All Roll Calls
Yes: 63 • No: 0
NevadaSB4483rd Regular Session (2025)SenateWALLET
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
5 provisions identified: 0 benefits, 2 costs, 3 mixed.
Financial firms must secure data, report breaches
Beginning January 1, 2026, many Nevada‑licensed financial and mortgage businesses must follow the federal Safeguards Rule (16 C.F.R. Part 314). They must keep a written information‑security program in their books and records. They must notify the state Commissioner when a covered “notification event” happens. This applies to escrow agents, mortgage companies and originators, mortgage servicers, foreclosure service providers, banks and other licensees under Chapters 604A, 604C, 604D, 669, 670B, 671 (including authorized delegates), 675 and 676A. The Commissioner will set the steps and timing for incident reporting for escrow firms, mortgage firms and servicers, and banks.
Big mortgage servicers face new oversight
Beginning January 1, 2026, a “covered” servicer is one that services 2,000 or more residential loans and operates in two or more states. Covered servicers must keep a board or similar governing body, adopt a written governance plan, and run internal audits. They must run a board‑overseen risk program and get an annual independent CPA audit with GAAP financials, control reviews, MSR checks, and insurance verification. They must also hold enough liquid, high‑quality assets for operations, or meet FHFA seller/servicer standards. The Commissioner can add conditions, waive, or temporarily suspend requirements based on risk or severe events; these rules can apply to agencies that service when federal law allows.
Servicer licensing and borrower rules
Beginning January 1, 2026, the Commissioner sets licensing and supervision rules for mortgage servicers, including applications, fees, and fines. Licensed servicers must follow federal servicing rules in Regulation X and Regulation Z. The Commissioner can examine servicers and take action if they break the rules.
When these new rules start
Regulators can start writing rules and doing prep work right after the law is signed. All other duties start on January 1, 2026. One section (Section 48) also takes effect upon passage.
Who is exempt from servicer and foreclosure rules
Starting January 1, 2026, some groups are exempt from Nevada’s servicer governance and licensing sections. Exemptions include banks and affiliates, certain REITs, plan trustees, governments, 501(c)(3) nonprofits, attorneys acting incidentally, court‑ordered actors, and servicers that handle 10 or fewer Nevada loans a year (with affiliates counted). The foreclosure‑consultant and purchaser rules also do not apply to listed groups such as attorneys, registered debt‑management providers, government agents, some creditors, and other specified licensed professionals.
Sponsors & Cosponsors
Sponsor
Senate Committee on Commerce and Labor
Affiliation unavailable
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
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
Chapter 45.
5/27/2025legislatureApproved by the Governor.
5/26/2025legislatureEnrolled and delivered to Governor.
5/23/2025legislatureIn Senate. To enrollment.
5/19/2025SenateRead third time. Passed. Title approved. (Yeas: 42, Nays: None.) To Senate.
5/19/2025HouseTaken from General File. Placed on General File for next legislative day.
5/16/2025HouseTaken from General File. Placed on General File for next legislative day.
5/15/2025HouseTaken from General File. Placed on General File for next legislative day.
5/14/2025HouseRead second time.
5/12/2025HouseFrom committee: Do pass.
5/8/2025HouseRead first time. Referred to Committee on Commerce and Labor. To committee.
4/28/2025HouseIn Assembly.
4/28/2025HouseTo Assembly.
4/28/2025SenateFrom printer. To engrossment. Engrossed. First reprint.
4/25/2025SenateRead third time. Passed, as amended. Title approved. (Yeas: 21, Nays: None.) To printer.
4/22/2025SenateReprinting dispensed with.
4/21/2025SenateRead second time. Amended. (Amend. No. 299.)
4/21/2025SenatePlaced on Second Reading File.
4/21/2025SenateFrom committee: Amend, and do pass as amended.
4/21/2025SenateRead first time. To committee.
2/3/2025SenateFrom printer.
11/20/2024SenatePrefiled. Referred to Committee on Commerce and Labor. To printer.
11/18/2024Senate
Bill Text
As Enrolled
As Introduced
Reprint 1
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