Adoption of this amendment will MAINTAIN a 2/3s majority vote requirement for final passage of AB490 R3 (§§ 12, 15, 16, 27, 28, 79).
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. 19, page 5, by deleting lines 22 through 32 and inserting:
“business as [:
(a) A firm or corporation that is exempt from licensing as] a mortgage [company pursuant to subsection 6 of NRS 645E.150.
(b) A mortgage company if:
(1)] banker if:
(a) The licensee and the mortgage [company:
(I)] banker:
(1) Operate as separate legal entities;
[(II)] (2) Maintain separate accounts, books and records;
[(III)] (3) Are subsidiaries of the same parent corporation; and
[(IV)] (4) Maintain separate licenses; and
[(2)] (b) The mortgage [company] banker is licensed by this state”.
Amend sec. 36, page 14, by deleting lines 20 through 41 and inserting:
“6. [Except as otherwise provided in this subsection and NRS 645B.690, any firm or corporation:
(a) Whose principal purpose or activity is lending money on real property which is secured by a mortgage;
(b) Approved by the Federal National Mortgage Association as a seller and servicer; and
(c) Approved by the Department of Housing and Urban Development and the Department of Veterans Affairs.
FLUSH
A firm or
corporation is not exempt from the provisions of this chapter pursuant to this
subsection if it maintains any accounts described in subsection 1 of NRS
645B.175 or if it offers for sale in this state any unregistered security under
state or federal law and purports to make investments in promissory notes
secured by liens on real property. A firm or corporation which is exempted
pursuant to this subsection must submit annually as a condition of its
continued exemption a certified statement by an independent certified public
accountant that the firm or corporation does not maintain any such accounts.
This subsection does not prohibit an exempt firm or corporation from
maintaining accounts described in NRS 645B.170 and subsection 4 of NRS
645B.175.
7.] Any person doing any act under an order of any court.”.
Amend sec. 36, page 14, line 42, by deleting “8.” and inserting “[8.] 7.”.
Amend sec. 36, page 15, line 4, by deleting “9.” and inserting “[9.] 8.”.
Amend sec. 36, page 15, line 7, by deleting “10.” and inserting “[10.] 9.”.
Amend sec. 37, page 15, line 12, by deleting “or 6” and inserting “[or 6]”.
Amend sec. 37, page 15, line 17, by deleting “or 6” and inserting “[or 6]”.
Amend sec. 37, page 15, by deleting line 21 and inserting:
“subsections 2 to [5, inclusive, or 7 to 10,] 9, inclusive, of NRS 645B.015”.
Amend sec. 47, page 27, by deleting lines 16 through 31 and inserting:
“2. [If a person is exempt from the provisions of this chapter pursuant to subsection 6 of NRS 645B.015 and the person, while exempt, maintains, offers to maintain or holds himself out as maintaining any accounts described in subsection 1 of NRS 645B.175 or otherwise engages in, offers to engage in or holds himself out as engaging in any activity that would remove the person from the exemption set forth in subsection 6 of NRS 645B.015, the Commissioner shall impose upon the person an administrative fine of not more than $10,000 for each violation and the Commissioner shall revoke the person’s exemption. If the Commissioner revokes an exemption pursuant to this subsection, the person may not again be granted the same or a similar exemption from the provisions of this chapter. The person may apply for a license pursuant to this chapter unless otherwise prohibited by specific statute.
3.] If a mortgage broker violates any provision of subsection 1”.
Amend sec. 54, pages 29 and 30, by deleting lines 44 and 45 on page 29 and lines 1 through 7 on page 30, and inserting:
“6. [Any firm or corporation:
(a) Whose principal purpose or activity is lending money on real property which is secured by a mortgage;
(b) Approved by the Federal National Mortgage Association as a seller and servicer; and
(c) Approved by the Department of Housing and Urban Development and the Department of Veterans Affairs.
7.] Any person doing any act under an order of any court.”.
Amend sec. 54, page 30, line 8, by deleting “8.” and inserting “[8.] 7.”.
Amend sec. 54, page 30, line 15, by deleting “9.” and inserting “[9.] 8.”.
Amend sec. 54, page 30, line 18, by deleting “10.” and inserting “[10.] 9.”.
Amend sec. 55, page 30, line 22, by deleting “or 6” and inserting “[or 6]”.
Amend sec. 55, page 30, line 28, by deleting “or 6” and inserting “[or 6]”.
Amend sec. 55, page 30, by deleting line 32 and inserting:
“subsections 2 to [5, inclusive, or 7 to 10,] 9, inclusive, of NRS 645E.150”.
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. 1. Notwithstanding the amendatory provisions of this act, if a person, on July 1, 2003, holds a certificate of exemption issued pursuant to chapter 645B of NRS and the certificate is based on the exemption set forth in subsection 6 of NRS 645B.015, as that subsection existed before the enactment of this act, the person may, until January 1, 2004, provide the services of a mortgage broker or otherwise engage in, carry on or hold himself out as engaging in or carrying on the business of a mortgage broker without being licensed pursuant to chapter 645B of NRS.
2. Notwithstanding the amendatory provisions of this act, if a person, on July 1, 2003, holds a certificate of exemption issued pursuant to chapter 645E of NRS and the certificate is based on the exemption set forth in subsection 6 of NRS 645E.150, as that subsection existed before the enactment of this act, the person may, until January 1, 2004, provide the services of a mortgage banker or otherwise engage in, carry on or hold himself out as engaging in or carrying on the business of a mortgage banker without being licensed pursuant to chapter 645E of NRS.”.
Amend the title of the bill, thirteenth line, after “of” by inserting “mortgage bankers,”.