reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.130 - "Student loan servicing" or "servicing" defined.

"Student loan servicing" or "servicing" means:
1. Receiving any scheduled periodic payments from a student loan borrower pursuant to the terms of a student education loan or any notification that a student loan borrower made such a scheduled periodic payment and applying the payments to the account of a student loan borrower, as may be required pursuant to the terms of a student education loan or a contract governing the servicing of a student education loan;
2. During a period in which no payment is required on a student education loan, maintaining account records for a student education loan and communicating with the student loan borrower on behalf of the owner of the promissory note for the student education loan; or
3. Interacting with a student loan borrower concerning a student education loan, including activities to prevent default on the student education loan, to facilitate the activities described in subsection 1 or 2.
(Added to NRS by 2023, 2857)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.200 - License required; exceptions.

1. Except as otherwise provided in subsection 2, a person shall not act as a student loan servicer, directly or indirectly, without first obtaining a license from the Commissioner pursuant to this chapter.
2. The following persons may act as a student loan servicer without obtaining a license pursuant to this chapter:
(a) Any bank, savings and loan association, savings bank, thrift company or credit union, whether chartered by this State, another state or the Federal Government.
(b) Any wholly owned subsidiary of any person identified in paragraph (a).
(c) Any operating subsidiary of any person identified in paragraph (a) if each owner of the operating subsidiary is wholly owned by the same person identified in paragraph (a).
(Added to NRS by 2023, 2857)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.210 - Application for license: Submission; financial statement; supporting information; fees; surety bond.

Except as otherwise provided in NRS 670B.240, a person may apply for a license as a student loan servicer by submitting a written application to the Commissioner on a form prescribed by the Commissioner. The application must be accompanied by:
1. A financial statement prepared by a certified public accountant or a public accountant, the accuracy of which is sworn to under oath before a notary public by the proprietor, a general partner or a corporate officer or a member authorized to execute such documents;
2. Any other information requested by the Commissioner or otherwise required in connection with the evaluation and investigation of the applicant’s qualifications and suitability for licensure;
3. A nonrefundable license fee of $1,000;
4. A nonrefundable investigation fee of $800; and
5. A surety bond in an amount determined by the Commissioner.
(Added to NRS by 2023, 2857)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.230 - Investigation of applicant; issuance of license.

Except as otherwise provided in NRS 670B.240, upon the filing of an application for an initial license and the payment of the license fee and the investigation fee and submission of the surety bond required by NRS 670B.210, the Commissioner shall investigate the financial condition and responsibility, financial and business experience, character and general fitness of the applicant. The Commissioner may issue a license if the Commissioner finds that:
1. The applicant’s financial condition is sound;
2. The applicant’s business will be conducted honestly, fairly, equitably, carefully and efficiently within the purposes and intent of this chapter and in a manner commanding the confidence and trust of the community;
3. If the applicant is:
(a) A natural person, the person is in all respects properly qualified and of good character;
(b) A partnership, each partner is in all respects properly qualified and of good character;
(c) A corporation or association, the president, chairperson of the executive committee, senior officer responsible for the corporation’s business and chief financial officer or any other person who performs similar functions as determined by the Commissioner, each director, each trustee and each shareholder owning 10 percent or more of each class of the securities of such corporation is in all respects properly qualified and of good character; or
(d) A limited liability company, each member is in all respects properly qualified and of good character;
4. No person on behalf of the applicant knowingly has made any incorrect statement of a material fact in the application, or in any report or statement made pursuant to this chapter;
5. No person on behalf of the applicant knowingly has omitted to state any material fact necessary to give the Commissioner any information lawfully required by the Commissioner;
6. The applicant has paid the license fee and the investigation fee and submitted the surety bond required by NRS 670B.210; and
7. The applicant has met any other requirements set forth by the Commissioner in regulations adopted pursuant to this chapter.
