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Financial Services Law Insights and Observations

Nevada Regulator Revises Mortgage Banking Regulations to Permit Electronic Reproduction and Storage of Mortgage Records

State Issues

On April 23, the Nevada Commissioner of Mortgage Lending (Commissioner) published final regulations in the Nevada Register of Administrative Regulations that, among other things, permits the Commissioner, for good cause, to allow a mortgage banker to electronically reproduce and store required records pertaining to completed mortgage transactions. The mortgage banker must retain a hard copy that is accessible by the Commissioner for one year after the closing date of the loan.