1. A person who performs any covered service for compensation, a foreclosure consultant and a loan modification consultant shall, at the time the person who performs any covered service for compensation, the foreclosure consultant or the loan modification consultant provides a homeowner with a written agreement between the homeowner and the homeowner’s lender or servicer incorporating the offer of mortgage assistance obtained from the homeowner’s lender or servicer:
(a) Provide the following notice printed in at least 12-point type to the homeowner:
"This is an offer of mortgage assistance we obtained from your lender [or servicer]. You may accept or reject the offer. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us [insert total amount or method of calculating the total amount] for our services."
The notice must be made in a clear and prominent manner on a separate written page and be preceded by the heading "IMPORTANT NOTICE: BEFORE BUYING THIS SERVICE, CONSIDER THE FOLLOWING INFORMATION" printed in at least 14-point bold type.
(b) Provide the homeowner with a notice printed in at least 12-point type from the homeowner’s lender or servicer which includes a complete description of all material differences between the terms, conditions and limitations which apply to the homeowner’s current mortgage loan and the terms, conditions and limitations which will apply to the homeowner’s mortgage loan if he or she accepts the offer of the lender or servicer, including, without limitation, the differences between the mortgage loans with regard to the:
(1) Principal balance;
(2) Contract interest rate, including the maximum rate and any adjustable rates;
(3) Amount and number of scheduled periodic payments;
(4) Monthly amounts owed for principal, interest, taxes and mortgage insurance;
(5) Amount of any delinquent payments owing or outstanding; and
(6) Term.
The notice required by this paragraph must be made in a clear and prominent manner on a separate written page and be preceded by the heading "IMPORTANT INFORMATION FROM [name of lender or servicer] ABOUT THIS OFFER" printed in at least 14-point bold type.
2. If the offer obtained from the lender or servicer by the person who performs any covered service for compensation, the foreclosure consultant or the loan modification consultant is a trial mortgage loan modification, the notice required by paragraph (b) of subsection 1 must include notice to the homeowner:
(a) That the homeowner may not qualify for a permanent mortgage loan modification; and
(b) Setting forth the likely amount of scheduled periodic payments and arrears, payments and fees the homeowner would owe if the homeowner failed to qualify for a permanent mortgage loan modification.
3. As used in this section, "total amount" has the meaning ascribed to it in NRS 645F.397.
(Added to NRS by 2011, 1575)