Nevada Administrative Code Chapter 645F - Mortgage Lending and Related Professions
Nevada Administrative Code (NAC) – Chapter 645F
Mortgage Lending and Related Professions
1. Purpose and Scope
Chapter 645F of the Nevada Administrative Code regulates mortgage lending activities and related professions within the State of Nevada. These rules operate alongside Nevada’s mortgage statutes and are administered by the Nevada Division of Mortgage Lending.
The main objectives are to:
Protect borrowers and consumers in mortgage transactions
Ensure fair, transparent, and ethical lending practices
Establish licensing, operational, and compliance standards
Prevent fraud, abuse, and financial misconduct in the mortgage industry
2. Professions Regulated Under NAC 645F
Chapter 645F applies to individuals and entities engaged in:
Mortgage lenders
Mortgage brokers
Mortgage bankers
Mortgage loan originators
Mortgage servicers
Related mortgage professionals and businesses
3. Licensing Requirements
A. License Eligibility
To obtain a license under NAC 645F, applicants must:
Submit a completed application
Pay required licensing and examination fees
Meet education and experience requirements
Demonstrate financial responsibility
Pass background checks, including criminal history
Meet character and fitness standards
B. License Renewal
Licenses must be renewed annually
Continuing education is required
Failure to renew or comply may result in suspension or revocation
4. Duties and Responsibilities of Licensees
Licensed mortgage professionals must:
Act in good faith and with honesty
Provide accurate disclosures to borrowers
Maintain proper records of mortgage transactions
Avoid misleading, deceptive, or unfair practices
Ensure compliance with state and federal mortgage laws
5. Prohibited Conduct
NAC 645F strictly prohibits:
Fraud, misrepresentation, or false statements
Charging unauthorized or excessive fees
Making loans without proper borrower disclosures
Engaging in predatory lending practices
Falsifying documents or loan information
Acting beyond the scope of the license
6. Recordkeeping and Reporting
Licensees must:
Maintain complete and accurate records of all mortgage transactions
Retain records for the period specified by regulation
Make records available for inspection or audit by regulators
File required reports and notifications with the Division
Failure to maintain records is considered a regulatory violation.
7. Consumer Protection Measures
Chapter 645F emphasizes borrower protection through:
Mandatory disclosures of loan terms and costs
Transparency in interest rates and repayment obligations
Restrictions on abusive lending practices
Enforcement actions for consumer harm
8. Enforcement and Disciplinary Actions
The regulatory authority may take action against violators, including:
Administrative fines
License suspension or revocation
Probation with conditions
Cease and desist orders
Referral for civil or criminal prosecution where appropriate
9. Penalties
Violations of NAC 645F may result in:
Monetary penalties per violation
Loss of license to operate in Nevada
Additional penalties for repeated or intentional violations
Serious misconduct, especially involving fraud or consumer harm, attracts enhanced penalties.
10. Importance of NAC 645F
Ensures confidence in Nevada’s mortgage market
Protects borrowers from unethical lending practices
Maintains professional accountability
Promotes stability in real estate financing
11. Summary Table
| Aspect | Details |
|---|---|
| Governing Code | Nevada Administrative Code – Chapter 645F |
| Regulated Professions | Mortgage lenders, brokers, loan originators, servicers |
| Licensing | Mandatory with education, background checks, and renewal |
| Duties | Honest conduct, disclosure, recordkeeping |
| Prohibited Acts | Fraud, misrepresentation, predatory lending |
| Consumer Protection | Transparency, fair lending standards |
| Enforcement | Fines, suspension, revocation, cease orders |
| Purpose | Consumer safety, market integrity, regulatory oversight |
Conclusion
NAC Chapter 645F provides a comprehensive regulatory framework for mortgage lending and related professions in Nevada. It balances industry regulation with consumer protection, ensuring that mortgage professionals operate ethically, transparently, and responsibly.
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