Annual financial statement.

1. Each applicant and licensee shall submit to the Commissioner an independently audited financial statement: (a) At the time of application; and (b) Not later than 90 days after the end of each fiscal year of the mortgage servicer. 2. The financial statement required by subsection 1 must: (a) Be dated not earlier than the last day of the fiscal year; (b) Be prepared in accordance with generally accepted accounting principles; and (c) Demonstrate that the applicant or licensee meets the minimum net worth requirement set forth in NAC 645F.974 . 2. The Commissioner may grant a reasonable extension for the submission of a financial statement pursuant to this section if a mortgage servicer requests such an extension before the date on which the financial statement is due.