NRS645E.290. Licensure as mortgage agent required for certain persons who engage in activities as loan originator or who supervise mortgage agents who engage in such activities.

      1.  Any person licensed as a mortgage banker under this chapter and who engages in activities as a loan originator or who supervises a mortgage agent who engages in activities as a loan originator, and any employee or independent contractor of a mortgage banker who engages in activities as a loan originator, must be licensed as a mortgage agent pursuant to the provisions of NRS 645B.400 to 645B.460, inclusive.

      2.  As used in this section:

      (a) “Clerical or ministerial tasks” means communication with a person to obtain, and the receipt, collection and distribution of, information necessary for the processing or underwriting of a loan.

      (b) “Loan originator” means a natural person who takes a loan application or offers or negotiates terms of a loan for compensation or other pecuniary gain. The term does not include:

             (1) A person who performs clerical or ministerial tasks as an employee at the direction of and subject to the supervision and instruction of a person licensed or exempt from licensing under this chapter, unless the person who performs such clerical or ministerial tasks is an independent contractor; or

             (2) A person solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. § 101(53D).

      (Added to NRS by 2009, 2687; A 2011, 3631)