Qualified employee: Designation and approval.

1. A licensee must designate a natural person to serve as a qualified employee for each principal or branch office, if any, licensed pursuant to chapter 645F of NRS and the Nevada Mortgage Servicer Regulations. A natural person may not be designated to serve as a qualified employee unless such person: (a) Has at least 2 years of verifiable experience in the business of servicing mortgage loans within the immediately preceding 5 years. (b) Is designated by the licensee to act on behalf of the licensee and to supervise and control the conduct of the business of the licensee at only one location. (c) Will be employed and present at the location. (d) Has submitted to and successfully passed a background investigation pursuant to NAC 645F.955 or is a mortgage agent licensed pursuant to chapter 645B of NRS. (e) Has been approved by the Commissioner to act as the qualified employee for the licensee at the location. 2. If a qualified employee designated pursuant to subsection 1 is not approved by the Commissioner pursuant to subsection 3, or is subsequently deemed ineligible because he or she does not meet the above requirements, or the employment relationship with the licensee is terminated, the licensee, within 30 days after the disapproval or ineligibility, shall: (a) Provide written notification to the Commissioner; and (b) Designate a new qualified employee and request the approval of the Commissioner for that person to serve as the qualified employee. 3. A mortgage servicer that: (a) Holds a license as a mortgage broker or mortgage banker pursuant to chapter 645B or 645E of NRS; (b) Holds a supplemental mortgage servicer license pursuant to NAC 645F.952 ; and (c) Engages in activities as a mortgage servicer and mortgage broker or mortgage banker at the same location, Ê may appoint a single qualified employee at such a location if the qualified employee meets the requirements to serve as a qualified employee pursuant to this section and NAC 645B.055 or 645E.310 , as applicable. 4. For the purposes of this section, “verifiable experience in the business of servicing mortgage loans” means compensated experience engaging in: (a) The servicing of mortgage loans; (b) Accounting or receipt and processing of payments on behalf of creditors or noteholders; (c) Supervision of the activities described in paragraph (a) or (b); or (d) Any other experience deemed to be relevant by the Commissioner.