Licensing of escrow officers: Application; qualifications; term; renewal; regulations. [Effective on the date of the repeal of the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]
1. A person who wishes to obtain a license as an escrow officer must:
(a) File a written application in the Office of the Commissioner;
(b) Except as otherwise provided in subsection 3, demonstrate competency in matters relating to escrows by:
(1) Having at least 1 year of recent experience with respect to escrows of a sufficient nature to allow him to fulfill the responsibilities of an escrow officer; or
(2) Passing a written examination concerning escrows as prescribed by the Commissioner;
(c) Submit the name and business address of the title agent who will supervise the escrow officer; and
(d) Pay the fees required by NRS 680B.010.
2. The Commissioner shall issue a license as an escrow officer to any person who satisfies the requirements of subsection 1.
3. The Commissioner may waive the requirements of paragraph (b) of subsection 1 if the applicant submits with his application satisfactory proof that he, in good standing, currently holds a license, or held a license within 1 year before the date he submits his application, which was issued pursuant to the provisions of NRS 645A.020.
4. A license issued pursuant to this chapter continues in force for 3 years unless it is suspended, revoked or otherwise terminated. The license may be renewed by payment of the applicable fee for renewal to the Commissioner on or before the last day of the month in which the license is renewable.
5. A license which is not renewed expires at midnight on the last day specified for its renewal. The Commissioner may accept a request for renewal received by him within 30 days after the expiration of the license if the request is accompanied by a fee for renewal of 150 percent of the fee otherwise required.
6. The Commissioner shall adopt regulations to carry out the provisions of this section.
Last modified: February 27, 2006