(Added to NRS by 2023, 2859)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.240 - Person conducting student loan servicing pursuant to contract with United States Department of Education: Procedures for issuance of license; exemption from certain requirements; requirements upon expiration, revocation or termination of contract; provisions do not prevent Commissioner from taking certain actions.

1. A person seeking to act as a student loan servicer is exempt from the application procedures described in subsections 1 and 2 of NRS 670B.210 and NRS 670B.290 upon a determination by the Commissioner that the person’s student loan servicing performed in this State is conducted pursuant to a contract awarded by the United States Secretary of Education pursuant to 20 U.S.C. § 1087f. The Commissioner shall, by regulation, prescribe the procedure for documenting a person’s eligibility for this exemption.
2. Upon payment of the license fee and investigation fee and the submission of the surety bond required by NRS 670B.210, the Commissioner shall:
(a) Issue a license to a person determined to be exempt pursuant to this section; and
(b) Deem the person to have satisfied all requirements set forth in NRS 670B.210 and 670B.290.
3. A person issued a license pursuant to this section:
(a) Is exempt from the requirements of NRS 670B.220, 670B.230 and 670B.270; and
(b) Shall, except to the extent that those requirements are inconsistent with federal law, comply with all other applicable provisions of this chapter, including, without limitation, the record retention requirements set forth in NRS 670B.390.
4. A person issued a license pursuant to this section shall provide the Commissioner with written notice within 7 days after notification of the expiration, revocation or termination of a contract awarded by the United States Secretary of Education pursuant to 20 U.S.C. § 1087f. The person must satisfy all requirements set forth in NRS 670B.210 and 670B.290 not later than 30 days after submitting such notice to the Commissioner in order to continue to act as a student loan servicer. At the expiration of the 30-day period, if the requirements have not been satisfied, the Commissioner shall immediately suspend a license granted to the person pursuant to this section.
5. With respect to student loan servicing not conducted pursuant to a contract awarded by the United States Secretary of Education pursuant to 20 U.S.C. § 1087f, nothing in this section prevents the Commissioner from issuing or filing a civil action for an order to temporarily or permanently bar a person from acting as a student loan servicer for violating applicable law.
(Added to NRS by 2023, 2859)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.250 - Expiration and renewal of license; filing of annual report.

1. A license issued pursuant to this chapter expires on December 31 of each year following its issuance, unless renewed or earlier surrendered, suspended or revoked pursuant to this chapter.
2. A licensee may renew a license issued pursuant to NRS 670B.230 by filing with the Commissioner an application containing the documents and fees set forth in NRS 670B.210 for an initial license. Such a renewal application shall be deemed to be timely filed if filed on or before November 1 of the year in which the license expires. Any renewal application filed with the Commissioner after November 1 must be accompanied by a late fee of $100 and, if so, such a filing also shall be deemed to be timely filed. If an application for renewal of a license is timely filed with the Commissioner pursuant to this subsection on or before the date the license expires, the license sought to be renewed continues in full force and effect until the issuance by the Commissioner of the renewed license or until the Commissioner notifies the licensee in writing of the Commissioner’s refusal to issue a renewed license together with the grounds upon which such refusal is based. The Commissioner may refuse to issue a renewed license on any ground on which the Commissioner may refuse to issue an initial license.
3. A licensee may renew a license issued pursuant to NRS 670B.240 by filing with the Commissioner, before the expiration of the license, an application containing any documents and fees required pursuant to NRS 670B.240 for an initial license.
4. Annually, on or before April 15, each licensee shall file with the Commissioner and the Nationwide Multistate Licensing System and Registry a report of operations of the licensed business for the immediately preceding calendar year under oath and on a form prescribed by the Commissioner.
(Added to NRS by 2023, 2862)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.260 - Commissioner authorized to take action to participate in Nationwide Multistate Licensing System and Registry; charges for use; regulations; provisions do not replace or affect authority of Commissioner regarding licensing.

