Title 55

NRS 670B.300 Licensee required to register and maintain unique identifier with Nationwide Multistate Licensing System and Registry; Commissioner authorized to issue license through Registry; references to Commissioner deemed references to Registry. 1. Each licensee shall register…

NRS 670B.310 Surrender of license: Required upon cessation of student loan servicing; notice to Commissioner; liability for acts or omissions occurring before surrender of license. 1. Not later than 15 days after a licensee ceases to engage in the business of student loan servici…

NRS 670B.320 Change in information provided in application for issuance or renewal of license: Notice to Commissioner required. A licensee or an applicant for a license shall notify the Commissioner, in writing, of any change in the information provided in the initial application…

NRS 670B.330 Abandonment of application for license. The Commissioner may deem an application for a license abandoned if the applicant fails to respond to any request for information required pursuant to this chapter or any regulations adopted pursuant thereto. The Commissioner s…

NRS 670B.340 Prohibition against acting under name or place not listed on license; notice to Commissioner required before change in place of business; issuance of multiple licenses to same licensee; license not transferable or assignable. 1. A licensee shall not act as a student …

NRS 670B.350 Payment of assessments. Each licensee shall pay, in addition to any other assessment, fee or cost required pursuant to this chapter: 1. The assessment levied pursuant to NRS 658.055 to cover all the costs related to the employment by the Commissioner of a certified p…

NRS 670B.360 Automatic suspension or refusal to issue or renew license upon dishonored payment; notice and opportunity for hearing. If the Commissioner determines that a check or other method of payment which is provided to the Commissioner to pay any fee required pursuant to thi…

NRS 670B.370 Fees paid are nonrefundable. All fees paid pursuant to this chapter are nonrefundable, including, without limitation, if a license is surrendered, revoked or suspended before the expiration of the period for which it was issued. (Added to NRS by 2023, 2874) Regulatio…

NRS 670B.380 Duties of student loan servicer: Response to inquiries; application of overpayment; application of partial payment; required actions upon transfer of servicing of student education loan; adoption of certain policies and procedures; evaluation for income-driven repaym…

NRS 670B.390 Maintenance and availability of records concerning student education loans. 1. Except to the extent inconsistent with federal law or regulation, a student loan servicer shall maintain a record of each transaction relating to a student education loan for not less than…

NRS 670B.400 Prohibited acts. A student loan servicer shall not: 1. Directly or indirectly employ any scheme, device or artifice to defraud or mislead a student loan borrower. 2. Engage in any unfair or deceptive practice toward any person or misrepresent or omit any material inf…

NRS 670B.450 Private education lender not exempt from other licensing requirements; duty of Commissioner to determine particular license required. NRS 670B.450 to 670B.510, inclusive, do not exempt a private education lender from complying with any requirement to obtain a license…

NRS 670B.460 Maintenance and accessibility of records; retention of loan file. A private education lender shall: 1. Establish and maintain records and permit the Division of Financial Institutions to access and copy any records required to be maintained pursuant to the provisions…

NRS 670B.470 Private education loan involving cosigner: Delivery of information to cosigner before extension of loan; requirements and prohibitions concerning release of cosigner; access of cosigner to documents and records relating to loan. 1. Before the extension of a private e…

NRS 670B.480 Restrictions on acceleration of payments on private education loan and placement of loan or account into default; prohibited acts upon death or bankruptcy of cosigner. 1. A private education loan made on or after January 1, 2024, may not include a provision that allo…

NRS 670B.490 Duties and prohibited acts in event of total and permanent disability of private education loan borrower or cosigner. 1. A private education lender, when notified of the total and permanent disability of a private education loan borrower or cosigner, shall release an…

NRS 670B.500 Required disclosures for private education loan used to refinance existing private education loan; flexible repayment options offered must be made available to all private education loan borrowers; provision of notice and information and establishment of policies and…

NRS 670B.510 Prohibited acts. A private education lender shall not: 1. Offer any private education loan that does not comply with the provisions of NRS 670B.470 to 670B.510, inclusive, or that is in violation of any other state or federal law. 2. Engage in any unfair, deceptive o…

NRS 670B.550 Compliance with applicable federal laws and regulations required; violation of such federal law or regulation deemed violation of chapter. A student loan servicer and private education lender shall comply with all applicable federal laws and regulations relating to s…

NRS 670B.560 Compliance with certain federal regulations; maintenance of information security program; notification of Commissioner of notification events. 1. A licensee and a private education lender shall comply with the requirements set forth in 16 C.F.R. Part 314. 2. In addit…

NRS 670B.600 Regulations. The Commissioner shall adopt any regulations necessary to carry out the provisions of this chapter. (Added to NRS by 2023, 2875)

NRS 670B.610 Administration, accounting and use of money received by Commissioner; nonreversion; interest and income; claims. 1. The Commissioner shall: (a) Administer and account for separately the money received pursuant to this chapter. (b) Use the money received pursuant to t…

