Nevada has always allowed individuals without a Nevada mortgage broker or solicitors license to originate loans on residential property in Nevada if the loan was not solicited and the borrower was a previous client, a friend, or a family member.
Due to the passage of AB375 in the 2007 Legislative Session, effective 10/1/07 the provisions of NRS 80.015 are amended to limit the unsolicited origination of mortgage loans in Nevada by unlicensed/non-exempt companies to commercial properties only. After 10/1/07 all Nevada 1 to 4 family residence mortgage loan origination’s will be subject to all applicable licensing or exemption requirements prescribed by law.
NRS 80.015 contains a list of activities that do not constitute “doing business” in this state including “
“(a) Maintains an office in this state for the transaction of business;
(b) Solicits or accepts deposits in the State, except pursuant to the provisions of chapter 666 or 666A of NRS;
((c) & (d) added pursuant to AB 375, effective 10-1-07)
(c) Solicits business for the activities of a mortgage broker as defined by NRS 645B.0127 or the activities of a mortgage banker as defined by NRS 645E.100; or
(d) Arranges a mortgage loan secured by real property which is not commercial property as defined by NRS 645E.040″