2001 REGULAR SESSION (71st) A AB324 519
ASSEMBLY ACTION Initial and Date |SENATE ACTION Initial and Date
Adopted Lost | Adopted Lost
Concurred In Not |Concurred In Not
Receded Not | Receded Not
Amend section 1, page 1, line 2, by deleting “14,” and inserting “14.5,”.
Amend the bill as a whole by deleting sections 2 and 3 and adding new sections designated sections 2 and 3, following section 1, to read as follows:
“Sec. 2. “Accredited investor” means an investor:
1. Who, on the date of an act or transaction, meets the criteria to be an accredited investor pursuant to the provisions of Regulation D of the Securities and Exchange Commission, 17 C.F.R. §§ 230.501 to 230.508, inclusive; or
2. Whom, on the date of an act or transaction, a mortgage broker or mortgage agent reasonably believes meets the criteria to be an accredited investor pursuant to the provisions of Regulation D of the Securities and Exchange Commission, 17 C.F.R. §§ 230.501 to 230.508, inclusive.
Sec. 3. “Executive director” means the executive director of the commission.”.
Amend sec. 10, page 3, by deleting lines 46 and 47 and inserting:
“2. Any other authority conferred on the commission by this chapter and any other specific statute relating to the”.
Amend sec. 11, page 4, line 1, by deleting “commission” and inserting:
“director of the department of business and industry”.
Amend sec. 11, page 4, line 6, by deleting “commission.” and inserting:
“director of the department of business and industry.”.
Amend sec. 11, page 4, line 18, by deleting “commission;” and inserting:
“director of the department of business and industry;”.
Amend sec. 11, page 4, by deleting lines 25 through 30 and inserting:
“(e) Shall perform the duties set forth in this chapter and the duties delegated to the executive director by the commission pursuant to section 10 of this act; and
(f) Shall perform any lawful act that the executive director considers necessary or desirable to carry out the purposes and provisions of this chapter and any other specific statute relating to the”.
Amend the bill as a whole by adding a new section designated sec. 14.5, following sec. 14, to read as follows:
“Sec. 14.5. The commission shall adopt regulations that set forth the procedures that a mortgage broker or mortgage agent must follow to determine whether an investor is an accredited investor.”.
Amend sec. 27, page 10, by deleting lines 3 through 5 and inserting:
“the provisions of this chapter.”.
Amend sec. 27, page 10, between lines 10 and 11, by inserting:
“3. If a licensee does not hold a license as a mortgage company pursuant to chapter 645E of NRS, the licensee is subject to supervision, regulation and discipline by the commission for all activities that the licensee engages in pursuant to this chapter and chapter 645E of NRS.
4. If a licensee holds a license as a mortgage company pursuant to chapter 645E of NRS, the licensee is subject to supervision, regulation and discipline by:
(a) The commission for all activities that the licensee engages in pursuant to this chapter and chapter 645E of NRS in his capacity as a mortgage broker; and
(b) The commissioner of financial institutions for all activities that the licensee engages in pursuant to chapter 645E of NRS in his capacity as a mortgage company.”.
Amend sec. 31, page 13, line 17, by deleting:
“brokers and mortgage companies,” and inserting “brokers,”.
Amend sec. 31, page 13, by deleting line 20 and inserting:
“set forth in this section.”.
Amend sec. 39, page 20, between lines 43 and 44, by inserting:
“10. The provisions of this section do not apply to any act or transaction with or on behalf of an accredited investor, except that, if requested by an accredited investor or ordered by the commission, a mortgage broker or mortgage agent shall give an accredited investor any information or form that is given to other investors pursuant to this section.”.
Amend sec. 43, page 23, line 26, by deleting “subsection 4,” and inserting “this section,”.
Amend sec. 43, page 23, by deleting lines 39 through 41 and inserting:
“5. The provisions of this section do not [limit] :
(a) Apply to any act or transaction with or on behalf of an accredited investor pursuant to a power of attorney.
(b) Limit the right of an investor to include provisions in a power of attorney that are more restrictive than the provisions set forth in subsection 1.”.
Amend sec. 51, page 30, by deleting lines 23 through 25 and inserting:
“(c) Does not conduct his business in accordance with law , [or] has violated any provision of this chapter, a regulation adopted pursuant to this chapter or an order of the [commissioner;] commission or has violated any provision of chapter 645E of NRS while engaged in activities authorized by that chapter in his capacity as a mortgage broker;”.
Amend the bill as a whole by deleting sections 62 through 87 and inserting:
“Secs. 62-87. (Deleted by amendment.)”.
Amend the bill as a whole by adding a new section designated sec. 87.5, following sec. 87, to read as follows:
“Sec. 87.5. NRS 645E.230 is hereby amended to read as follows:
645E.230 1. A license entitles a licensee to engage only in the activities authorized by this chapter.
2. The provisions of this chapter do not prohibit a licensee from:
(a) Holding a license as a mortgage broker pursuant to chapter 645B of NRS; or
(b) Conducting the business of a mortgage company and the business of a mortgage broker in the same office or place of business.
3. If a licensee does not hold a license as a mortgage broker pursuant to chapter 645B of NRS, the licensee is subject to supervision, regulation and discipline by the commissioner for all activities that the licensee engages in pursuant to this chapter.
4. If a licensee holds a license as a mortgage broker pursuant to chapter 645B of NRS, the licensee is subject to supervision, regulation and discipline by:
(a) The commissioner for all activities that the licensee engages in pursuant to this chapter in his capacity as a mortgage company; and
(b) The mortgage industry commission for all activities that the licensee engages in pursuant this chapter and chapter 645B of NRS in his capacity as a mortgage broker.”.
Amend sec. 88, page 49, by deleting lines 22 and 23 and inserting:
“certificate of amendment is approved by the commissioner [who] or commission that will supervise the business of the corporation.”.
Amend sec. 91, page 52, line 35, by deleting “chairman” and inserting “executive director”.
Amend sec. 93, page 54, by deleting lines 23 through 46 and inserting:
“Sec. 93. Section 139 of chapter 646, Statutes of Nevada 1999, at page 3816, as amended by section 139 of Senate Bill No. 29 of this session, is hereby amended to read as follows:
Sec. 139. 1. This section and section 130.5 of this act become effective upon passage and approval for the purpose of adopting any regulations necessary to carry out the provisions of this act, and on September 30, 1999, for all other purposes.
2. Sections 1 to 101, inclusive, 103, 105 to 117, inclusive, 119 to 130, inclusive, and 131 to 138, inclusive, of this act become effective upon passage and approval for the purpose of adopting any regulations necessary to carry out the provisions of this act, and on October 1, 1999, for all other purposes.
3. Sections 102, 104 and 118 of this act become effective upon passage and approval for the purpose of adopting any regulations necessary to carry out the provisions of this act, and at 12:01 a.m. on October 1, 1999, for all other purposes.
4. Sections 15 and 33 of this act expire by limitation on the date on which the provisions of 42 U.S.C. § 666 requiring each state to establish procedures under which the state has authority to withhold or suspend, or to restrict the use of professional, occupational and recreational licenses of persons who:
(a) Have failed to comply with a subpoena or warrant relating to a procedure to determine the paternity of a child or to establish or enforce an obligation for the support of a child; or
(b) Are in arrears in the payment for the support of one or more children,
are repealed by the Congress of the United States.
[5. Section 78.5 of this act expires by limitation on October 1, 2001.]”.
Amend the title of the bill by deleting the fourth line and inserting:
“brokers and mortgage agents from the commissioner of”.