The Jan. 25 hearing will review and receive comments on regulations related to S.B. 276, which include requirements for compliance managers, among other changes.
12/27/2023 12:35 P.M.
2.5 minute read
The Nevada Department of Business and Industry, Financial Institutions Division (FID) will hold a public hearing on Thursday, Jan. 25, 2024, at 1 p.m. PST, regarding the adoption of regulations to implement Senate Bill 276.
On June 16, 2023, Gov. Joe Lombardo signed S.B. 276 into law, which revised Nevada Revised Statutes (NRS) 649 Collection Agencies. The FID is proposing to adopt regulations to the Nevada Administrative Code (NAC). The purpose of the hearing is to receive comments from all interested parties.
As a refresher, debt buyers are now included within the definition of a collection agency under S.B. 276 and will be required to obtain a license as a collection agency as well as comply with existing laws that apply to collection agencies, ACA International previously reported.
Of note in the compliance requirements, Section 14 of the proposed regulations (PDF) states:
“The person who holds a valid compliance manager’s certificate and who is the designated compliance manager of a collection agency must have direct supervisory responsibility for employees who engage in collections in this State and must participate in the actual oversight and compliance of the licensed agency.
The compliance manager must be available in person at the principal place of business of the agency in order to perform his or her required functions and duties.
No person may serve as compliance manager of more than one primary collection agency at the same time. No person may serve as compliance manager of more than one secondary collection agency at the same time. Except as otherwise provided in subsection 2 of section 30 of Senate Bill 276, [At] at the discretion of the Commissioner of Financial Institutions, upon application and his or her written approval first obtained, a compliance manager of a collection agency may serve as compliance manager of one primary collection agency and one secondary collection agency at the same time.”
Details on the Hearing and Submitting Written Comments
The hearing will be held Jan. 25, 2024, at 1 p.m. PST.
You can attend the hearing online through this Webex link:
https://businessnv2.webex.com/businessnv2/j.php?MTID=m7e0d962c7360aeaf7b4ac3bcc08f7f20
Meeting number (access code): 2480 650 0932
Meeting password: SB276AH
To join by telephone, call the toll-free number: (844) 621-3956
To participate in-person, the following physical location is being made available:
Nevada State Business Center
Tahoe Room, 4th Floor
3300 W. Sahara, Avenue
Las Vegas, Nevada 89102
Anyone wishing to submit written comments to the FID may send them to the Financial Institutions Division at [email protected] or at 3300 West Sahara Avenue, Suite 250, Las Vegas, Nevada, 89102. Written submissions must be received on or before Jan. 17, 2024.
For more state updates, members are invited to register and join the weekly ACA Huddle at 11 a.m. CDT on Wednesdays.
For more information on how the ACA licensing staff can assist with your licensing application completion needs, please contact us at [email protected] or call (952) 926-6547.
Related Content from ACA International:
Stakeholders Seek Clarity on Nevada Debt Collection Regulations
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