NRS645E.300. Duties of Commissioner: Regulations; investigations; annual examinations; periodic and special audits; hearings; related fees; biennial examinations.

      1.  Subject to the administrative control of the Director of the Department of Business and Industry, the Commissioner shall exercise general supervision and control over mortgage bankers doing business in this State.

      2.  In addition to the other duties imposed upon him or her by law, the Commissioner shall:

      (a) Adopt regulations establishing reasonable limitations and guidelines on loans made by a mortgage banker to a director, officer or employee of the mortgage banker.

      (b) Adopt any other regulations that are necessary to carry out the provisions of this chapter, except as to loan fees.

      (c) Conduct such investigations as may be necessary to determine whether any person has violated any provision of this chapter, a regulation adopted pursuant to this chapter or an order of the Commissioner.

      (d) Except as otherwise provided in subsection 4, conduct an annual examination of each mortgage banker doing business in this State.

      (e) Conduct such other examinations, periodic or special audits, investigations and hearings as may be necessary for the efficient administration of the laws of this State regarding mortgage bankers.

      (f) Classify as confidential certain records and information obtained by the Division when those matters are obtained from a governmental agency upon the express condition that they remain confidential. This paragraph does not limit examination by:

             (1) The Legislative Auditor; or

             (2) The Department of Taxation if necessary to carry out the provisions of chapter 363A of NRS.

      (g) Conduct such examinations and investigations as are necessary to ensure that mortgage bankers meet the requirements of this chapter for obtaining a license, both at the time of the application for a license and thereafter on a continuing basis.

      3.  For each special audit, investigation or examination, a mortgage banker shall pay a fee based on the rate established pursuant to NRS 645F.280.

      4.  The Commissioner may conduct biennial examinations of a mortgage banker instead of annual examinations, as described in paragraph (d) of subsection 2, if the mortgage banker:

      (a) Received a rating in the last annual examination that meets a threshold determined by the Commissioner;

      (b) Has not had any adverse change in financial condition since the last annual examination, as shown by financial statements of the mortgage banker; and

      (c) Has not had any complaints received by the Division that resulted in any administrative action by the Division.

      (Added to NRS by 1999, 3751; A 2003, 3564; 2003, 20th Special Session, 223; 2007, 962)