Current through September 16, 2024
1. Not more than 30 days after the completion
of an examination of a mortgage company, the examiner that performed the
examination shall prepare a draft report of the examination and provide the
draft report to appropriate personnel of the Division. The draft report must
include only:
(a) Facts that are contained in
the files, books, records or other documents of the mortgage company that were
examined by the examiner;
(b) Facts
that are contained in statements made by officers or agents of the mortgage
company or other persons that the examiner interviewed concerning the mortgage
company; and
(c) Conclusions and
recommendations that are reasonably supported by the facts that are included in
the draft report, including, but not limited to, the rating given to the
mortgage company pursuant to NAC 645B.067.
2. Not more than 15 days after the draft
report of an examination is received by the Division, the Commissioner or his
or her designee will deliver to the mortgage company who was examined:
(a) A copy of the draft report; and
(b) Notice that the mortgage company has not
more than 30 days, unless the Commissioner, for good cause, allows a longer
period, to review the draft report and submit to the Commissioner, in writing,
any comments regarding or objections to matters contained in the draft
report.
3. If a mortgage
company received a rating of "3," "4" or "5" and submitted written comments or
objections within the period specified in subsection 2, the Commissioner or his
or her designee will:
(a) Not more than 15
days after the last day on which the mortgage company could submit written
comments or objections pursuant to subsection 2, hold an informal meeting with
the mortgage company regarding the draft report; and
(b) Review the draft report, together with
the written submissions or objections made by the mortgage company and any
relevant portions of the working papers of the examiner, and, not more than 15
days after the date on which the informal meeting was held pursuant to
paragraph (a):
(1) Adopt the draft report as
filed;
(2) Adopt the draft report
with modifications;
(3) Provide the
mortgage company with an opportunity for a formal hearing; or
(4) Direct the examiner to reopen the
examination to obtain additional data, documents or information and, if
necessary, file a new draft report pursuant to subsection 1. If the findings of
the initial draft report are supported by the findings of the examiner after
completion of the reopened examination, the mortgage company is responsible for
the costs attributable to the reopened examination pursuant to NRS 645B.060.
4. If
a mortgage company:
(a) Received a rating of
"1" or "2" on an examination pursuant to NAC 645B.067 and submitted written
comments or objections within the period specified in subsection 2;
or
(b) Did not file a written
comment or objection to a draft report within the period specified in
subsection 2, the draft report will be deemed to be the final report of the
examination.
5. Pursuant
to NRS 645B.060, the results of an examination are not open to public
inspection until the requirements set forth in subsection 3 are
completed.
6. If the examination
and report reveal that a mortgage company is operating in violation of this
chapter, chapter 645B of NRS or a previous order of the Commissioner, the
Commissioner may order the mortgage company to take any action the Commissioner
deems necessary or appropriate to correct the violation. The Commissioner may
also take disciplinary action pursuant to NRS 645B.670.
7. The Commissioner may, for good cause,
extend any period specified in this section that is applicable to an examiner,
the Commissioner or his designee for an additional period of not more than 15
days.
Added to NAC by Comm'r
of Mortgage Lending by R087-04, eff. 8-31-2004; A
by
R119-19A,
eff. 11/9/2023
NRS 645B.060,
645B.090
