Title 55

NRS 676A.380 Alternative application for registration for applicants licensed or certified in another state; conditions. If a provider holds a license or certificate of registration in another state authorizing it to provide debt-management services, the provider may submit a cop…

NRS 676A.390 Surety bond required. 1. Except as otherwise provided in NRS 676A.400, a provider that is required to be registered under this chapter shall file a surety bond with the Commissioner, which must: (a) Be continuously in effect during the period of registration and for …

NRS 676A.400 Substitute for surety bond. 1. Instead of the surety bond required by NRS 676A.390, a provider may deliver to the Commissioner, in the amount required by subsection 2 of NRS 676A.390, and, except as otherwise provided in subparagraph (1) of paragraph (b), payable or …

NRS 676A.410 Commissioner authorized to take action to participate in Registry; charges for use; regulations; provisions do not replace or affect authority of Commissioner regarding registration. 1. The Commissioner may, in furtherance of his or her duties with respect to the iss…

NRS 676A.420 Submission and processing of fingerprints. 1. The Commissioner may require an applicant for or holder of a certificate of registration to submit a complete set of fingerprints when the Commissioner determines necessary. 2. The Commissioner may use the services of the…

NRS 676A.430 Commissioner required to report certain information or material to Registry; confidentiality of information or material provided; Commissioner authorized to enter into certain agreements and arrangements. 1. Subject to any limitations or restrictions contained in fed…

NRS 676A.440 Additional materials required to be submitted to Registry. 1. In addition to any other requirements set forth by specific statute, each applicant for the issuance of a registration and each owner, officer, director and responsible person of the applicant, each person…

NRS 676A.450 Holder of certificate to register and maintain unique identifier; Commissioner authorized to issue certificate through Registry; references to Commissioner deemed references to Registry. 1. Each holder of a certificate of registration shall register with and maintain…

NRS 676A.500 Provider to act in good faith; fiduciary duty. 1. A provider shall act in good faith in all matters under this chapter. 2. A provider who holds funds on behalf of an individual to whom it provides debt-management services shall act as a fiduciary with respect to thos…

NRS 676A.510 Provider to maintain toll-free communication system. A provider that is required to be registered under this chapter shall maintain a toll-free communication system, staffed at a level that reasonably permits an individual to speak to a certified counselor, certified…

NRS 676A.520 Duties of provider before providing debt-management services. 1. Before providing debt-management services, a registered provider shall give the individual an itemized list of goods and services and the charges for each. The list must be clear and conspicuous, be in …

NRS 676A.530 Required disclosures and materials: Use of Internet; form; written copy provided on request; disclosures on website; termination of electronic communication; termination of agreement. 1. A provider may satisfy the requirements of NRS 676A.520, 676A.540 or 676A.630 by…

NRS 676A.540 Agreement: Contents; required provisions; prohibited provisions; provisions void if contrary to certain requirements. 1. An agreement must: (a) Be in a record; (b) Be dated and signed by the provider and the individual; (c) Include the name of the individual and the …

NRS 676A.550 Cancellation of agreement. 1. An individual may cancel an agreement before midnight of the third business day after the individual assents to it, unless the agreement does not comply with subsection 2 or NRS 676A.540 or 676A.700, in which event the individual may can…

NRS 676A.560 Disclosures and documents to be in English; provider also must furnish translation if language other than English is used in communications. Unless the Commissioner, by regulation, provides otherwise, the disclosures and documents required by this chapter must be in …

NRS 676A.570 Money paid to provider to be held in trust; requirements concerning trust accounts and money held in trust; accounting; prompt refund on termination of agreement. 1. All money paid to a provider by or on behalf of an individual for distribution to creditors pursuant …

NRS 676A.580 Fees or charges: Restrictions. 1. A provider may not impose directly or indirectly a fee or other charge on an individual or receive money from or on behalf of an individual for debt-management services except as permitted by this section. 2. A provider may not impos…

NRS 676A.590 Voluntary contributions: Restrictions. A provider may not solicit a voluntary contribution from an individual or an affiliate of the individual for any service provided to the individual. A provider may accept voluntary contributions from an individual but, until 30 …

NRS 676A.600 Required disclosures by provider. 1. If the agreements of a provider contemplate that the provider will develop and implement a debt-management plan and the provider advertises debt-management services, it shall disclose, in an easily comprehensible manner, that usin…

NRS 676A.610 Agreement voidable by individual in certain circumstances. 1. If a provider imposes a fee or other charge or receives money or other payments not authorized by NRS 676A.580 or 676A.590, the individual may void the agreement and recover as provided in NRS 676A.760. 2.…

NRS 676A.620 Provider may terminate agreement for nonpayment. 1. If an individual who has entered into an agreement fails for 60 days to make payments required by the agreement, a provider may terminate the agreement. 2. If a provider or an individual terminates an agreement, the…

NRS 676A.630 Provider to provide accounting periodically and upon request; retention of records. 1. If an agreement contemplates that a provider will develop and implement a debt-management plan or provide debt settlement services, the provider shall provide the accounting requir…

