Restriction on collection of fees by mortgage company; application of fees. [Effective January 1, 2020.]

  1. Law
  2. Nevada Revised Statutes
  3. Mortgage Companies and Mortgage Loan Originators
  4. Restriction on collection of fees by mortgage company; application of fees. [Effective January 1, 2020.]

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1. A mortgage company shall not assess or collect any fee which is not:

(a) Authorized by the loan documents or loan servicing agreement; and

(b) Assessed or collected in exchange for bona fide services rendered or costs incurred.

2. A mortgage company shall apply all fees collected in the manner set forth in the loan documents or loan servicing agreement.

(Added to NRS by 2011, 3605; A 2017, 3067, effective January 1, 2020)


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