1. A mortgage company who is a broker-dealer or a sales representative licensed pursuant to NRS 90.310 or who is exempt from licensure pursuant to NRS 90.320:
(a) Shall not commingle money received for mortgage transactions and money received for securities transactions; and
(b) Shall ensure that all money received for mortgage transactions is accounted for separately from all money received for securities transactions.
2. A mortgage company who is an investment adviser or a representative of an investment adviser licensed pursuant to NRS 90.330 or exempt from licensure pursuant to NRS 90.340:
(a) Shall not commingle money received for mortgage transactions and money received for securities transactions; and
(b) Shall ensure that all money received for mortgage transactions is accounted for separately from all money received for securities transactions.
(Added to NRS by 2007, 951; A 2017, 3049, effective January 1, 2020)