In a development that was first reported by ACA International, the Nevada Financial Institutions Divisions is seeking feedback on the impact of forthcoming regulations related to a new licensing law that was enacted in the state.
A copy of the questionnaire can be accessed by clicking here. Responses are due back to the NFID by September 2. The law is set to go into effect on October 1. The feedback is being requested specifically from collection operations with fewer than 150 employees.
The law, SB 276, adds the term “debt buyer” into the definition of collection agency, thereby requiring debt buyers to obtain licenses to operate in Nevada. The bill does allow for debt buyers and an affiliate of a debt buyer to share a license. The bill also allows collection agents to work from remote locations, but sets some restrictions on how that can be achieved and under what conditions it is allowed. Branch offices will no longer have to obtain a permit to operate — they can just notify the state of the branch office location. The bill also revises the term “manager” to “compliance manager.”
The questionnaire asks respondents whether the proposed regulatory language will have an adverse or beneficial economic effect on their businesses, whether there will be any indirect adverse or beneficial impacts on their businesses, and asks for a list of suggestions pertaining to the proposed regulatory changes.
After receiving and reviewing the responses, the NFID said it would also hold a workshop “in the near future” to continue the rulemaking process.
ACA International has done a comprehensive job chronicling the progression of this legislation in Nevada.
