645B.050 - Annual expiration of license or certificate of exemption; procedure for renewal; fees.
645B.050 Annual expiration of license or certificate of exemption; procedure for renewal; fees.
1. A license as a mortgage broker issued pursuant to this chapter expires each year on June 30, unless it is renewed. To renew such a license, the licensee must submit to the Commissioner on or before May 31 of each year:
(a) An application for renewal;
(b) The fee required to renew the license pursuant to this section;
(c) The information required pursuant to NRS 645B.051; and
(d) All information required to complete the renewal.
2. If the licensee fails to submit any item required pursuant to subsection 1 to the Commissioner on or before May 31 of any year, the license is cancelled as of June 30 of that year. The Commissioner may reinstate a cancelled license if the licensee submits to the Commissioner:
(a) An application for renewal;
(b) The fee required to renew the license pursuant to this section;
(c) The information required pursuant to NRS 645B.051;
(d) Except as otherwise provided in this section, a reinstatement fee of not more than $200; and
(e) All information required to complete the reinstatement.
3. Except as otherwise provided in NRS 645B.016, a certificate of exemption issued pursuant to this chapter expires each year on December 31, unless it is renewed. To renew a certificate of exemption, a person must submit to the Commissioner on or before November 30 of each year:
(a) An application for renewal that includes satisfactory proof that the person meets the requirements for an exemption from the provisions of this chapter; and
(b) The fee required to renew the certificate of exemption.
4. If the person fails to submit any item required pursuant to subsection 3 to the Commissioner on or before November 30 of any year, the certificate of exemption is cancelled as of December 31 of that year. Except as otherwise provided in NRS 645B.016, the Commissioner may reinstate a cancelled certificate of exemption if the person submits to the Commissioner:
(a) An application for renewal that includes satisfactory proof that the person meets the requirements for an exemption from the provisions of this chapter;
(b) The fee required to renew the certificate of exemption; and
(c) Except as otherwise provided in this section, a reinstatement fee of not more than $100.
5. Except as otherwise provided in this section, a person must pay the following fees to apply for, to be issued or to renew a license as a mortgage broker pursuant to this chapter:
(a) To file an original application for a license, not more than $1,500 for the principal office and not more than $40 for each branch office. The person must also pay such additional expenses incurred in the process of investigation as the Commissioner deems necessary.
(b) To be issued a license, not more than $1,000 for the principal office and not more than $60 for each branch office.
(c) To renew a license, not more than $500 for the principal office and not more than $100 for each branch office.
6. Except as otherwise provided in this section, a person must pay the following fees to apply for or to renew a certificate of exemption pursuant to this chapter:
(a) To file an application for a certificate of exemption, not more than $200.
(b) To renew a certificate of exemption, not more than $100.
7. To be issued a duplicate copy of any license or certificate of exemption, a person must make a satisfactory showing of its loss and pay a fee of not more than $10.
8. Except as otherwise provided in this chapter, all fees received pursuant to this chapter are in addition to any fee required to be paid to the Registry and must be deposited in the Fund for Mortgage Lending created by NRS 645F.270.
9. The Commissioner may, by regulation, adjust any fee or date set forth in this section if the Commissioner determines that such an adjustment is necessary for the Commissioner to carry out his or her duties pursuant to this chapter. The amount of any adjustment in a fee pursuant to this subsection must not exceed the amount determined to be necessary for the Commissioner to carry out his or her duties pursuant to this chapter.
(Added to NRS by 1973, 1538; A 1975, 814; 1977, 1636; 1979, 120, 1094; 1981, 1788; 1983, 1320, 1379, 1702; 1985, 2187; 1987, 86, 1878; 1989, 1764; 1991, 177, 1803, 1825; 1993, 496; 1997, 2172; 1999, 3782; 2001, 2465; 2003, 3229, 3548; 2003, 20th Special Session, 265; 2005, 2784, 2807, 2817; 2007, 953; 2009, 2680)