During its 2021 session, the Nevada Legislature will consider legislation to amend its insurance licensing laws. Among other things, the legislation would revise the requirements for renewing an escrow officer license and the bonds required to be provided by title agents and title insurers as a condition of doing business.
The bill, AB45, revises the requirements for renewing a license as an escrow officer and adds requirements relating to the reinstatement of an expired license; the information included on the license; and a change in a licensee’s business, residence or electronic mail address.
Under the proposed legislation, except as otherwise provided, a license as an escrow officer expires if the commissioner does not receive from the escrow officer an application for renewal pursuant to state statute 30 days after the renewal date.
The legislation also would clarify that the fees specified in the statute are not refundable.
A natural person who allows his or her license to expire would be able to, within 12 months after the renewal date, reinstate the license without passing a written examination if the person:
- Completes all applicable continuing education requirements; and
- Pays a penalty of twice all applicable fees for renewal, except for any fee required pursuant to NRS 680C.110.
The bill states, “An escrow officer who is unable to renew his or her license because of military service, extended medical disability or other extenuating circumstance may request a waiver of the time limit and of any fine or sanction otherwise required or imposed because of the failure to renew.”
Licenses would have to state the licensee’s name, address, personal identification number, the date of issuance, the lines of authority and the date of expiration and must contain any other information the commissioner considers necessary. It would have to be made available for public inspection upon request.
A licensee would have to inform the commissioner of each change of business, residence or email address, within 30 days after the change. If a licensee changes his or her business, residence or email address without giving written notice and the commissioner and the commissioner is unable to locate the licensee after diligent effort, the commissioner could revoke the license without a hearing. The mailing of a letter by certified mail addressed to the licensee at his or her last mailing address appearing on the records of the Division of Insurance and the return of the letter undelivered, would constitute a diligent effort by the commissioner.
The bill also would amend NRS 692A.1041 regarding title agent and title insurer bonds to state, “In addition to all other requirements set forth in this title and except as otherwise provided in subsection 2 and 3 and NRS 692A.1042, as a condition of doing business in this state, each title agent and title insurer shall deposit with the commissioner and keep in full force and effect a corporate surety bond which complies with Section 3 of this act and is in an amount as determined by the commissioner. The bond must name as principals the title agency or title insurer and all escrow officers employed by or associated with the title agent or title insurer.”
It further states, “Each title agent and title insurer may, in lieu of a corporate surety bond that complies with the provisions of Subsection 1, deposit a substitute form of security that complies with the provisions of NRS 692A.1042 in an amount as determined by the commissioner.