Section 670B.Sec. 5 - NEW1. In accordance with subsection 5 of NRS 670B.210, an applicant for a license to act as a student loan servicer in this State shall file with the Commissioner, concurrently with the application, a surety bond in the amount determined pursuant to subsection 3, which is payable to the Division of Financial Institutions. Thereafter, each licensee shall maintain the surety bond so that the surety bond is in the amount determined pursuant to subsection 3.2. The surety bond required by subsection 1 must be in the form prescribed by the Commissioner and made and executed by the principal and a surety company authorized to do business in this State. The bond must be conditioned: (a) That the principal, who must be the applicant, must, upon demand in writing, pay any lender from whom any loan for collection is received the proceeds of the collection, in accordance with the terms of the agreement made between the principal and the lender; and(b) That the principal must comply with all applicable requirements of this section and any other provision of law or regulation with respect to the duties, obligations and liabilities of a licensee.3. The amount of the surety bond required by subsection 1 must be determined based on the dollar amount of servicing activities conducted by the applicant or licensee, as applicable, in this State in the immediately preceding calendar year, as follows: Dollar Amount of Loans Serviced | Bond Amount |
$0.00-50,000,000.00 | $50,000.00 |
$50,000,000.01-100,000,000.00 | $75,000.00 |
$100,000,000.01-250,000,000.00 | $100,000.00 |
$250,000,000.01 or more | $250,000.00 |
Nev. Admin. Code § 670B.Sec. 5
Added by R120-23A, eff. 11/15/2024