A mortgage company shall not act as a construction control with respect to money belonging to a borrower or investor. If a borrower or investor wishes to utilize a construction control for money belonging to the borrower or investor, a mortgage company must place the money with a person who is independent of the mortgage company and is licensed or authorized to accept such money. The money must be subject to the control of a construction control which is in compliance with, or exempt from, the provisions of NRS 627.180 or 627.183.
NRS 645B.355
Mortgage company prohibited from acting as construction control
(Added to NRS by 2011, 3605; A 2017, 3066)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.