1. The Commissioner may, in furtherance of his or her duties with respect to the issuance and renewal of licenses, participate in the Nationwide Multistate Licensing System and Registry. The Commissioner may take any action with respect to participation in the Registry that the Commissioner deems necessary to carry out his or her duties, including, without limitation:
(a) Facilitating and participating in the establishment and implementation of the Registry;
(b) Establishing relationships or contracts with the Registry or other entities designated by the Registry;
(c) Authorizing the Registry to collect and maintain records of applicants for licenses and licensees;
(d) Authorizing the Registry to, on behalf of the Commissioner, collect and process any fees associated with licensure, examinations, fines, assessments and any other similar fees;
(e) Requiring an applicant for a licensee to use the Registry to:
(1) Apply for the issuance or renewal of a license;
(2) Amend or surrender a license;
(3) Submit any reports or the results of any examination that the Commissioner may require;
(4) Pay any applicable fees; and
(5) Engage in any other activity that the Commissioner may require; and
(f) Authorizing the Registry to, on behalf of the Commissioner, collect fingerprints in order to receive or conduct a background check on the criminal history of an applicant for a license or a licensee.
2. An applicant for a license or a licensee shall, in addition to any other fees associated with the license, pay all applicable charges to use the Registry, including, without limitation, any processing charges established by the administrator of the Registry.
3. The Commissioner may adopt any regulations the Commissioner determines to be necessary or appropriate to carry out the provisions of this section. Such regulations may, without limitation, establish additional procedures and requirements for participation in the Registry.
4. The provisions of this section shall not be construed to replace or affect the authority of the Commissioner to grant, deny, suspend, terminate, revoke or refuse to renew a license.
(Added to NRS by 2023, 2860)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.270 - Submission and processing of fingerprints.

1. The Commissioner may require an applicant for a license or a licensee to submit a complete set of fingerprints when the Commissioner determines necessary.
2. The Commissioner may use the services of the Registry to process and to submit the fingerprints to the Federal Bureau of Investigation, to the Central Repository for Nevada Records of Criminal History, to any federal or state law enforcement agency or to any other entity authorized to receive such information for the purpose of conducting a background check of the criminal history of an applicant for a license or a licensee.
(Added to NRS by 2023, 2861)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.280 - Commissioner required to report certain information or material to Nationwide Multistate Licensing System and 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 federal or state law governing the privacy or confidentiality of records, the Commissioner shall report regularly any violations of applicable laws committed by applicants for a license or licensees, enforcement actions and other relevant information to the Registry.
2. The requirements under any federal or state law, including, without limitation, rules of a federal or state court, regarding the privacy and confidentiality of any information or material provided to the Registry and any privilege arising under federal or state law with respect to such information or material, continue to apply to such information or material after it has been disclosed to the Registry. Such information and material may be shared with federal and state regulatory officials with oversight authority over licensees without the loss of privilege or the loss of confidentiality protections provided by federal or state law.
3. The Commissioner may enter into agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the State Regulatory Registry, LLC, or other associations representing governmental agencies.
(Added to NRS by 2023, 2861)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › NRS 670B.290 - Additional materials required to be submitted to Nationwide Multistate Licensing System and Registry.

Except as otherwise provided in NRS 670B.240, in addition to any other requirements set forth by specific statute, each applicant for the issuance of a license, each control person of the applicant and any other person the Commissioner may require in accordance with guidelines of the Registry or other multistate agreements shall submit to the Registry:
1. A complete set of fingerprints for submission to the Federal Bureau of Investigation and any other governmental agency or entity authorized to receive such information for a state, national and international background check on the criminal history of the person;
2. Information concerning the personal history, financial history and experience of the person in a form prescribed by the Registry, including, without limitation, an authorization of the person for the Registry and the Commissioner to obtain:
(a) An independent credit report and credit score from a consumer reporting agency described in section 603(f) of the Fair Credit Reporting Act, 15 U.S.C. § 1681a(f), for the purpose of evaluating the financial responsibility of the person at the time of the submission of the application; and
(b) Additional independent credit reports and credit scores to confirm that the applicant continues to comply with any applicable requirements concerning financial responsibility;
3. Information related to any administrative, civil or criminal findings made by any governmental jurisdiction concerning the person; and
4. Any other information concerning the person that the Registry or Commissioner may require.
(Added to NRS by 2023, 2861)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 with and maintain a valid unique identifier with the Registry.
