Nev. Admin. Code § 675.Sec. 34 - NEW

1. Except as otherwise provided in subsection 2, a private education lender shall not secure, make or extend a private education loan to a private education loan borrower in this State unless the private education lender has obtained a license from the Commissioner pursuant this chapter and chapter 675 of NRS.

2. A private education lender is exempt from the requirement set forth in subsection 1 if the private education lender:

(a) Does not originate or fund any private education loan in this State;

(b) Limits its activities in this State relating to private education loans to purchasing and holding full ownership rights in private education loans;

(c) Contracts with a student loan servicer licensed in this State to perform the servicing of private education loans held by the private education lender; and

(d) Obtains approval of the exemption from the Commissioner pursuant to subsection 3.

3. A private education lender claiming an exemption pursuant to subsection 2 must:

(a) Submit to the Commissioner a written request for the exemption; and

(b) Provide to the Commissioner any information and documentation that the Commissioner deems necessary to determine whether the private education lender qualifies for the exemption.

4. The Commissioner may require a private education lender who is exempt from the requirement set forth in subsection 1 to comply with any reporting requirement set forth in chapter 670B of NRS or chapter 670B of NAC, as deemed appropriate by the Commissioner.

Notes

Nev. Admin. Code § 675.Sec. 34

Added by R120-23A, eff. 11/15/2024

NRS 670B.450, 670B.600