Nev. Rev. Stat. § 111.220 states the following (in relevant part):
“In the following cases every agreement is void, unless the agreement, or some note or memorandum thereof expressing the consideration, is in writing, and subscribed by the person charged therewith:
4. Every promise or commitment to loan money or to grant or extend credit in an original principal amount of at least $100,000 made by a person engaged in the business of lending money or extending credit.”
In order to help clients extend valid commitments in Nevada, we will now be providing Cx17103 as an “upon request” document. The document sets forth some of the basic terms of the loan being committed to, a disclosure of the conditions under which the loan will not close, and a disclosure of any commitment fee.
Once requested, the document will print under the following conditions:
- “Document Package Type” equals “Initial Disclosure”;
- “Loan Amount Greater than 100k” equals “Yes”;
- “Mortgage Loan Commitment” equals “Yes”; and
- “State Code” equals “Nevada.”
This document will be available immediately. If you have any questions or concerns please contact Client Support at 1.800.497.3584.
June 13, 2014