What is required when a mortgage agent terminates his association or employment with a mortgage broker, changes brokers or renews his license?
TerminationPursuant to NRS 645B.450, when a mortgage agent terminates his association or employment with a mortgage broker for any reason, the mortgage broker must, within three days of the termination, deliver a written statement to the agent advising that the termination will be reported to the Division and provide a copy of this statement to the Division with an explanation of the circumstances surrounding the termination. The Division has created a termination form which may be used to meet these requirements, although mortgage brokers are not obligated to use it. The original of the form must be delivered to the terminated agent and a copy must be delivered to the Division. Failure to comply with the provision of NRS 645B.450 will subject the mortgage broker to administrative action and fines. The terms terminates his association or employment as used in NRS 645B.450 (3) contemplates a complete severance of the employer and employee/independent contractor relationship or associati
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- What is required when a mortgage agent terminates his association or employment with a mortgage broker, changes brokers or renews his license?
