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Financial Services Law Insights and Observations

Nevada Amends State Mortgage Law

State Issues

On May 29, Nevada Governor Jim Gibbons signed AB 513, a bill amending Nevada state mortgage law. Among other things, the bill (i) requires additional disclosures pertaining to fees earned by mortgage brokers, (ii) eliminates the mortgage broker, agent, and banker licensure exemption for “consumer finance companies,” and (iii) requires proof of the right to transact mortgage loans, if applicable, in another jurisdiction as a condition to obtaining, among other things, a licensing exemption. The cited portions of the bill are effective immediately.