A mortgage broker shall not assign all or a part of his or her interest in a loan secured by a lien on real property, unless the mortgage broker:
1. Obtains a policy of title insurance for the real property;
2. Obtains the approval of the assignment from each investor who has acquired ownership of or a beneficial interest in the loan if, at the time of the assignment, the debtor on the loan has defaulted in making a payment required for the loan or any portion of the loan; and
3. Records the assignment in the office of the county recorder of the county in which the real property is located.
(Added to NRS by 1985, 2185; A 1999, 3800; 2007, 959)