NRS645F.275. Adoption of regulations establishing minimum net worth or surety bonding requirements for loans by residential mortgage loan originators, percentage of fees from licensing to be deposited in mortgage recovery fund and methods to make claim against fund.

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The Commissioner shall adopt regulations:

1. Establishing minimum net worth or surety bonding requirements that reflect the dollar amount of loans originated by a residential mortgage loan originator, as defined in NRS 645B.01325; or

2. Requiring a percentage of the fees collected for the issuance or renewal of a license pursuant to chapter 645B or 645E of NRS to be deposited in a mortgage recovery fund, and setting forth the methods by which a person may make a claim against and be paid from the fund.

(Added to NRS by 2009, 2688)

                    
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