Nevada Administrative Code
Chapter 645B - Mortgage Brokers and Mortgage Agents
SUPERVISION BY COMMISSIONER
General Provisions
Section 645B.057 - Change in ownership, control, management, principal employees or principal or branch office

1. Any material change in the control persons of a mortgage company must be reported to the Commissioner at least 30 calendar days before the change. Each new control person must submit to a background investigation in the manner provided in NRS 645B.020. A new control person may not participate in the management of a mortgage company until the person is approved by the Commissioner.

2. A change of control of a mortgage company is not effective until the change of control is approved by the Commissioner. A transfer, sale or conveyance of outstanding voting stock or ownership interest in a mortgage company that will result in the cumulative transfer, from the date upon which the license of the mortgage company was issued, of 25 percent or more of the outstanding voting stock or ownership interest in the mortgage company is deemed to constitute a change of control.

3. At least 15 days before a person acquires stock or ownership in a mortgage company as a result of a transfer that constitutes a change of control, the mortgage company shall make a written application to the Commissioner for approval of the change of control. The application must include, without limitation:

4. The Commissioner will conduct an investigation of each application submitted pursuant to subsection 3 to determine whether the requirements necessary for licensure pursuant to this chapter and chapter 645B of NRS are met.

5. A mortgage company who wishes to change the location of his or her principal office or branch office must submit to the Commissioner, in a format prescribed by the Commissioner, a request for approval to change the location of his or her principal office or branch office. Upon the request of the Commissioner, a mortgage company shall submit any additional information required by the Commissioner. A mortgage company may not change the location of his or her principal office or a branch office until the Commissioner has approved the transfer and issued a new license reflecting the change in location.

6. A mortgage company may not surrender his or her license or close his or her principal office or a branch office until the Commissioner has approved the surrender or closure.

7. The request for approval of the surrender of the license or closure of the principal office or a branch office must be submitted in a format prescribed by the Commissioner and contain the following information:

8. The Commissioner may require the person acquiring stock or ownership in a mortgage company pursuant to subsection 2 to meet the requirements of the S.A.F.E. Mortgage Licensing Act, including, without limitation, submitting information to the Registry.

9. As used in this section, "change of control" has the meaning ascribed to it in NRS 645B.095.