Nevada passed a bill consolidating the Mortgage Banker Act (chapter 645E) and the Mortgage Broker Act (chapter 645B). Under the bill, all mortgage loan origination licensing is now consolidated under chapter 645B and the chapter has been renamed the Mortgage Company and Loan Originator Act (MCLOA). Note that the Division of Mortgage Lending (Division) has published on its website license renewal information with respect to the MCLOA. Per the Division, entities that are currently licensed as either a mortgage banker or broker, or dual licensed as a mortgage banker and broker, will now be licensed as a mortgage company under the MCLOA. Individuals that are currently licensed as mortgage agents will now be licensed as a mortgage loan originator under the MCLOA. Note also that mortgage servicers remain licensed and governed separately under the Mortgage Servicers Act (chapter 645F). Mortgage companies and loan originators must comply with the provisions of the MCLOA effective January 1, 2020.
See Nevada Legislature website for the full text of the Statutes:
http://www.leg.state.nv.us/Session/79th2017/Bills/AB/AB468_EN.pdf
