NevadaSB4483rd Regular Session (2025)Senate

AN ACT relating to financial services; imposing certain duties on providers of certain financial services relating to the safeguarding of customer information; establishing certain standards relating to the financial condition and corporate governance of certain mortgage servicers; requiring the Commissioner of Mortgage Lending and the Commissioner of Financial Institutions to adopt certain regulations; providing penalties; and providing other matters properly relating thereto.

Sponsored By: Senate Committee on Commerce and Labor

Signed by Governor

BDR 54-258

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

Stronger oversight of large mortgage servicers

Beginning January 1, 2026, tougher rules apply to servicers that handle 2,000+ residential loans and operate in at least two states. Small servicers with 10 or fewer Nevada loans a year (counting affiliates) are exempt. Covered servicers must keep enough liquid, allowable assets and have written cash and business plans under GAAP. They must have a board and governance framework, run internal audits, get a yearly independent CPA audit that checks controls, MSR valuation, and insurance, and run a board‑overseen risk program with a yearly report. Servicers must also follow federal mortgage‑servicing rules in Regulation X and Z. The Commissioner sets licensing and renewal rules and fees, can examine and discipline, and can add, waive, or pause requirements based on risk or severe events.

Stronger data security at lenders and servicers

Beginning January 1, 2026, many Nevada‑licensed financial firms must follow the federal Safeguards Rule. They must keep a written information‑security program and report data‑breach “notification events” to the state Commissioner under new rules. This covers mortgage and escrow companies, servicers, debt collectors, small‑loan lenders, and other state‑licensed providers. The goal is to better protect your personal and financial data and improve incident reporting.

Who is exempt from foreclosure rules

The law narrows who counts as a foreclosure consultant or purchaser. It exempts attorneys, banks and their agents, nonprofit credit counselors, people working under government programs, mortgage holders, certain licensed insurance or title professionals, and some judgment creditors. These exempt groups do not have to follow the foreclosure‑consultant rules.

Sponsors & Cosponsors

Sponsor

  • Senate Committee on Commerce and Labor

    Affiliation unavailable

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 63 • No: 0

House vote • 5/19/2025

Final Passage - Assembly (1st Reprint)

Yes: 42 • No: 0

Senate vote • 4/22/2025

Final Passage - Senate (1st Reprint)

Yes: 21 • No: 0

Actions Timeline

  1. Chapter 45.

    5/27/2025legislature
  2. Approved by the Governor.

    5/26/2025legislature
  3. Enrolled and delivered to Governor.

    5/23/2025legislature
  4. In Senate. To enrollment.

    5/19/2025Senate
  5. Read third time. Passed. Title approved. (Yeas: 42, Nays: None.) To Senate.

    5/19/2025House
  6. Taken from General File. Placed on General File for next legislative day.

    5/16/2025House
  7. Taken from General File. Placed on General File for next legislative day.

    5/15/2025House
  8. Taken from General File. Placed on General File for next legislative day.

    5/14/2025House
  9. Read second time.

    5/12/2025House
  10. From committee: Do pass.

    5/8/2025House
  11. Read first time. Referred to Committee on Commerce and Labor. To committee.

    4/28/2025House
  12. In Assembly.

    4/28/2025House
  13. To Assembly.

    4/28/2025Senate
  14. From printer. To engrossment. Engrossed. First reprint.

    4/25/2025Senate
  15. Read third time. Passed, as amended. Title approved. (Yeas: 21, Nays: None.) To printer.

    4/22/2025Senate
  16. Reprinting dispensed with.

    4/21/2025Senate
  17. Read second time. Amended. (Amend. No. 299.)

    4/21/2025Senate
  18. Placed on Second Reading File.

    4/21/2025Senate
  19. From committee: Amend, and do pass as amended.

    4/21/2025Senate
  20. Read first time. To committee.

    2/3/2025Senate
  21. From printer.

    11/20/2024Senate
  22. Prefiled. Referred to Committee on Commerce and Labor. To printer.

    11/18/2024Senate

Bill Text

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