Adoption of this amendment will MAINTAIN a 2/3s majority vote requirement for final passage of AB490 (§§ 5, 6).
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 sec. 5, page 2, line 42, by deleting “$1,500.” and inserting “$185.”.
Amend sec. 6, page 3, line 35, by deleting:
“each year on June 30,” and inserting:
“one year after the date the license is issued,”.
Amend sec. 6, page 3, lines 37 and 38, by deleting:
“on or before June 30 of each year:” and inserting:
“each year, on or before the date the license expires:”.
Amend sec. 6, page 3, line 40, by deleting “Satisfactory” and inserting:
“Except as otherwise provided in this section, satisfactory”.
Amend sec. 6, page 3, line 45, by deleting “$500.” and inserting “$170.”.
Amend sec. 6, page 4, line 3, by deleting:
“on or before June 30 of any year,” and inserting:
“each year on or before the date the license expires,”.
Amend sec. 6, page 4, line 9, by deleting “$200.” and inserting “$75.”.
Amend sec. 6, page 4, line 16, after “5.” by inserting:
“The Commissioner may provide by regulation that a certified course of continuing education attended during a 12-month period, but not needed to satisfy a requirement set forth in this section for the 12-month period in which the course was taken, may be used to satisfy a requirement set forth in this section for a later 12-month period.
6.”.
Amend the bill as a whole by adding a new section designated sec. 7.5, following sec. 7, to read as follows:
“Sec. 7.5. 1. Any mortgage broker or mortgage agent licensed under the provisions of this chapter who is called into the military service of the United States shall, at his request, be relieved from compliance with the provisions of this chapter and placed on inactive status for the period of such military service and for a period of 6 months after discharge therefrom.
2. At any time within 6 months after termination of such service, providing the provisions of subsection 1 are complied with, the mortgage broker or mortgage agent may be reinstated, without having to meet any qualification or requirement other than the payment of the reinstatement fee, as provided in NRS 645B.050 or section 6 of this act, and the mortgage broker or mortgage agent must not be required to make payment of the renewal fee for the current year.
3. Any mortgage broker or mortgage agent seeking to qualify for reinstatement, as provided in subsections 1 and 2, must present a certified copy of his honorable discharge or certificate of satisfactory service to the Commissioner.”.
Amend sec. 8, page 5, by deleting lines 9 through 15 and inserting:
“consists of five members, each of whom must:
(a) Be a citizen of the United States;
(b) Be a resident of the State of Nevada; and
(c) Have been a resident of the State of Nevada for the 3 years immediately preceding his appointment to the Board.
2. The Governor shall appoint to the Board:
(a) Two members who must be:
(1) Licensed pursuant to this chapter; and
(2) Engaged in business as a mortgage broker or mortgage agent; and
(b) One member who is a representative of the general public.
3. The Speaker of the Assembly and the Majority Leader of the Senate shall each appoint to the Board one member who must possess knowledge of the field of financial services.
4. At the first meeting of the Board after July 1 of each year, the members of the Board shall elect from among the members a Chairman of the Board.”.
Amend sec. 8, page 5, line 16, by deleting “3.” and inserting “5.”.
Amend sec. 8, page 5, line 18, by deleting “4.” and inserting “6.”.
Amend sec. 8, page 5, line 21, by deleting “5.” and inserting “7.”.
Amend sec. 8, page 5, by deleting lines 24 and 25.
Amend the bill as a whole by adding a new section designated sec. 8.5, following sec. 8, to read as follows:
“Sec. 8.5. 1. The Board is hereby declared to be supreme in all matters related to the administration and enforcement of the provisions of this chapter, but not the administration of the Division.
2. As directed by the Board, the Commissioner shall provide all advice, support and assistance to the Board that the Board deems necessary or useful.”.
Amend sec. 9, page 5, line 27, after “1.” by inserting:
“Supervise and direct the actions and decisions of the Commissioner with regard to the administration and enforcement of the provisions of this chapter.
