Nevada Administrative Code
Chapter 670B
Section 670B.Sec. 5 - NEW
Current through December 12, 2024
1. 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:
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 |
Added by R120-23A, eff. 11/15/2024
NRS 670B.210, 670B.600
