Annual expiration of license or certificate of exemption; procedure for renewal; fees.
1. A license issued to a mortgage banker pursuant to this chapter expires each year on December 31, unless it is renewed. To renew a license, the licensee must submit to the Commissioner on or before December 31 of each year:
(a) An application for renewal that complies with the requirements of this chapter; and
(b) The fee required to renew the license pursuant to this section.
2. If the licensee fails to submit any item required pursuant to subsection 1 to the Commissioner on or before December 31 of any year, the license is cancelled. The Commissioner may reinstate a cancelled license if the licensee submits to the Commissioner:
(a) An application for renewal that complies with the requirements of this chapter;
(b) The fee required to renew the license pursuant to this section; and
(c) A reinstatement fee of $200.
3. Except as otherwise provided in NRS 645E.160, a certificate of exemption issued pursuant to this chapter expires each year on December 31, unless it is renewed. To renew a certificate of exemption, a person must submit to the Commissioner on or before December 31 of each year:
(a) An application for renewal that complies with the requirements of this chapter; and
(b) The fee required to renew the certificate of exemption.
4. If the person fails to submit any item required pursuant to subsection 3 to the Commissioner on or before December 31 of any year, the certificate of exemption is cancelled. Except as otherwise provided in NRS 645E.160, the Commissioner may reinstate a cancelled certificate of exemption if the person submits to the Commissioner:
(a) An application for renewal that complies with the requirements of this chapter;
(b) The fee required to renew the certificate of exemption; and
(c) A reinstatement fee of $100.
5. A person must pay the following fees to apply for, to be issued or to renew a license as a mortgage banker pursuant to this chapter:
(a) To file an original application for a license, $1,500 for the principal office and $40 for each branch office. The person must also pay such additional expenses incurred in the process of investigation as the Commissioner deems necessary.
(b) To be issued a license, $1,000 for the principal office and $60 for each branch office.
(c) To renew a license, $500 for the principal office and $100 for each branch office.
6. A person must pay the following fees to apply for or to renew a certificate of exemption pursuant to this chapter:
(a) To file an application for a certificate of exemption, $200.
(b) To renew a certificate of exemption, $100.
7. To be issued a duplicate copy of any license or certificate of exemption, a person must make a satisfactory showing of its loss and pay a fee of $10.
8. Except as otherwise provided in this chapter, all fees received pursuant to this chapter must be deposited in the Fund for Mortgage Lending created by NRS 645F.270.
Last modified: February 27, 2006