Limitations on execution or attachment of money in trust account; commingling of money prohibited.
1. Money in an impound trust account is not subject to execution or attachment on any claim against the mortgage broker or his mortgage agents.
2. It is unlawful for a mortgage broker or his mortgage agents knowingly to keep or cause to be kept any money in a depository financial institution under the heading of “impound trust account” or any other name designating such money as belonging to the investors or debtors of the mortgage broker, unless the money has been paid to the mortgage broker or his mortgage agents by an investor or debtor and is being held in trust by the mortgage broker pursuant to NRS 645B.170 or 645B.175.
Last modified: February 27, 2006