2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 certain governmental entities.

1. The Commissioner may monitor the market for the provision of student loan servicing and student education loans, including, without limitation, private education loans, to identify risks to consumers. In conducting such monitoring, the Commissioner may compile and analyze data and other information to assess:
(a) The likely risk and costs to consumers associated with using or repaying a student education loan or with the servicing of a student education loan;
(b) The understanding by consumers of the risks of a student education loan or the servicing of a student education loan;
(c) The legal protections applicable to the offering or provision of a student education loan or the servicing of a student education loan and the adequacy of those legal protections to protect consumers;
(d) The rates of growth in the offering or provision of a student education loan or the servicing of that loan;
(e) The extent, if any, to which the risks of a student education loan or the servicing of a student education loan disproportionately affect traditionally underserved consumers; and
(f) The type, number and other pertinent characteristics of private education lenders and student loan servicers in this State.
2. To the extent that state law is not preempted by federal law, in conducting monitoring or assessment pursuant to this section the Commissioner may gather information regarding the organization, business conduct, markets and activities of private education lenders and student loan servicers in this State. The Commissioner may enter into contracts to perform the activities authorized by this section, as necessary.
3. In order to gather information described in subsection 2, the Commissioner may:
(a) Gather and compile information from a variety of sources, including, without limitation, consumer complaints, voluntary surveys and voluntary interviews of consumers, surveys and interviews of private education lenders and student loan servicers and available databases; and
(b) Require persons engaged in private education lending or student loan servicing in this State to file, under oath or otherwise, in the form and within a reasonable period of time as the Commissioner may prescribe, any annual or special reports or answers in writing to specific questions that the Commissioner deems necessary to carry out the provisions of this section.
4. In addition to any other monitoring activities authorized by this section, the Commissioner may gather and compile information from private education lenders and student loan servicers to assemble data concerning the total size of the student education loan market in this State, the servicing of student education loans owed by borrowers at risk of default, the servicing of private education loans owed by borrowers experiencing financial distress and the servicing of federal student education loans for borrowers who seek to repay their loans under an income-driven repayment plan, as described in 20 U.S.C. §§ 1070 et seq.
5. The Commissioner may, on a quarterly basis, develop and publicize metrics based on data collected pursuant to this section. Such metrics may include, without limitation, relevant performance metrics concerning specifically identified private education lenders and student loan servicers.
6. In conducting the activities authorized by this section, the Commissioner may meet and confer with the Student Loan Ombudsman, designated pursuant to NRS 226.560, the Office of the Attorney General and the Nevada System of Higher Education.
(Added to NRS by 2023, 2872)