2. The Commissioner may issue a license through the Registry.
3. To the extent that the Commissioner has delegated to the Registry any of his or her duties with respect to the issuance and renewal of a license as authorized by this chapter, any reference to the Commissioner in this chapter shall be deemed to be a reference to the Registry.
4. As used in this section, "unique identifier" means a number or other identifier assigned by the protocols of the Registry.
(Added to NRS by 2023, 2862)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 servicing in this State for any reason, including, without limitation, a business decision to terminate operations in this State, license revocation, bankruptcy or voluntary dissolution, the licensee shall provide written notice of surrender to the Commissioner and shall surrender to the Commissioner its license for each location in which the licensee has ceased to engage in such business.
2. A written notice of surrender provided pursuant to subsection 1 must identify the location where the records of the licensee will be stored and the name, address and telephone number of a natural person authorized to provide access to the records.
3. The surrender of a license does not reduce or eliminate the licensee’s civil or criminal liability arising from acts or omissions occurring before the surrender of the license, including, without limitation, any administrative actions undertaken by the Commissioner to revoke or suspend a license, assess a civil penalty, order restitution or exercise any other authority provided to the Commissioner.
(Added to NRS by 2023, 2863)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 for a license or the most recent application for renewal of such a license, as applicable, not later than 10 business days after the occurrence of the event that results in such information becoming inaccurate.
(Added to NRS by 2023, 2863)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 shall notify the applicant, in writing, that if the applicant fails to submit such information not later than 60 days after the date on which such a request for information was made, the application shall be deemed abandoned. Any fees paid before the date an application is deemed abandoned pursuant to this section must not be refunded. Abandonment of an application pursuant to this section does not preclude the applicant from submitting a new application for a license pursuant to this chapter.
(Added to NRS by 2023, 2863)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 loan servicer or engage in student loan servicing under any other name or at any other place of business than that identified in the license.
2. The licensee must notify the Commissioner in advance of any change of location of a place of business of the licensee.
3. Only one place of business may be maintained under one license, but the Commissioner may issue more than one license to the same licensee upon the licensee’s application for a license for each place of business.
4. A license is not transferable or assignable.
(Added to NRS by 2023, 2863)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 public accountant and the performance by the certified public accountant of independent audits and examinations; and
2. The assessment levied pursuant to NRS 658.098 to recover the cost of legal services provided by the Attorney General to the Commissioner and to the Division of Financial Institutions.
(Added to NRS by 2023, 2872)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 this chapter has been returned to the Commissioner or otherwise dishonored because the person had insufficient money or credit with the drawee or financial institution to pay the check or other method of payment or because the person stopped payment on the check or other method of payment, the Commissioner shall automatically refuse to issue, suspend or refuse to renew the license, as applicable. The Commissioner must give the licensee reasonable advance notice of this automatic action and an opportunity for a hearing.
(Added to NRS by 2023, 2863)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 2 years following the final payment on the student education loan or the assignment of the student education loan, whichever occurs first, or such longer period as may be required by any other provision of law.
2. Upon the request of the Commissioner, a person required to maintain records pursuant to subsection 1 shall make such records available to the Commissioner, or send the records to the Commissioner, in the manner required by the Commissioner, not later than 5 business days after requested by the Commissioner. Upon the person’s request, the Commissioner may allow additional time to make the records available to the Commissioner or to send the records to the Commissioner.
(Added to NRS by 2023, 2865)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 imposed by any other specific statute, including, without limitation, the provisions of chapter 675 of NRS. The Commissioner shall determine the particular license that a private education lender is required to obtain.
