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On June 25, the Nevada governor issued Emergency Directive 025 to assist landlords and tenants in Nevada that have been directly or indirectly impacted by the economic environment caused by Covid-19. The directive, among other things: (i) strongly encourages the use of form Lease Addendum/Promissory Note for Rental Arrearages Due to COVID-19, to cure rental payment defaults of the original lease agreement, whether written or oral; (ii) strongly encourages landlords and tenants to enter into a voluntary repayment agreement for defaults in rental payments related to COVID-19; (iii) orders landlords to cease any eviction proceeds in a repayment agreement is entered into; (iv) authorizes limited residential summary eviction actions as outlined in the directive; (v) clarifies that the prohibition on charging late payment fees or penalties for nonpayment under the terms of a lease or rental agreement will terminate on August 31, 2020, but cannot be applied retroactively to late rental payments due between March 30 and August 31; and (vi) authorizes unlawful detainer actions for other than commercial tenancies as set forth in the directive. The Executive Department also issued General FAQs, Residential Landlord FAQs, Residential Tenant FAQs, and Commercial FAQs for the Directive.
On June 4, the Nevada Department of Business and Industry, Financial Institutions Division advised collection agency licensees that they may operate their business while following all remaining emergency directives issued by the governor, state agencies, justice court orders, and all applicable state and federal laws. The issuance follows guidance issued on March 20, which deemed a collection agency a non-essential business under the Nevada governor’s orders to close non-essential business (previously discussed here).
On May 18, the Nevada Department of Business of Industry, Division of Mortgage Lending extended its provisional guidance allowing licensed mortgage loan originators to work from home (previously covered here) until August 31, 2020.
On April 30, Nevada Governor Steve Sisolak issued an executive order temporarily staying garnishment on all funds. The order also applies to property garnishment and executions on funds, and specifically protects against garnishment of stimulus paychecks. The order is valid for the duration of the state of emergency declared on March 12.
On April 9, the Nevada Financial Institutions Division announced a program to grant temporary exemptions to certain licensing requirements under Chapter 675 of the Nevada Installment Loan and Finance Act for approved Small Business Administration 7(a) lenders interested in participating in the Paycheck Protection for businesses impacted by Covid-19. The announcement included the exemption request form that must be submitted to the division by interested lenders.
On April 9, the Nevada Financial Institutions Division (FID) issued a letter temporarily exempting from licensure under the Nevada Installment Loan and Finance Act currently approved Small Business Administration (SBA) 7(a) lenders under the Paycheck Protection Program (PPP). In order to take advantage of this relief, lenders that participate in the PPP must submit the exemption request form, which is found in the letter, for FID’s review and approval.
Please see Buckley’s dedicated SBA page, which includes additional SBA resources.
On April 8, the Nevada governor issued Emergency Directive 013 requiring essential businesses to implement measures to ensure social distancing. Among other guidance, the directive provides that open house showings, and in-person showings of single family and multi-family residences currently occupied by renters of real estate on the market for sale, are hereby prohibited but use of existing three dimensional interactive property scans, virtual tours, and virtual staging to showcase a property are still permitted.
On March 31, Nevada updated its state of emergency directive extending state-issued licenses and permits that were set to expire during the state of emergency period. The directive will remain in effect until the state of emergency is terminated or renewed.
On March 29, the governor of Nevada issued an emergency directive suspending evictions and foreclosures based on mortgagee or tenant default on both residential and commercial real estate. The suspension took effect on March 29, and lasts until Nevada terminates its Covid-19-related state of emergency. The declaration contains exceptions for cases of criminal activity and property damage, among other things.
On March 27, the Nevada Department of Business and Industry, Division of Mortgage Lending issued guidance to state-regulated mortgage servicers and mortgage companies encouraging them to assist borrowers adversely impacted by the Covid-19 pandemic. The division requested these entities provide 60 days mortgage payment forbearance, waive late payment and transactional fees for 60 days, ensure security of consumer data, and refrain from foreclosures for 60 days, among other things.
- Daniel R. Alonso to discuss "When can trial lawyers take their case to the public? The Harvey Weinstein case and beyond" at a New York City Bar Association webcast
- Jonice Gray Tucker to discuss "Fair servicing in wake of Covid-19" at an American Bar Association webinar
- APPROVED Webcast: Maximizing vendor value
- Daniel P. Stipano to discuss "Cram for the exam: Best prep strategies for a regulatory examination" at an ACAMS webinar
- Melissa Klimkiewicz to discuss "Flood insurance basics" at the NAFCU Virtual Regulatory Compliance School
- Sasha Leonhardt to discuss "Privacy laws clarified" at the National Settlement Services Summit (NS3)