Nev. Admin. Code § 645F.405 - Change in ownership, control, management, principal employees or principal or branch office

1. If a licensee is not a natural person:
(a) Any material change in the ownership, management or principal employees of the licensee at its principal office or a branch office must be reported to the Commissioner on a form prescribed by the Commissioner within 30 calendar days before the change; and
(b) Any material change in the ownership or any change of control of the licensee at its principal office or a branch office must be approved by the Commissioner.
2. If a licensee is not a natural person and a person acquires stock or ownership in the licensee as a result of a transfer that constitutes a change of control:
(a) A financial statement of the prospective owner, partner, corporate shareholder, manager or employee must be submitted to the Commissioner for consideration;
(b) The person may not participate in the management of the licensee until the Commissioner has approved the transfer; and
(c) The licensee may not change the location of its principal office or a branch office until the Commissioner has approved the transfer.

Notes

Nev. Admin. Code § 645F.405
Added to NAC by Comm'r of Mortgage Lending by R052-09, eff. 8-25-2009

NRS 645F.255, 645F.390

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