NRS 675.055 Exemption from provisions governing making of loans: Application to Commissioner; grounds; powers and duties of Commissioner; regulations; fees set by regulation.

222 words·~1 min read·/nv/chapter-675-installment-loans/675-055

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1. A person may apply to the Commissioner for an exemption from the provisions of this chapter governing the making of a loan of money.

2. The Commissioner may grant the exemption if he or she finds that:

(a)The making of the loan would not be detrimental to the financial condition of the lender, borrower or person who is providing the money for the loan;

(b)The lender, borrower or person who is providing the money for the loan has established a record of sound performance, efficient management, financial responsibility and integrity;

(c)The making of the loan is likely to increase the availability of capital for a sector of the state economy; and

(d)The making of the loan is not detrimental to the public interest.

3. The Commissioner:

(a)May revoke an exemption unless the loan for which the exemption was granted has been made;

(b)Shall issue a written statement setting forth the reasons for his or her decision to grant, deny or revoke an exemption; and

(c)Shall adopt regulations which provide the application forms to be used to apply for an exemption and the fees to be paid along with the application.

LICENSING