NRS 676A.640 Provider compliance with federal regulations; provider to maintain information security program and notify Commissioner of notification events. 1. A provider shall comply with the requirements set forth in 16 C.F.R. Part 314. 2. In addition to complying with the requ…

NRS 676A.700 Prohibited acts. 1. A provider may not, directly or indirectly: (a) Misappropriate or misapply money held in trust; (b) Settle a debt on behalf of an individual for more than 50 percent of the outstanding amount of the debt owed a creditor, unless the individual asse…

NRS 676A.710 Provider to notify Commissioner of civil actions. Not later than 30 days after a provider has been served with notice of a civil action for violation of this chapter by or on behalf of an individual who resides in this State at either the time of an agreement or the …

NRS 676A.720 Provider liable for conduct of person to whom it delegates duties. If a provider delegates any of its duties or obligations under an agreement or this chapter to another person, including, without limitation, an independent contractor, the provider is liable for cond…

NRS 676A.730 Powers of Commissioner: Enforcement; investigation; regulations; fees; cooperative agreements. 1. The Commissioner may act on his or her own initiative or in response to complaints and may receive complaints, take action to obtain voluntary compliance with this chapt…

NRS 676A.740 Commissioner to enforce chapter; penalties. 1. The Commissioner may enforce this chapter and regulations adopted under this chapter by taking one or more of the following actions: (a) Ordering a provider or a director, employee or other agent of a provider to cease a…

NRS 676A.750 Suspension, revocation or denial of renewal of registration by Commissioner. 1. The Commissioner may suspend, revoke or deny renewal of a provider’s registration if: (a) A fact or condition exists that, if it had existed when the registrant applied for registration a…

NRS 676A.760 Civil remedies. 1. If an individual voids an agreement pursuant to subsection 2 of NRS 676A.610, the individual may recover in a civil action all money paid or deposited by or on behalf of the individual pursuant to the agreement, except amounts paid to creditors, in…

NRS 676A.770 Violation constitutes deceptive trade practice. 1. A violation of a provision of this chapter constitutes a deceptive trade practice for the purposes of NRS 598.0903 to 598.0999, inclusive. 2. If an act or practice of a provider violates both a provision of this chap…

NRS 676A.780 Statute of limitations for certain actions. 1. An action or proceeding brought pursuant to subsection 1, 2 or 3 of NRS 676A.740 must be commenced within 4 years after the conduct that is the basis of the Commissioner’s complaint. 2. An action brought pursuant to NRS …

NRS 677.010 Short title. This chapter may be cited as the Nevada Thrift Companies Act. (Added to NRS by 1975, 1829)

NRS 677.020 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 677.030 to 677.140, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1975, 1829; A 1979, 995; 1983, 1817; 1985, 2196; 1987,…

NRS 677.030 “Amount of cash advance” defined. “Amount of cash advance” means the amount of cash or its equivalent actually received by a borrower or paid out at his or her direction or on his or her behalf. (Added to NRS by 1975, 1829)

NRS 677.040 “Amount of loan obligation” defined. “Amount of loan obligation” means the amount of cash advance plus the aggregate of charges added thereto pursuant to authority of this chapter. (Added to NRS by 1975, 1829)

NRS 677.050 “Borrowings” defined. “Borrowings” means liability to any thrift investor or financial institution. (Added to NRS by 1975, 1829)

NRS 677.060 “Charges” defined. “Charges” include: 1. The aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses and other forms of costs charged, contracted for or received by a licensee or any other person in connection with the investigating, arranging, …

NRS 677.065 “Commissioner” defined. “Commissioner” means the Commissioner of Financial Institutions. (Added to NRS by 1987, 1997)

NRS 677.070 “Community” defined. “Community” means a contiguous area of the same economic unit or metropolitan area, as determined by the Commissioner, and may include all or part of a city or several towns or cities. (Added to NRS by 1975, 1829; A 1983, 1817; 1987, 1997)

NRS 677.075 “Deposit” defined. 1. “Deposit” means that part of the liability of a licensee which is credited to the account of a depositor. 2. The term includes a time deposit evidenced by a certificate of deposit, but does not include an obligation evidenced by a thrift certific…

NRS 677.090 “Gross amount” defined. “Gross amount” means the total amount or value advanced to or on behalf of the borrower, including all payments for interest, principal, expenses and charges of any nature taken substantially contemporaneously with the making of the loan. (Adde…

NRS 677.100 “License” defined. “License” means a license, issued under the authority of this chapter, to accept deposits and make loans in accordance with the provisions of this chapter, at a single place of business. (Added to NRS by 1975, 1830; A 1985, 2196)

NRS 677.110 “Licensee” defined. “Licensee” means a person to whom one or more licenses have been issued. (Added to NRS by 1975, 1830)

NRS 677.115 “Loan” defined. “Loan” does not include a bona fide conditional contract of sale. (Added to NRS by 1979, 995)

NRS 677.125 “Stockholders’ equity” defined. “Stockholders’ equity” means the capital, surplus and retained earnings of a licensee. (Added to NRS by 1997, 1014)