NRS 645A.050 Duties of Commissioner.

355 words·~2 min read·/nv/chapter-645a-escrow-agencies-and-agents/645a-050·

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

1. Subject to the administrative control of the Director of the Department of Business and Industry, the Commissioner shall exercise general supervision and control over escrow agents and agencies doing business in the State of Nevada.

2. In addition to the other duties imposed upon him or her by law, the Commissioner shall:

(a)Adopt such regulations as may be necessary for making this chapter effective. Such regulations must establish procedures and requirements for notifying the Commissioner of a notification event pursuant to NRS 645A.075 .

(b)Conduct or cause to be conducted each year an examination of each escrow agency licensed pursuant to this chapter.

(c)Conduct such investigations as may be necessary to determine whether any person has violated any provision of this chapter.

(d)Conduct such examinations, investigations and hearings, in addition to those specifically provided for by law, as may be necessary and proper for the efficient administration of the laws of this State relating to escrow.

(e)Classify as confidential the financial statements of an escrow agency and those records and information obtained by the Division which:

(1)Are obtained from a governmental agency upon the express condition that they remain confidential.

(2)Except as otherwise provided in NRS 645A.082 , consist of information compiled by the Division in the investigation of possible violations of this chapter.

Ê This paragraph does not limit examination by the Legislative Auditor or any other person pursuant to a court order.

3. An escrow agency may engage a certified public accountant to perform such an examination in lieu of the Division. In such a case, the examination must be equivalent to the type of examination made by the Division and the expense must be borne by the escrow agency being examined.

4. The Commissioner shall determine whether an examination performed by an accountant pursuant to subsection 3 is equivalent to an examination conducted by the Division. The Commissioner may examine any area of the operation of an escrow agency if the Commissioner determines that the examination of that area is not equivalent to an examination conducted by the Division.