(Added to NRS by 2023, 2871)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 of this chapter; and
2. Retain a loan file, including, without limitation, any record specified for retention by regulations adopted by the Commissioner, for not less than 6 years after the termination of the private education loan account.
(Added to NRS by 2023, 2871)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 allows the private education lender to accelerate, in whole or in part, payments on the private education loan, except in cases of payment default. A private education lender shall not place any loan or account into default or accelerate a loan for any reason, other than for payment default.
2. A private education loan made before January 1, 2024, may permit the private education lender to accelerate payments only if the promissory note or loan agreement explicitly authorizes an acceleration and only for the reasons stated in the note or agreement.
3. In the event of the death or bankruptcy of a cosigner:
(a) The private education lender shall not attempt to collect against the cosigner’s estate or bankruptcy estate, other than for payment default.
(b) Upon receiving notification of the death or bankruptcy of a cosigner, when the private education loan is not more than 60 days delinquent at the time of the notification, the private education lender shall not change any terms or benefits under the promissory note, repayment schedule, repayment terms or monthly payment amount or any other provision associated with the loan.
4. A private education lender shall not place any private education loan or account into default or accelerate a private education loan while a private education loan borrower is seeking a loan modification or enrollment in a flexible repayment plan, except that a private education lender may place a loan or account into default or accelerate a loan for payment default 90 days following the private education loan borrower’s default.
(Added to NRS by 2023, 2868)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 any cosigner from the obligations of the cosigner under a private education loan. The private education lender shall not attempt to collect a payment from a cosigner following a notification of total and permanent disability of the private education loan borrower or cosigner.
2. A private education lender shall notify a private education loan borrower and cosigner for a private education loan if either a private education loan borrower or cosigner is released from the obligations of the private education loan under this section, within 30 days after the release.
3. A private education lender that extends a private education loan shall provide the private education loan borrower an option to designate an individual to have the legal authority to act on behalf of the private education loan borrower with respect to the loan in the event of the total and permanent disability of the private education loan borrower.
4. If a cosigner is released from the obligations of a private education loan pursuant to subsection 1, the private education lender shall not:
(a) Require the private education loan borrower to obtain another cosigner on the private education loan obligation.
(b) Declare a default or accelerate the debt against the private education loan borrower on the sole basis of the release of the cosigner from the private education loan obligation.
5. A private education lender, if notified of the total and permanent disability of a private education loan borrower:
(a) Shall discharge the liability of the private education loan borrower and cosigner on the private education loan; and
(b) Shall not:
(1) Attempt to collect on the outstanding liability of the private education loan borrower or cosigner; or
(2) Monitor the disability status of the private education loan borrower at any point after the date of discharge.
6. As used in this section, "total and permanent disability" means that a person:
(a) Has been determined by the United States Secretary of Veterans Affairs to be unemployable due to a service-connected disability; or
(b) Is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death, has lasted for a continuous period of not less than 12 months or can be expected to last for a continuous period of not less than 12 months.
(Added to NRS by 2023, 2869)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 procedures concerning repayment and flexible repayment options.

1. A private education lender shall, before offering a person a private education loan that is being used to refinance an existing private education loan, provide to the person a disclosure that informs the person that benefits and protections applicable to the existing private education loan may be lost due to the refinancing. The information must be provided on a one-page information sheet in at least 12-point font and must be written in simple, clear, understandable and easily readable language.
2. If a private education lender offers any private education loan borrower flexible repayment options in connection with a private education loan, those flexible repayment options must be made available to all private education loan borrowers of loans by the private education lender. A private education lender shall:
(a) Provide on its Internet website a description of any flexible repayment options offered by the private education lender for private education loans;
(b) Establish and consistently implement policies and procedures that facilitate the evaluation of private education loan flexible repayment option requests, including, without limitation, policies and procedures that provide accurate information regarding any private education loan flexible repayment option that:
(1) May be available to the private education loan borrower through the promissory note; or
(2) May have been marketed to the private education loan borrower through marketing materials;
(c) If the private education lender offers flexible repayment options, consistently present and offer similar options to private education loan borrowers with similar financial circumstances; and
(d) Annually issue a letter to the private education loan borrower and cosigner that sets forth, without limitation:
(1) The total cumulative principal and interest amount of all private education loans owed by the private education loan borrower or cosigner to the private education lender;
(2) The total payoff amount of the loans listed in subparagraph (1); and
(3) Estimated monthly payment amounts if the private education loan borrower or cosigner were to enroll in a flexible repayment plan offered by the private education lender.