NRS 670B.620 Authorized activities of Commissioner concerning student education loans: Monitoring and assessment of market; gathering information regarding private education lenders and student loan servicers; developing and publicizing metrics; meeting and conferring with certai…

NRS 670B.630 Complaints: Submission to Commissioner for investigation; Division of Financial Institutions required to share with Office of the Attorney General. 1. The Student Loan Ombudsman designated pursuant to NRS 226.560 or a member of the public may submit a complaint conce…

NRS 670B.640 Investigations and examinations: Conduct; frequency; fees. In addition to any other authority provided under this title, the Commissioner may conduct investigations and examinations as follows: 1. For purposes of initial licensing, license renewal, license suspension…

NRS 670B.650 Powers of Commissioner related to conducting examinations and investigations, sharing resources, documents, records, information and evidence and standardizing methods and procedures. To carry out the purposes of this chapter, the Commissioner may: 1. Retain attorney…

NRS 670B.660 Authority of Commissioner unaffected by student loan servicer or other person under examination or investigation acting or claiming to act under authority of other laws. The authority of the Commissioner pursuant to this chapter with regard to a student loan servicer…

NRS 670B.670 Knowingly withholding, abstracting, removing, mutilating, destroying or secreting information related to investigation or examination prohibited. A student loan servicer or other person under examination or investigation pursuant to this chapter shall not knowingly w…

NRS 670B.680 Confidentiality and disclosure of certain books, records and information obtained by Division of Financial Institutions. Except as otherwise provided in this section and NRS 239.0115, any books, records or other information obtained by the Division of Financial Insti…

NRS 670B.690 Denial, suspension, revocation or refusal to renew license: Authority of Commissioner; grounds. The Commissioner may, as applicable, deny an application for a license issued pursuant to this chapter or suspend, revoke or refuse to renew a license issued pursuant to t…

NRS 670B.700 Action to restrain or prevent violation or continuance of violation of chapter. The Attorney General may bring an action in the name of the State of Nevada to restrain or prevent any violation of this chapter or any continuance of any such violation. (Added to NRS by…

NRS 670B.710 Civil action against student loan servicer or private education lender for violation of chapter; relief; treble damages. 1. A person who suffers damage as a result of the failure of a student loan servicer or private education lender to comply with the provisions of …

NRS 670B.720 Violation of chapter may be violation of Nevada Equal Credit Opportunity Law; treble damages required in civil action against provider of student education loan that filed false information; rights, remedies and penalties are cumulative. 1. A violation of any provisi…

NRS 671.004 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 671.0045 to 671.019, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2023, 97)

NRS 671.0045 “Authorized delegate” defined. “Authorized delegate” means a person designated by a licensee to engage in money transmission on behalf of the licensee. (Added to NRS by 2023, 97)

NRS 671.005 “Average daily money transmission liability” defined. “Average daily money transmission liability” means the amount of the outstanding money transmission obligations of the licensee in this State at the end of each day in a calendar quarter, added together and divided…

NRS 671.0055 “Bank Secrecy Act” defined. “Bank Secrecy Act” means the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq., as amended, and the regulations adopted pursuant thereto. (Added to NRS by 2023, 97)

NRS 671.006 “Calendar quarter” defined. “Calendar quarter” has the meaning ascribed to it in NRS 702.020. (Added to NRS by 2023, 97)

NRS 671.0065 “Closed loop stored value” defined. “Closed loop stored value” means stored value that is redeemable by the issuer only for goods or services provided by the issuer, its affiliate or a franchisee of the issuer or its affiliate, except to the extent required by applic…

NRS 671.007 “Control” defined. 1. “Control” means: (a) The power to vote, directly or indirectly, at least 25 percent of the outstanding voting shares or voting interests of a licensee or person in control of a licensee; (b) The power to elect or appoint a majority of key individ…

NRS 671.0075 “Eligible rating” defined. 1. “Eligible rating” means a credit rating that is within any of the three highest rating categories of at least one eligible rating service. Each rating category may include category modifiers such as “plus” or “minus” for Standard and Poo…

NRS 671.008 “Eligible rating service” defined. “Eligible rating service” means any nationally recognized statistical rating organization, as defined in 15 U.S.C. § 78c, or any other organization designated by the Commissioner. (Added to NRS by 2023, 98)

NRS 671.0085 “Federally insured depository financial institution” defined. “Federally insured depository financial institution” means a bank, credit union, savings and loan association, savings association, savings bank, industrial bank or industrial loan company organized under …

NRS 671.009 “Key individual” defined. “Key individual” means any natural person ultimately responsible for establishing or directing policies and procedures of a licensee, such as an executive officer, manager, director or trustee. (Added to NRS by 2023, 98)

NRS 671.0095 “Licensee” defined. “Licensee” means any person licensed under this chapter. (Added to NRS by 2023, 98)

NRS 671.0105 “Material litigation” defined. “Material litigation” means litigation that, according to generally accepted accounting principles in the United States, is significant to the financial health of a person and would be required to be disclosed by the person in an annual…