1. If a mortgage company maintains any accounts described in NRS 645B.175, the mortgage company and his or her mortgage loan originators shall not engage in any activity that is authorized pursuant to this chapter, unless the mortgage company maintains continuously a minimum net worth in the following amount based upon the average monthly balance of the accounts maintained by the mortgage company pursuant to NRS 645B.175:
AVERAGE MONTHLY BALANCE MINIMUM NET
WORTH REQUIRED
$100,000 or less.................................................................................................. $25,000
More than $100,000 but not more than $250,000............................................ 50,000
More than $250,000 but not more than $500,000.......................................... 100,000
More than $500,000 but not more than $1,000,000....................................... 200,000
More than $1,000,000........................................................................................ 250,000
The Commissioner shall determine the appropriate initial minimum net worth that must be maintained by the mortgage company pursuant to this section based upon the expected average monthly balance of the accounts maintained by the mortgage company pursuant to NRS 645B.175. After determining the initial minimum net worth that must be maintained by the mortgage company, the Commissioner shall, on an annual basis, determine the appropriate minimum net worth that must be maintained by the mortgage company pursuant to this section based upon the average monthly balance of the accounts maintained by the mortgage company pursuant to NRS 645B.175.
2. If requested by the Commissioner, a mortgage company who is subject to the provisions of this section and his or her mortgage loan originators shall submit to the Commissioner or allow the Commissioner to examine any documentation or other evidence that is related to determining the net worth of the mortgage company.
3. The Commissioner:
(a) Shall adopt regulations prescribing standards for determining the net worth of a mortgage company; and
(b) May adopt any other regulations that are necessary to carry out the provisions of this section.
(Added to NRS by 1999, 3771; A 2017, 3050, effective January 1, 2020)