NRS645B.189. Statements of disclosure required in certain advertisements; review of advertisements by Commissioner; advertisements must comply with state and federal laws concerning deceptive trade practices and deceptive advertising; regulations.

      1.  If, in carrying on his or her business, a mortgage broker uses an advertisement that is designed, intended or reasonably likely to solicit money from private investors, the mortgage broker shall include in each such advertisement a statement of disclosure in substantially the following form:

 

Money invested through a mortgage broker is not guaranteed to earn any interest or return and is not insured.

 

      2.  A mortgage broker shall include in each advertisement that the mortgage broker uses in carrying on his or her business any statements of disclosure required pursuant to the regulations adopted by the Commissioner or required pursuant to an order of the Commissioner entered in accordance with subsections 7 and 8 of NRS 645B.185.

      3.  Each mortgage broker who has received an initial license within the past 12 months shall submit any proposed advertisement that the mortgage broker intends to use in carrying on his or her business to the Commissioner for approval.

      4.  In addition to the requirements set forth in this chapter, each advertisement that a mortgage broker uses in carrying on his or her business must comply with the requirements of:

      (a) NRS 598.0903 to 598.0999, inclusive, concerning deceptive trade practices; and

      (b) Any applicable federal statute or regulation concerning deceptive advertising and the advertising of interest rates.

      5.  If a mortgage broker violates any provision of NRS 598.0903 to 598.0999, inclusive, concerning deceptive trade practices or any federal statute or regulation concerning deceptive advertising or the advertising of interest rates, in addition to any sanction or penalty imposed by state or federal law upon the mortgage broker for the violation, the Commissioner may take any disciplinary action set forth in paragraph (b) of subsection 1 of NRS 645B.670 against the mortgage broker.

      6.  The Commissioner may adopt any regulations that are necessary to carry out the provisions of this section.

      (Added to NRS by 1985, 2185; A 1987, 1886; 1999, 3799; 2001, 2470; 2007, 958; 2013, 115)