Bill > SB44

This bill revises provisions relating to financial services, focusing on two main areas: safeguarding customer information and establishing standards for mortgage servicers. The bill requires numerous financial service providers, including mortgage companies, loan originators, escrow agents, and collection agencies, to comply with federal information security regulations from the Federal Trade Commission (16 C.F.R. Part 314). Specifically, these providers must develop and maintain a comprehensive information security program and notify the Commissioner of Financial Institutions of any "notification events" involving customer information. For larger mortgage servicers (those servicing 2,000 or more residential mortgage loans across multiple states), the bill introduces additional requirements including maintaining specific asset liquidity levels, establishing a board of directors, conducting annual external audits, and implementing a robust risk management program. The bill grants the Commissioner of Mortgage Lending authority to investigate compliance, impose additional conditions on mortgage servicers if risks are deemed high, and even temporarily waive requirements during extraordinary economic or societal events. These new provisions aim to enhance consumer protection, improve financial institution transparency, and ensure the stability of mortgage servicing operations in Nevada, with most provisions set to take effect on January 1, 2026.

Business and Industry

Commerce and Labor (Senate)

https://www.leg.state.nv.us/App/NELIS/REL/83rd2025/Bill/11821/Overview