Skip to main content
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 regulator asks mortgage servicers to assist troubled borrowers

    State Issues

    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.  

    State Issues Covid-19 Nevada Mortgages

  • Nevada deems collection agencies “non-essential businesses”

    State Issues

    On March 20, the Nevada Financial Institutions Division issued guidance deeming a collection agency a non-essential business under the Nevada Governor’s orders to close non-essential business. The guidance mentioned in particular that courts in Las Vegas have suspended issuing defaults on civil actions, suspended issuing orders for the examination of a judgment debtor, and suspended the issuance of any writ of execution. Collection agencies licensed or certified in Nevada must cease collection efforts until April 16.

    State Issues Covid-19 Nevada Data Collection / Aggregation

  • Nevada orders all non-essential businesses to close; certain court activity suspended

    State Issues

    On March 18, the Nevada Department of Business and Industry, Financial Institutions Division, ordered all non-essential businesses to close for 30 days as a proactive measure to fight the spread of Covid-19. Effective March 17, the Las Vegas Justice Court suspended issuing Defaults on all civil actions, suspended issuing orders for the examination of a judgment debtor, and suspended the issuance of any Writ of Execution. Any property garnished or attached after March 17, 2020, must be released back to the judgment debtor. The statement also states that a collection agency is deemed a non-essential business at this time. Accordingly, the Nevada Financial Institutions Division recommends to all collection agencies holding a license or registration under Nevada Revised Statutes Chapter 649 to close for 30 days, unless otherwise modified or withdrawn by the Nevada governor.

    State Issues Courts Covid-19 Debt Collection Nevada

  • Nevada Dept. of Business and Industry issues work from home guidance

    State Issues

    On March 13, the Nevada Department of Business and Industry, Division of Mortgage Lending, issued guidance to temporarily allow licensed mortgage loan originators to work from home, including persons associated with principal office locations, branch office locations, and other licensed locations located in other states.

    State Issues Mortgages Licensing Covid-19 Nevada

  • Nevada regulator requests institutions to work with customers affected by Covid-19

    State Issues

    On March 17, the Nevada Financial Institutions Division issued a letter requesting every licensee to develop a plan to outline efforts to “manage the current environment.” Efforts may include, among other things: waiving fees such as late fees, lowering interest rates, halting collection or repossession efforts, and offering payment accommodations such as forbearances to avoid delinquencies, repossessions, and negative credit reporting.

    State Issues Covid-19 Nevada Licensing Consumer Finance

Pages

Upcoming Events