Nevada Administrative Code
Chapter 645B - Mortgage Brokers and Mortgage Agents
GENERAL PROVISIONS
Section 645B.0086 - "Insolvent" interpreted
Universal Citation: NV Admin Code 645B.0086
Current through September 16, 2024
For the purposes of subparagraph (1) of paragraph (b) of subsection 1 of NRS 645B.670, "insolvent" is interpreted to mean that the liabilities of a mortgage company exceed his or her assets, as calculated by the Commissioner in accordance with generally accepted accounting principles, and the calculation:
1. Must exclude any intangible and any amount receivable by the mortgage company that is related to the intangible; and
2. May exclude any shareholder debt that is subordinated.
Added to NAC by Comm'r of Mortgage Lending by R035-10, eff. 7-22-2010; A by R119-19A, eff. 11/9/2023
NRS 645B.060
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