Nev. Rev. Stat. ch. 670B – Student Loan Servicers; Private Education Lenders | Midpage

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Nevada Revised Statutes

Chapter 670B

Nev. Rev. Stat. ch. 670B

Student Loan Servicers; Private Education Lenders

670B.010Definitions 670B.020“Control person” defined 670B.030“Cosigner” defined 670B.040“License” defined 670B.050“Licensee” defined 670B.060“Nationwide Multistate Licensing System and Registry” or “Registry” defined 670B.070“Private education lender” defined 670B.080“Private education loan” defined 670B.090“Private education loan borrower” defined 670B.100“Student education loan” defined 670B.110“Student loan borrower” defined 670B.120“Student loan servicer” defined 670B.130“Student loan servicing” or “servicing” defined 670B.200License required; exceptions 670B.210Application for license: Submission; financial statement; supporting information; fees; surety bond 670B.220Statement concerning obligation for child support required for issuance or renewal of license; suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license 670B.230Investigation of applicant; issuance of license 670B.240Person 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 670B.250Expiration and renewal of license; filing of annual report 670B.260Commissioner 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 670B.270Submission and processing of fingerprints 670B.280Commissioner 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 670B.290Additional materials required to be submitted to Nationwide Multistate Licensing System and Registry 670B.300Licensee 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 670B.310Surrender of license: Required upon cessation of student loan servicing; notice to Commissioner; liability for acts or omissions occurring before surrender of license 670B.320Change in information provided in application for issuance or renewal of license: Notice to Commissioner required 670B.330Abandonment of application for license 670B.340Prohibition 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 670B.350Payment of assessments 670B.360Automatic suspension or refusal to issue or renew license upon dishonored payment; notice and opportunity for hearing 670B.370Fees paid are nonrefundable 670B.380Duties 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 repayment program 670B.390Maintenance and availability of records concerning student education loans 670B.400Prohibited acts 670B.450Private education lender not exempt from other licensing requirements; duty of Commissioner to determine particular license required 670B.460Maintenance and accessibility of records; retention of loan file 670B.470Private 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 670B.480Restrictions on acceleration of payments on private education loan and placement of loan or account into default; prohibited acts upon death or bankruptcy of cosigner 670B.490Duties and prohibited acts in event of total and permanent disability of private education loan borrower or cosigner 670B.500Required 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 670B.510Prohibited acts 670B.550Compliance with applicable federal laws and regulations required; violation of such federal law or regulation deemed violation of chapter 670B.560Compliance with certain federal regulations; maintenance of information security program; notification of Commissioner of notification events 670B.600Regulations 670B.610Administration, accounting and use of money received by Commissioner; nonreversion; interest and income; claims 670B.620Authorized 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 670B.630Complaints: Submission to Commissioner for investigation; Division of Financial Institutions required to share with Office of the Attorney General 670B.640Investigations and examinations: Conduct; frequency; fees 670B.650Powers of Commissioner related to conducting examinations and investigations, sharing resources, documents, records, information and evidence and standardizing methods and procedures 670B.660Authority of Commissioner unaffected by student loan servicer or other person under examination or investigation acting or claiming to act under authority of other laws 670B.670Knowingly withholding, abstracting, removing, mutilating, destroying or secreting information related to investigation or examination prohibited 670B.680Confidentiality and disclosure of certain books, records and information obtained by Division of Financial Institutions 670B.690Denial, suspension, revocation or refusal to renew license: Authority of Commissioner; grounds 670B.700Action to restrain or prevent violation or continuance of violation of chapter 670B.710Civil action against student loan servicer or private education lender for violation of chapter; relief; treble damages 670B.720Violation 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