Nevada Regulator Issues Reminder to File Report on Residential Debt Collection

The report is required for licensed agencies working with unit- owners’ associations, such as a condominium development, and must be filed by Jan. 31.

01/07/2022 2:00 P.M.

1.5 minute read

The Nevada Financial Institutions Division is reminding licensed collection agencies that collect residential debt for unit-owners’ associations of common-interest communities to file their report required by Senate Bill 186 by Jan. 31.

Senate Bill 186 was passed in June 2021 to require “certain unit-owners’ associations of common-interest communities to establish and maintain an Internet website or electronic portal through which a unit’s owner may access certain information and pay assessments electronically; revising requirements concerning the provision of notice by an association; prohibiting certain persons from purchasing a unit in a common-interest community at a foreclosure sale; requiring a collection agency to file certain annual reports regarding debts collected for an association; prohibiting a collection agency from collecting certain debts owed to certain persons related to or affiliated with an owner of the collection agency.”

Section two of this law requires each licensed collection agency to file with the NFID an annual written report that includes certain information relating to cases in which the collection agency collected debts for a unit-owners’ association during the immediately preceding year.

A common-interest community typically includes condominiums, retirement communities, vacation timeshares and other housing developments with individually-owned units.

A unit-owners’ association administers the property.

The written report from licensed collection agencies must include:

  • The number of cases in which the collection agency collected a debt for a unit-owners’ association during the immediately preceding year.
  • The name of each unit-owners’ association for which the collection agency collected a debt during the immediately preceding year and the amount of money collected for each such unit-owners’ association.
  • The total amount of money collected by the collection agency for unit-owners’ associations during the immediately preceding year.
  • The ZIP code of each debtor from whom the collection agency collected a debt for a unit-owners’ association during the immediately preceding year.
  • A statement, signed by the manager of the collection agency, affirming that the collection agency did not collect a debt against any person during the immediately preceding year.

Reports should be submitted to [email protected] with a subject line of SB186 and the licensee’s name.

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