Nevada Administrative Code
Chapter 645F - Mortgage Lending and Related Professions
NEVADA MORTGAGE SERVICER REGULATIONS
Standards of Practice
Section 645F.970 - Surety bonds: Duty of mortgage servicer to deposit bond with Commissioner; form and amount of bond

Universal Citation: NV Admin Code 645F.970

Current through September 16, 2024

1. Each mortgage servicer shall deposit with the Commissioner and maintain in full force and effect a corporate surety bond payable to the State of Nevada, in the amount set forth in subsection 3, which is executed by a corporate surety satisfactory to the Commissioner and which names as principals the mortgage servicer and the employees or agents of the mortgage servicer.

2. The bond must be in a form prescribed by the Commissioner.

3. Each mortgage servicer shall deposit a corporate surety bond that complies with the provision of this section as follows:

(a) For an annual mortgage loan servicing volume of less than $50,000,000, the mortgage servicer must maintain a corporate surety bond of not less than $100,000.

(b) For an annual mortgage loan servicing volume of $50,000,000 but less than $500,000,000, the mortgage servicer must maintain a corporate surety bond of not less than $200,000.

(c) For an annual mortgage loan servicing volume of $500,000,000 or more, the mortgage servicer must maintain a corporate surety bond of not less than $300,000.

4. For the purposes of subsection 3, the Commissioner will determine the annual mortgage loan servicing volume using the activity reports filed with the Commissioner by the mortgage servicer pursuant to section 45 of this regulation.

5. The Commissioner may prescribe a single bond form pursuant to this section that will satisfy the bonding requirements of the Nevada Mortgage Servicer Regulations and chapter 645B or 645E of NAC for a person who has been issued a supplemental mortgage servicer license pursuant to section 19 of this regulation.

Added to NAC by Comm'r of Mortgage Lending by R120-15, effective upon the later of 1/1/2016 or the date this regulation is filed with the Secretary of State.

NRS 645F.255 and section 86.4 of Assembly Bill No. 480, chapter 477, Statutes of Nevada 2015, at page 2806

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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