“Student loan servicing” or “servicing” means:

1. 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. 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. 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)