Mortgage company prohibited from including in loan document provision which requires participation in binding arbitration in event of dispute. [Effective January 1, 2020.]

  1. Law
  2. Nevada Revised Statutes
  3. Mortgage Companies and Mortgage Loan Originators
  4. Mortgage company prohibited from including in loan document provision which requires participation in binding arbitration in event of dispute. [Effective January 1, 2020.]

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1. A mortgage company who makes or arranges a loan shall not include in any loan document a provision which requires a private investor to participate in binding arbitration of disputes relating to the loan.

2. The provisions of this section may not be varied by agreement, and the rights conferred by this section may not be waived. Any provision included in a loan document agreement that conflicts with this section is void.

(Added to NRS by 2011, 3603; A 2017, 3065, effective January 1, 2020)


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