2.”.
Amend sec. 9, page 5, line 29, by deleting “2.” and inserting “3.”.
Amend sec. 9, page 5, line 30, by deleting “and Division”.
Amend sec. 10, page 5, by deleting lines 33 through 35.
Amend sec. 10, page 5, line 36, by deleting “2.” and inserting “1.”.
Amend sec. 10, page 5, by deleting lines 40 through 42 and inserting:
“2. Require the Commissioner to provide any records or information the Board deems necessary or useful for the Board to exercise its powers.”.
Amend sec. 13, page 7, line 11, by deleting “A” and inserting:
“To the extent consistent with federal law, a”.
Amend sec. 17, page 10, line 35, by deleting “In” and inserting:
“[In] Except as otherwise provided in this section, in”.
Amend sec. 17, page 11, line 3, after “2.” by inserting:
“The Commissioner may provide by regulation that a certified course of continuing education attended during a 12-month period, but not needed to satisfy a requirement set forth in this section for the 12-month period in which the course was taken, may be used to satisfy a requirement set forth in this section for a later 12-month period.
3.”.
Amend sec. 17, page 11, by deleting lines 5 through 10 and inserting:
“the mortgage industry or mortgage transactions and which is [:
(a) Certified by the] certified by:
(a) The Board;
(b) The National Association of Mortgage Brokers or any successor in interest to that organization; or [(b) Certified in a manner established by the Commissioner, if the National Association of Mortgage Brokers or any successor in interest to that organization ceases to exist.]
(c) Any organization designated for this purpose by the Board by regulation.”.
Amend sec. 18, page 11, by deleting lines 12 and 13 and inserting:
“645B.060 1. [Subject] In accordance with the policies, standards and directions of the Board with regard to the administration and enforcement of this chapter, but subject to the administrative control of the Director of the Department of Business and Industry [,] with regard to the administration of the Division,”.
Amend sec. 19, page 13, line 43, by deleting “includes” and inserting:
“includes, to the extent consistent with federal law,”.
Amend sec. 26, page 19, line 2, after “issued” by inserting “on or”.
Amend sec. 26, page 19, by deleting line 4 and inserting:
“(b) Notwithstanding the provisions of section 6 of this act to the contrary, expires on a date between July 1, 2004, and June 30, 2005, as specified in a written notice provided with the license to the mortgage agent. The Board for the Regulation of Mortgage Brokers and Mortgage Agents shall direct the Commissioner of Financial Institutions to provide various expiration dates for the licenses issued on or before July 1, 2004, as needed to allow for the efficient administration of the requirements of this act. The fee required for such a license that is effective for less than one year must be prorated in an appropriate manner as determined by the Board for the Regulation of Mortgage Brokers and Mortgage Agents.”.
Amend sec. 27, page 19, by deleting lines 11 to 19 and inserting:
“Sec. 27. 1. Notwithstanding any provision to the contrary in section 8 of this act, the initial members and Chairman of the Board for the Regulation of Mortgage Brokers and Mortgage Agents created by section 8 of this act must be appointed pursuant to this section not later than January 1, 2004.
2. The Governor shall appoint to the Board:
(a) One member who holds a license as a mortgage broker or mortgage agent and whose term expires on July 1, 2005.
(b) One member who is a representative of the general public and whose terms expires on July 1, 2005.
(c) One member who holds a license as a mortgage broker or mortgage agent and whose term expires on July 1, 2006.
3. The Speaker of the Assembly and the Majority Leader of the Senate shall each appoint to the Board one member who must possess knowledge of the field of financial services and whose term expires on July 1, 2006.
4. Not later than January 1, 2004, the Governor shall appoint a Chairman from among the initial members of the Board.”.
Amend the title of the bill, eleventh line, after “agents;” by inserting:
“revising provisions governing continuing education;”.