Increased Continuing Education Requirements

AB 490 amends NRS 645B.051 to require that a natural person renewing a license as a Mortgage Broker show proof of having attended 10 hours of certified courses of continuing education during the 12 months immediately preceding the date on which the license expires. See Section 41, AB 490. The bill also creates a new section requiring mortgage agents (Loan Officer) to make a similar showing as a condition to renewing their mortgage agent license. (See, Section 28 of AB 490). The Commissioner of Mortgage Lending may adopt regulations allowing persons to carry forward unused continuing education hours to a future year. In addition, the Commissioner may adopt regulations designating an organization or organizations that may certify courses of continuing education in the mortgage industry for use in complying with these requirements. No continuing education is required of persons licensed pursuant to NRS Chapter 645E. The amendment to NRS 645B.051 became effective on July 1, 2003. Therefore, all natural persons who renew their mortgage broker’s license after that date will be required to show proof of having received the 10 hours of continuing education. Section 28 of AB 490 does not become effective until July 1, 2004.

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Nevada: AB 490 creates the Division of Mortgage Lending (MLD) and the office of
Commissioner of Mortgage Lending, within the Department of Business and Industry.
The MLD will be headed by the Commissioner of Mortgage Lending (MLC). Pending appointment of a Commissioner of Mortgage Lending, the Commissioner of Financial Institutions will act as the MLC. Licensing of Mortgage Agents: AB 490 requires that mortgage agents employed by mortgage brokers licensed pursuant to NRS Chapter 645B become licensed on or before July 1, 2004. Until that date, existing provisions regarding the registration of mortgage agents will remain in effect.1 Registration requirements for mortgage agents will expire on July 1, 2004. Beginning October 1, 2003, the Commissioner of Mortgage Lending will accept applications for, and issue licenses for mortgage agents pursuant to Section 27 of AB 490. Any such license issued before July 1, 2004 will not become effective until July 1, 2004, and will expire at a time to be determined by the new Commissioner, most likely one (1) year after date of issuance. The fee for any license effective for less than one year will be prorated in an appropriate manner by the Commissioner of Mortgage Lending. See, Section 87 of AB 490. You will be provided with additional information regarding application fees and forms as it becomes available.

MORTGAGE COMPANY (NRS & NAC 645B): Anyone who holds himself out as being able to make or arrange loans secured by real estate, or as being able to buy or sell notes secured by real estate in, into or from Nevada must have a mortgage company license, or be specifically exempted from that license. A licensed real estate broker or agent does not automatically qualify to engage in mortgage activities. There is no separate license for mortgage broker, funder or mortgage banker. All licensed mortgage companies must have a "qualified employee" to oversee the day to day operations of the company.