Nev. Admin. Code § 645F.670 - Fiduciary obligation of licensee
1. In addition to
any other duties set forth in the Nevada Covered Service Provider Regulations
or chapter 645F of NRS, any person licensed pursuant to the Nevada Covered
Service Provider Regulations and chapter 645F of NRS has a fiduciary obligation
to a client.
2. For the purposes of
this section, a person's fiduciary obligation does not impose a requirement to
obtain access to products or services for a client other than those that are
available to the person at the time of the transaction.
3. As used in this section, "fiduciary
obligation" means a duty of good faith and fair dealing, including, without
limitation, the duty to:
(a) Act in the
client's best interest;
(b) Conduct
only those services which are suitable for the client's needs;
(c) Disclose any financial, business,
professional or personal interest the person has in conducting a transaction
for the client;
(d) Disclose any
material fact that the person knows or should know may affect the client's
rights or interests or the ability to obtain the intended benefit from a
transaction;
(e) Provide an
accounting to the client that lists all money received from the client;
and
(f) Exercise reasonable care in
performing any other duty relating to the provision of services as a covered
service provider, foreclosure consultant or loan modification consultant, as
applicable.
Notes
NRS 645F.390
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