NRS 645A.015 Unlawful to engage in business of administering escrows or act in capacity of escrow agent or escrow agency without license; exceptions.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. Except as otherwise provided in subsection 2, it shall be unlawful for any person to engage in or carry on, or hold himself or herself out as engaging in or carrying on, the business of administering escrows or to act in the capacity of an escrow agent or escrow agency within this State or with respect to any transaction involving real or personal property located in this State without first obtaining a license as an escrow agent or escrow agency issued by the Commissioner pursuant to the requirements of this chapter.

2. The licensing requirements of this chapter do not apply to:

(a)Any person doing business under the laws of this State or the United States relating to banks, mutual savings banks, trust companies, savings and loan associations, savings banks, common and consumer finance companies or industrial loan companies;

(b)Any person licensed pursuant to chapter 692A of NRS;

(c)Any person licensed to practice law in this State if:

(1)The escrow transaction is performed by the attorney while engaged in the practice of law, or by employees of the law firm under the direct supervision of the attorney while engaged in the practice of law;

(2)The escrow transaction is performed under the name of a person or entity identified and operated as a law firm; and

(3)Any money provided to the attorney related to the escrow, other than money designated for attorney’s fees and costs, is deposited into, maintained within and disbursed from a client trust account that complies with rules of this State governing the conduct of attorneys;

(d)Any firm or corporation which lends money on real or personal property and is subject to licensing, supervision or auditing by an agency of the United States or of this State; or

(e)Any person doing any act under order of any court.

3. As used in this section, “law firm” has the meaning ascribed to it in NRS 38.435 .