Surety bonds: Cancellation of bond.

1. The surety may cancel a bond upon giving 60 days’ notice, by certified mail, to the Commissioner and to the mortgage servicer who is the principal on the bond. Upon receipt by the Commissioner of such a notice, the Commissioner will immediately notify the mortgage servicer who is the principal on the bond of the effective date of cancellation of the bond, and that the license will be summarily suspended on that date and thereafter revoked unless an equivalent bond is furnished before the effective date of the cancellation. The notice must be sent to the mortgage servicer by certified mail to the last address of record filed in the office of the Division. 2. If the mortgage servicer does not comply with the requirements set out in the notice from the Commissioner, the license of the mortgage servicer must be revoked in accordance with the Nevada Mortgage Servicer Regulations and the requirements of chapter 233B of NRS. During the pendency of the revocation proceedings, the license must be summarily suspended in accordance with chapter 233B of NRS.