Tap any paragraph to write a margin note. Your notes collect in the Desk below the text and file under cases with @. The side-by-side margin rail opens on a larger screen.

§
Marginalia
Code · Nevada · CHAPTER 658 - SUPERVISION AND CONTROL

NRS 658.190 Regulations concerning nontraditional mortgage loan products and certain lending practices.

316 words·~1 min read·/nv/chapter-658-supervision-and-control/658-190

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

NRS 658.190 Regulations concerning nontraditional mortgage loan products and certain lending practices.
1. The Commissioner of Financial Institutions shall, with the cooperation of the Commissioner of Mortgage Lending, adopt regulations concerning nontraditional mortgage loan products and lending practices of persons and financial institutions that are required to be licensed or registered pursuant to the provisions of this title and chapter 645B of NRS and which make or offer to make loans that are secured by liens on real property.
2. The regulations required to be adopted by subsection 1 must be substantially similar to the provisions set forth in the “Guidance on Nontraditional Mortgage Product Risks” published by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators on November 14, 2006.
3. If the publication is revised, the Commissioner shall review the revision to determine whether the revision is suitable for this State. If the Commissioner determines that the revision is suitable for this State, he or she shall adopt a regulation that includes the revision.
4. If the Commissioner determines that the revision is not suitable for this State, the Commissioner shall hold a hearing within 60 days after his or her determination and give notice of the hearing. If, after the hearing, the Commissioner does not revise his or her determination, the Commissioner shall give written notice within 30 days after the hearing that the revision is not suitable for this State.
5. As used in this section, “nontraditional mortgage loan product”:
(a)Means a residential loan agreement whose terms allow a borrower to defer repayment of principal or payment of interest on the loan for a period.
(b)Includes, without limitation:
(1)An interest-only loan; and
(2)A payment option adjustable-rate mortgage.
(c)Does not include:
(1)A home equity line of credit other than a simultaneous second-lien home equity line of credit; or
(2)A reverse mortgage.
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

"If you don't know your rights, you don't have any."

Marginalia · a citizen's law index
A research desk, not legal advice. Always read the cited source before relying on a summary.
Questions or an issue? support@self-law.org
disclaimerMarginalia is a research index, not a law firm. Nothing on this site is legal, tax, or financial advice and no attorney–client relationship is formed by using it. Statutes, regulations, and case law change; summaries, search results, AI output, and member posts may be incomplete, out of date, or wrong. Any interpretation drawn from material on this site should be validated by a licensed attorney in your jurisdiction before you act on it.