Records relating to mortgage transactions, financial condition and trust accounts; monthly report to Commissioner; accounting procedures for trust accounts; regulations.
1. Each mortgage broker shall keep and maintain at all times at each location where the mortgage broker conducts business in this state complete and suitable records of all mortgage transactions made by the mortgage broker at that location. Each mortgage broker shall also keep and maintain at all times at each such location all original books, papers and data, or copies thereof, clearly reflecting the financial condition of the business of the mortgage broker.
2. Each mortgage broker shall submit to the Commissioner each month a report of the mortgage broker’s activity for the previous month. The report must:
(a) Specify the volume of loans arranged by the mortgage broker for the month or state that no loans were arranged in that month;
(b) Include any information required pursuant to NRS 645B.260 or pursuant to the regulations adopted by the Commissioner; and
(c) Be submitted to the Commissioner by the 15th day of the month following the month for which the report is made.
3. The Commissioner may adopt regulations prescribing accounting procedures for mortgage brokers handling trust accounts and the requirements for keeping records relating to such accounts.
Last modified: February 27, 2006