NRS 676A.350 Issuance of certificate of registration; temporary certificate of registration; grounds for denial of registration.

370 words·~2 min read·/nv/chapter-676a-uniform-debt-management-services-act/676a-350·

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1. Except as otherwise provided in subsections 3 and 4, the Commissioner shall issue a certificate of registration as a provider to a person that complies with NRS 676A.310 and 676A.320 .

2. If an applicant has otherwise complied with NRS 676A.310 and 676A.320 and has made a timely effort to submit a complete set of fingerprints of each applicable person specified in NRS 676A.440 , but the fingerprints have not been received, the Commissioner may issue a temporary certificate of registration. The temporary certificate expires not later than 180 days after issuance.

3. The Commissioner may deny registration if:

(a)The application contains information that is materially erroneous or incomplete;

(b)An officer, director or owner of the applicant has been convicted of a crime, or suffered a civil judgment, involving dishonesty or the violation of state or federal securities laws;

(c)The applicant or any of its officers, directors or owners have defaulted in the payment of money collected for others; or

(d)The Commissioner finds that the financial responsibility, experience, character or general fitness of the applicant or its owners, directors, employees or agents does not warrant belief that the business will be operated in compliance with this chapter.

4. The Commissioner shall deny registration if, with respect to an applicant that is organized as a nonprofit entity or has obtained tax-exempt status under the Internal Revenue Code, 26 U.S.C. § 501, the applicant’s board of directors is not independent of the applicant’s employees and agents.

5. Subject to adjustment of the dollar amount pursuant to subsection 6 of NRS 676A.730 , a board of directors is not independent for purposes of subsection 4 if more than one-fourth of its members:

(a)Are affiliates of the applicant, as defined in subsection 1 of NRS 676A.030 or paragraph (a), (b), (d), (e),

(f)or

(g)of subsection 2 of NRS 676A.030 ; or

(b)After the date 10 years before first becoming a director of the applicant, were employed by or directors of a person that received from the applicant more than $25,000 in either the current year or the preceding year.