Section 675.Sec. 34 - NEW1. 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.Nev. Admin. Code § 675.Sec. 34
Added by R120-23A, eff. 11/15/2024