Nevada Administrative Code
Chapter 645A - Escrow Agencies and Agents
STANDARDS OF PRACTICE
Section 645A.290 - Closure of principal or branch office
Universal Citation: NV Admin Code 645A.290
Current through December 12, 2024
1. An escrow agency may not close its principal office or a branch office until:
(a) The escrow agency has submitted to the Commissioner, in a format prescribed by the Commissioner, a request for approval of the closure of the office pursuant to subsection 2; and
(b) The Commissioner has approved the closure.
2. A request for approval of the closure of the principal office or a branch office of an escrow agency must include:
(a) The status of any incomplete escrow agreements and the manner in which they will be finalized;
(b) An accounting and reconciliation of any trust account maintained by the escrow agency and the plan for distribution of the money in the account;
(c) If any escrow agent associated with or employed by the escrow agency has been terminated from such association or employment, notice of that termination pursuant to NRS 645A.196; and
(d) The location where records of the office will be maintained and the name, telephone number and mailing address of the custodian who will be responsible for the maintenance of the records.
Added to NAC by Commr of Mortgage Lending by R070-16A, eff. 1/27/2017; A by R070-23A, eff. 1/5/2024
NRS 645A.050
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