NRS645B.354. Restrictions on withholding money from certain investors; loan servicing agreement may contain provision which provides written consent to withhold money.

Latest version.

      1. If an investor owes money to the mortgage broker who is servicing a loan or to other investors, the mortgage broker shall not withhold money due the investor in order to offset the money owed to the mortgage broker or to another investor, unless:

      (a) The mortgage broker obtains the written consent of the investor who owes the money; or

      (b) A court order requires the mortgage broker to withhold the money.

      2. A mortgage broker may include in a loan servicing agreement a provision which provides written consent to withhold money due an investor in order to offset money owed by the investor to the mortgage broker or other investors.

(Added to NRS by 2011, 3604)

                    
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