645E.500 - Referral of certain suspected violations to and cooperation and sharing of information with federal and state agencies for investigation and action of certain suspected violations; grounds for disciplinary action

645E.500. Referral of certain suspected violations to and cooperation and sharing of information with federal and state agencies for investigation and action of certain suspected violations; grounds for disciplinary action

1. The Commissioner may refer to and cooperate and share information with the appropriate federal or state agency for investigation and appropriate action each suspected violation of:

(a) The Truth in Lending Act, 15 U.S.C. §§ 1601 to 1667 f, inclusive, including, without limitation, the Home Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, or Regulation Z, 12 C.F.R. Part 226.

(b) The Equal Credit Opportunity Act, 15 U.S.C. §§ 1691 to 1691 f, inclusive, or Regulation B, 12 C.F.R. Part 202.

(c) The Real Estate Settlement Procedures Act, 12 U.S.C. §§ 2601 to 2617, inclusive, or Regulation X, 24 C.F.R. Part 3500.

(d) The S.A.F.E. Mortgage Licensing Act.

(e) Any other applicable federal or state law or regulation related to mortgage transactions.

2. For the purposes of NRS 645E.670, a mortgage banker commits a violation if the mortgage banker:

(a) Engages in a deceptive trade practice as defined in chapter 598 of NRS;

(b) Fails to refund any fees collected in excess of the actual cost the mortgage banker incurs or pays for any appraisal, credit report or any other product or service provided by a third party in connection with the making of a loan;

(c) Improperly influences or attempts to improperly influence the proper development, reporting, result or review of a real estate appraisal with respect to the making of a mortgage loan; or

(d) Violates a provision of:

(1) The Truth in Lending Act, 15 U.S.C. §§ 1601 to 1667 f, inclusive, including, without limitation, the Home Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, or Regulation Z, 12 C.F.R. Part 226.

(2) The Equal Credit Opportunity Act, 15 U.S.C. §§ 1691 to 1691 f, inclusive, or Regulation B, 12 C.F.R. Part 202.

(3) The Real Estate Settlement Procedures Act, 12 U.S.C. §§ 2601 to 2617, inclusive, or Regulation X, 24 C.F.R. Part 3500.

(4) The S.A.F.E. Mortgage Licensing Act, including, without limitation, section 1505(e) of the Act regarding the submission of reports of condition to the Registry.

(5) Any other applicable federal or state law or regulation related to mortgage transactions.

3. Nothing in this section shall be construed to prohibit a mortgage banker from requesting an appraiser of real estate to do one or more of the following:

(a) Consider any appropriate information relating to the property;

(b) Provide additional details, substantiations or explanations in support of the appraiser's valuation of the property; or

(c) Correct errors in the appraisal report.

Added to NAC by Comm'r of Financial Institutions by R046-00, eff. 9-5-2000; A by Comm'r of Mortgage Lending by R088-04, 8-25-2004; R053-08, 4-23-2009; R038-10, 7-22-2010

NRS 645E.300, 645E.670, 645F.292, 645F.293

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