Nev. Rev. Stat. § 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:
1. (a) Issue a license to a person determined to be exempt pursuant to this section; and
2. (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:
1. (a) Is exempt from the requirements of NRS 670B.220, 670B.230 and 670B.270; and
2. (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)