(Added to NRS by 2023, 2870)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 or abusive act or practice.
3. Make a private education loan upon the security of any assignment of or order for the payment of any salary, wages, commissions or other compensation for services earned, or to be earned. No assignment or order to secure a private education loan may be taken by a private education lender in connection with a private education loan, or for the enforcement or repayment thereof. Any assignment or order taken or given to secure any loan made by any lender pursuant to NRS 670B.470 to 670B.510, inclusive, is void.
4. Make, advertise, print, display, publish, distribute, electronically transmit, telecast or broadcast in any manner any statement or representation that is false, misleading or deceptive.
(Added to NRS by 2023, 2870)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 student loan servicing or lending, including, without limitation, the Truth in Lending Act, 15 U.S.C. §§ 1601 et seq., and the regulations promulgated thereunder. In addition to any other remedies provided by law, a violation of any such federal law or regulation shall be deemed a violation of this chapter.
(Added to NRS by 2023, 2874)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 this chapter for the purposes set forth in this chapter.
2. Any money that remains in the account created pursuant to subsection 1 at the end of the fiscal year does not revert to the State General Fund, and the balance of the account must be carried forward to the next fiscal year.
3. Any interest or income earned on the money in the account created pursuant to subsection 1 must be credited to the account, after deducting any applicable charges.
4. Any claims against the account must be paid as other claims against the State are paid.
(Added to NRS by 2023, 2857)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 concerning a student loan servicer to the Commissioner for investigation pursuant to NRS 670B.640.
2. The Division of Financial Institutions shall share a complaint submitted pursuant to this section with the Office of the Attorney General in accordance with NRS 226.575.
(Added to NRS by 2023, 2866)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 attorneys, accountants or other professionals and specialists as examiners, auditors or investigators to conduct or assist in the conduct of examinations or investigations;
2. Enter into agreements or relationships with other governmental officials or regulatory associations to improve efficiency and reduce any regulatory burden by sharing resources, standardizing or making uniform any applicable methods or procedures and sharing documents, records, information or evidence obtained pursuant to this chapter;
3. Use, hire, contract or employ publicly or privately available analytical systems, methods or software to examine or investigate a student loan servicer or other person under examination or investigation;
4. Accept and rely on examination or investigation reports made by other governmental officials, within or outside this State; and
5. Accept audit reports made by an independent certified public accountant for a student loan servicer or other person under examination or investigation in the course of that part of the examination covering the same general subject matter as the audit and may incorporate the audit report in any report of examination, report of investigation or other writing of the Commissioner.
(Added to NRS by 2023, 2873)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 or other person under examination or investigation remains in effect, without regard to whether the student loan servicer or other person acts or claims to act under any other licensing or registration law of this State, or claims to act without such authority.
(Added to NRS by 2023, 2874)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 withhold, abstract, remove, mutilate, destroy or secrete any books, records, computer records or other information related to an investigation or examination conducted pursuant to this chapter.
(Added to NRS by 2023, 2874)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 Institutions in connection with an application, complaint, audit, investigation or examination pursuant to this chapter, or in response to a subpoena, are confidential and may be disclosed only to:
1. The Division of Financial Institutions, any authorized employee or representative of the Division of Financial Institutions and any state or federal agency investigating the activities covered under the provisions of this chapter; and
2. Any person if the Commissioner, in his or her discretion, determines that the interests of the public that would be protected by disclosure outweigh the interest of any person in the confidential information not being disclosed.
