Does anyone have a brief summary of what Assembly Bill 490 in Nevada covers? I've quickly scanned the bill, which is 55 pages long, but have no idea whether it refers to mortgage lenders or mortgage brokers. Thanks!

is this too short?
Nevada Assembly Bill 490 was signed by the Governor on June 12, 2003. The bill created the Commissioner of Mortgage Lending and the Division of Mortgage Lending of the Department of Business and Industry. The bill changes mortgage "company" to mortgage "banker" and revises the provisions for exemptions to the licensing requirements of mortgage bankers, mortgage brokers, and mortgage agents.
The bill is effective immediately for purposes of adopting regulations and administrative tasks. Sections pertaining to licensing of a mortgage agent are effective July 1, 2004 and other sections, including the provisions for exemptions, are effective July 1, 2003

Here's another summary:
Nevada House Bill 490 creates a new regulator for mortgage brokers, the Commissioner of Mortgage Lending, the Division of Mortgage Lending of the Department of Business and Industry. This bill requires the licensure of “mortgage agents,” employees or independent contactors of mortgage brokers (does not include those who perform administrative or ministerial functions). Further, the bill increases the number of hours of continuing education that mortgage brokers and mortgage agents must complete from 5 to 10 hours. The bill eliminates several exemption provisions from the licensing requirement, including the exemption for FNMA approval as a seller/servicer as well as FHA and VA-approved mortgagees. This bill provides that advertising spokespersons for mortgage brokers are jointly and severally liable for damages caused by the mortgage broker by fraud, embezzlement, misappropriation of property, or any violation of current law. House Bill 490 also re-designates mortgage companies as mortgage bankers. Exemptions from licensure are also eliminated for mortgage bankers, including the exemption for FNMA approval as a seller/servicer as well as FHA and VA-approved mortgagees.

All I have been able to find are versions showing the revisions. Do you have a link to the final rules?

Thanks Lois. I spoke with a former colleague of mine who actually spoke with an indivdual at the NV Dept. of Financial Instiutions. He informed me that in his conversation that she did not know when the changes would actually become effective. However, she did say that if you're mortgage lender/broker operating under a current exemption certificate you have up until 12/31/03 to perform the servcies of a mortgage broker or mtg. banker with being licensed.

We received a Summary of AB 490 (7 pages) from the NV Department of Business & Industry tody. A copy should be available from them at 1-775-687-4250.

The final version of the bill is at
http://www.leg.state.nv.us/72nd/bills/AB/AB490_EN.html

Thanks. I received my fax copy this morning. By the way, do you know whether the NC Commissioner of Banks has a similar summary that would cover the provisions of HB1182 pertaining to usury exemption and amending the predatory lending law? Just thought I'd take a chance and ask. Thanks!

Hi Lois:

In reviewing a summary of the AB490 it stated on Page 6 that all companies seeking a mortgage brokers or mortgage bankers license must maintain at least one office in the state of NV. However, the last statement in the paragaph on page 6 says that mortgage bankers must maintain their principal Nevada office in this state, but may conduct business from properly licensed offices outside the state. I am somewhat confused, because we only have one principal office located in CA and no other branch offices. Also, we will be operating as a mortgage company. as defined in section 645E.100 NRS. I am concerned, because I just want to make sure that our company complies with the new provisions of the law in beginning in January 04. However, in order to for the production staff to understand the new requirements, I need to also understand them as well and the summary just adds more confusion to the matter. I would appreciate your intrepretation.

I agree with you. I read in Section 654E.200 5(a)(b) of the Revised Statutes and in one breath it states that you have to have an office in the state of NV, but then on other hand it talks about providing reasonable expenses such as travel, meals and lodging for the commmissioner. It would really help if the statutes were more clearly defined, as it causes more anxiety and frustration.