Nevada Administrative Code Chapter 670B
Here’s a refined overview of Nevada Administrative Code (NAC) Chapter 670B, primarily focused on regulations for student loan servicers:
📘 What NAC Chapter 670B Covers
NAC 670B establishes administrative rules that implement and expand upon Nevada Revised Statutes (NRS) Chapter 670B, governing student loan servicers and private education lenders in Nevada. Key regulations were introduced by Regulation R120‑23A, which became effective November 15, 2024 (law.cornell.edu).
🔑 Major Sections & Requirements
1. Licensing Standards (§ 3–5)
Covers licensing eligibility, including maintaining a U.S.-based commercial office (not residential) and bonding requirements .
Out-of-state service providers must facilitate on-site document access or reimburse examiners for travel .
2. Fee Assessments (§ 9)
Annual assessments not exceeding $300, used for audits and examinations.
Payment due within 30 days of invoicing, with penalties payable after the deadline; failure to pay may result in license revocation (law.cornell.edu).
3. Reporting and Disclosures (§ 21–23)
Licensees must display their NMLS-assigned unique identifier on their website (regulations.justia.com).
Clear notification on the right to file complaints with the Commissioner must also be provided on the licensee’s website (law.cornell.edu).
Annual submission of data requested by the Commissioner to monitor the student servicing market (fid.nv.gov).
📋 Additional Borrower Protections
Under sections 12–20 of the regulation (via R120‑23), servicers must:
Obtain borrower consent before sending electronic communications.
Provide monthly statements and annual interest reports for tax purposes.
Properly apply payments (benefiting borrower).
Offer payoff statements within 5 business days, free of charge.
Retain records for at least 2 years post-loan resolution (regulations.justia.com, law.cornell.edu, fid.nv.gov).
🚨 Enforcement & Noncompliance (§ 25)
The Commissioner may suspend or revoke a license if the servicer refuses an examination or fails to pay fees or assessments (fid.nv.gov).
🧩 Relationship to NRS Chapter 670B
NAC 670B operationalizes key NRS provisions, such as:
Licensing and oversight authority,
Annual assessments (per NRS 670B.350),
Market monitoring powers (NRS 670B.620),
Enforcement and penalties (NRS 670B.690
NAC Chapter 670B ensures student loan servicers in Nevada are properly licensed, transparent, accountable, and audited, while providing protections and disclosure rights for borrowers. Major updates became effective November 15, 2024.
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