(Added to NRS by 2023, 2875)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 this chapter if the Commissioner finds that:
1. The applicant, licensee or a control person of the applicant or licensee has violated any provision of this chapter or any regulation adopted pursuant thereto;
2. With regard to a licensee or a control person of the licensee, any fact or condition exists which, if it had existed at the time of the original application for the license, would have resulted in a denial of the application; or
3. The licensee has failed to pay, within 30 days after receiving an itemized statement or other demand for payment from the Commissioner, any assessment, fee or cost required pursuant to this chapter.
(Added to NRS by 2023, 2874)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 2023, 2875)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 this chapter may bring an action on his or her own behalf and on behalf of a similarly situated class of persons against that student loan servicer or private education lender to recover or obtain:
(a) Actual damages, but in no case may the total award be less than $500 per plaintiff, per violation;
(b) An order enjoining the methods, acts or practices;
(c) Restitution of property;
(d) Punitive damages;
(e) Attorney’s fees; and
(f) Any other relief that the court deems proper.
2. In addition to any other remedies provided by this section or otherwise provided by law, whenever it is proven by a preponderance of the evidence that a student loan servicer or private education lender has engaged in conduct that substantially interferes with a student loan borrower’s right to a flexible payment arrangement, right to the forgiveness, cancellation or discharge of a loan or right to any other financial benefit, as established under the terms of a student loan borrower’s promissory note or under the Higher Education Act of 1965, 20 U.S.C. §§ 1071 et seq., and the regulations promulgated thereunder, the court shall award treble actual damages to the plaintiff, but in no case may the total award of damages be less than $1,500 per plaintiff, per violation.
(Added to NRS by 2023, 2874)
2023 Nevada Revised Statutes › Chapter 670B - Student Loan Servicers; Private Education Lenders › 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 provision of this chapter may also be a violation of chapter 598B of NRS, the Nevada Equal Credit Opportunity Law.
2. In addition to any other remedies provided by this section or otherwise provided by law, whenever it is proven by a preponderance of the evidence in a civil action that a person or entity that makes a student education loan, including, without limitation, a private education lender, has filed information required pursuant to this chapter that is false, the court shall award treble damages to the student loan borrower, including, without limitation, a private education loan borrower, but in no case may the total award of damages in the action be less than $1,500.
3. The rights, remedies and penalties provided by this chapter are cumulative and do not abrogate and are in addition to any other rights, remedies and penalties that may exist at law or in equity.
(Added to NRS by 2023, 2875)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › 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 applicable law to be redeemable in cash for its cash value.
(Added to NRS by 2023, 97)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › 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 individuals or executive officers, managers, directors, trustees or other persons exercising managerial authority of a person in control of a licensee; or
(c) The power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee.
2. A person is presumed to exercise control if the person holds the power to vote, directly or indirectly, at least 10 percent of the outstanding voting shares or voting interests of a licensee or person in control of a licensee. This presumption may be rebutted by a showing that the person is a passive investor.
3. In determining the percentage of a person controlled by any other person, the interest of the person must be aggregated with the interest of any other immediate family member. For the purposes of this subsection, "immediate family member" means the spouse, parent, child, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law and sister-in-law of a person and any person who shares the home of the person.
(Added to NRS by 2023, 97)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › 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 Poor’s Rating Services or the equivalent for any other eligible rating service.
2. The term includes:
(a) A long-term credit rating of "A-" or higher by Standard and Poor’s Rating Services or the equivalent from any other eligible rating service.
(b) A short-term credit rating of "A-2" or "SP-2" or higher by Standard and Poor’s Rating Services or the equivalent from any other eligible rating service.
(Added to NRS by 2023, 97)
2023 Nevada Revised Statutes › Chapter 671 - Money Transmission › 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 the laws of any state or of the United States, when the bank, credit union, savings and loan association, savings association, savings bank, industrial bank or industrial loan company has deposits which are federally insured.
(Added to NRS by 2023, 98)