645E.100 - “Mortgage banker” defined. - Nevada Statutes

645E.100  “Mortgage banker” defined.

      1.  “Mortgage banker” means any of the following:

      (a) A person who, directly or indirectly:

             (1) Holds himself or herself out as being able to:

                   (I) Buy or sell notes secured by liens on real property; or

                   (II) Make loans secured by liens on real property using his or her own money; and

             (2) Does not engage in any other act or transaction described in the definition of “mortgage broker,” as set forth in NRS 645B.0127, unless the person is also licensed as a mortgage broker pursuant to chapter 645B of NRS.

      (b) A person who, directly or indirectly:

             (1) Negotiates, originates or makes or offers to negotiate, originate or make commercial mortgage loans as an agent for or on behalf of an institutional investor; and

             (2) Does not engage in any other act or transaction described in the definition of “mortgage broker,” as set forth in NRS 645B.0127, unless the person is also licensed as a mortgage broker pursuant to chapter 645B of NRS.

      2.  For the purposes of this section, a person does not make a loan secured by a lien on real property using his or her own money if any portion of the money that is used to make the loan is provided by another person who acquires ownership of or a beneficial interest in the loan.

      (Added to NRS by 1999, 3745; A 2003, 3558)