgage agent pursuant to the provisions of NRS 645B.410 may not be associated with or employed by more than one mortgage broker at the same time.

      2.  A mortgage broker shall not associate with or employ a person as a mortgage agent or authorize a person to be associated with the mortgage broker as a mortgage agent if the mortgage agent is not licensed with the Division pursuant to NRS 645B.410.

      3.  If a mortgage agent terminates his or her association or employment with a mortgage broker for any reason, the mortgage broker shall, not later than the third business day following the date of termination:

      (a) Deliver to the mortgage agent or send by certified mail to the last known residence address of the mortgage agent a written statement which advises the mortgage agent that the termination is being reported to the Division; and

      (b) Deliver or send by certified mail to the Division:

             (1) The license or license number of the mortgage agent;

             (2) A written statement of the circumstances surrounding the termination; and

             (3) A copy of the written statement that the mortgage broker delivers or mails to the mortgage agent pursuant to paragraph (a).

      (Added to NRS by 1999, 3769; A 2001, 2472; 2003, 2723, 2863, 3552)