Nevada Revised Statutes 675.055 – Exemption from provisions governing making of loans: Application to Commissioner; grounds; powers and duties of Commissioner; regulations; fees set by regulation
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.
Terms Used In Nevada Revised Statutes 675.055
- Commissioner: means the Commissioner of Financial Institutions. See Nevada Revised Statutes 675.020
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
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.