Skip to main content
Menu Icon Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

Filter

Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.

  • Nevada Supreme Court affirms ruling in default notice suit

    Courts

    On April 7, the Nevada Supreme Court denied a petition for rehearing and reaffirmed its prior conclusion that, under Nevada law, when a notice of rescission is recorded after a notice of default, the rescission cancels the acceleration triggered by the notice of default, and resets a statutory 10-year period for automatically clearing a lien on real property. NRS § 106.240 “provides a means by which liens on real property are automatically cleared from the public records after a certain period of time,” and specifically “provides that 10 years after the debt secured by the lien has become ‘wholly due’ and has remained unpaid, ‘it shall be conclusively presumed that the debt has been regularly satisfied and the lien discharged.’” The specific question before the Nevada Supreme Court was what effect a notice of rescission has on NRS § 106.240’s 10-year period when the notice is recorded after a notice of default. The Nevada Supreme Court upheld the lower court’s decision determining that “because a notice of rescission rescinds a previously recorded notice of default, the notice of rescission ‘effectively cancelled the acceleration’ triggered by the notice of default, such that NRS 106.240’s 10-year period was reset.”

    Courts State Issues Nevada Mortgages Consumer Finance

    Share page with AddThis
  • Nevada passes licensing provision act

    On June 3, the Nevada governor signed into law SB 453, a bill that revises provisions relating to certain persons licensed or certified by the Division of Financial Institutions of the Department of Business and Industry or the Commissioner of Financial Institutions (DFI). The amendments allow DFI to accept licensing applications through the Nationwide Multistate Licensing System & Registry (NMLS) for the following license types: (i) money transmitters; (ii) installment loans; (iii) uniform-debt-management; (iv) deferred deposit, high-interest, title loans, and check-cashing; (v) consumer litigation funding; (vi) private professional guardians; (vii) exchange facilitators; and (viii) collection agencies. Among other things, SB 453 authorizes the NMLS to accept license applications, fees, and renewals, conduct criminal background checks, and accept credit reports on behalf of DFI. SB 453 became effective upon passage and approval.

    Licensing State Legislation Nevada

    Share page with AddThis
  • Nevada issues final extension to its work from home guidance

    State Issues

    On May 13, the Nevada Department of Business of Industry, Division of Financial Institutions (“NFID”) extended its provisional guidance allowing employees of licensees to work from home (previously covered hereherehere, and here) until July 31, 2021. The NFID stated that they will not extend the work from home provisional guidance, and that licensees should plan accordingly.

    State Issues Covid-19 Nevada Licensing

    Share page with AddThis
  • Nevada issues final extension for eviction moratorium

    State Issues

    On April 1, Nevada Governor Steve Sisolak issued Declaration of Emergency Directive 043, relating to the implementation of Senate Bill 1 (previously covered here). The directive provides that certain residential unlawful detainer or summary eviction actions against covered persons are stayed through May 31, 2021. Emergency Directives 008, 025, 031, and 036 (covered herehere, here, and here) had previously prohibited such evictions through March 31.  In the accompanying press release, Governor Sisolak stated that the moratorium will not be extended again.

    State Issues Covid-19 Nevada Mortgages Evictions

    Share page with AddThis
  • Nevada Dept. of Business and Industry extends work from home guidance

    State Issues

    On March 15, 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 herehere, and here) until June 30, 2021.

    State Issues Covid-19 Nevada Mortgages Mortgage Licensing Licensing Mortgage Origination

    Share page with AddThis
  • Nevada governor issues an emergency directive regarding evictions

    State Issues

    On December 14, the governor of Nevada issued Declaration of Emergency Directive 036, relating to the implementation of Senate Bill 1 (previously covered here). The directive provides that, effective December 15 through March 31, 2021, certain residential unlawful detainer or summary eviction actions against covered persons are stayed. Emergency Directives 008, 025, and 031 (covered herehere, and here) had previously prohibited such evictions through October 14.

    State Issues Covid-19 Nevada Mortgages Evictions

    Share page with AddThis
  • Nevada Dept. of Business and Industry extends work from home guidance

    State Issues

    On August 21, 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 and here) until December 31, 2020.

    State Issues Covid-19 Nevada Licensing Mortgage Origination Mortgages

    Share page with AddThis
  • Nevada governor issues directive regarding evictions

    State Issues

    On August 31, the Nevada governor issued Declaration of Emergency Directive 031, relating to the implementation of Senate Bill 1, previously covered here. The directive provides that, effective immediately through October 14, 2020, the initiation of a nonpayment of rent summary eviction action through service of a pay or quit notice pursuant to Section 40.253 of the Nevada Revised Statutes is prohibited. Emergency Directives 008 and 025 (covered here and here) had previously prohibited such evictions through August 31.

    State Issues Covid-19 Nevada Evictions Mortgages

    Share page with AddThis
  • Nevada enacts bill limiting civil liability of businesses with respect to Covid-19 transmission claims

    State Issues

    On August 11, the Nevada governor signed SB 4, which, among other things, limits the civil liability of a business with respect to claims related to Covid-19 transmission on premises owned or operated by the business, or during an activity conducted or managed by the business, if the business was in substantial compliance with controlling health standards. The bill also empowers the secretary of state to suspend the state business license of a licensee that fails to comply with controlling health standards related to Covid-19.

    State Issues Covid-19 Nevada Licensing

    Share page with AddThis
  • Nevada governor signs bill allowing for alternative dispute resolutions for certain rental eviction cases

    State Issues

    On August 7, the Nevada governor signed Senate Bill 1, which allows alternative dispute resolutions for rental eviction cases. The bill authorized Nevada’s Supreme Court, justice courts, and district courts to establish rules for an expedited program of alternative dispute resolution for evictions for housing programs operated by a public housing agency. An eviction proceeding subject to the bill may be stayed for no more than 30 days to facilitate the alternative dispute resolution program.

    State Issues Covid-19 Nevada Mortgages Evictions

    Share page with AddThis

Pages