NRS645G.170. Designation of exchange facilitator officer.

      1.  The business of a licensee, if the licensee is not a natural person, must be conducted under the direct management of an officer or employee of the licensee designated by the licensee as an exchange facilitator officer, who is licensed pursuant to the provisions of this chapter and who is:

      (a) An attorney or certified public accountant admitted to practice in any state or territory of the United States;

      (b) A certified exchange specialist certified by the Federation of Exchange Accommodators or its successor; or

      (c) A person who has been actively conducting the business of an exchange facilitator or who has equivalent experience, as determined by the Division, for the 3 years immediately preceding his or her designation as an exchange facilitator officer.

      2.  A licensee shall notify the Division in writing within 10 working days after:

      (a) The designation of any exchange facilitator officer, setting forth the experience and qualifications of the exchange facilitator officer and other such information as may be required by the Division; and

      (b) The termination of the employment of any exchange facilitator officer.

      (Added to NRS by 2007, 3106)