Are Internet-based mortgage brokers/bankers required to be licensed pursuant to NRS645B or NRS645E to transact business in Nevada?
NRS 645B and 645E require a license or exemption certificate when conducting or soliciting mortgage business within or into Nevada. The Division views applications obtained through the Internet as solicited transactions. Only licensed brokers/bankers may accept application requests by Nevada residents obtained via an Internet site. The Division considers unlicensed companies conducting mortgage business via Internet sites as violations of NRS 645B.690 and transacting such business will subject companies to administrative sanctions and/or fines not to exceed $10,000 per violation. The Division agrees that using the Internet as a form of solicitation that may be accessed by Nevada residents does not in itself require companies to obtain a license. However, pursuant to NRS 645B and 645E, holding yourself out as being able to conduct mortgage business in Nevada is subject to licensing requirements.
NRS 645B and 645E require a license or exemption certificate when conducting or soliciting mortgage business within or into Nevada. The Division views applications obtained through the Internet as solicited transactions. Only licensed brokers/bankers may accept application requests by Nevada residents obtained via an Internet site. The Division considers unlicensed companies conducting mortgage business via Internet sites as violations of NRS 645B.690 and transacting such business will subject companies to administrative sanctions and/or fines not to exceed $10,000 per violation. The Division agrees that using the Internet as a form of solicitation that may be accessed by Nevada residents does not in itself require companies to obtain a license. However, pursuant to NRS 645B and 645E, holding yourself out as being able to conduct mortgage business in Nevada is subject to licensing requirements. Companies wishing to accept mortgage loan submissions from Nevada residents via the Internet
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