As used in NRS 226.500 to 226.590, inclusive, unless the context otherwise requires, the words and terms defined in NRS 226.510 to 226.550, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2019, 2505)
“Student education loan” means any loan primarily for personal use to finance education or other school-related expenses. (Added to NRS by 2019, 2505)
“Student loan borrower” means: 1. Any resident of this State who receives or agrees to pay a student education loan; and 2. Any person who shares responsibility with such a resident for repaying the student education loan. (Added to NRS by 2019, 2505)
“Student Loan Ombudsman” means the Student Loan Ombudsman designated by the State Treasurer pursuant to NRS 226.560. (Added to NRS by 2019, 2505)
“Student loan servicer” means any person, wherever located, responsible for the servicing of any student education loan to any student loan borrower. (Added to NRS by 2019, 2505)
“Student loan servicing” or “servicing” means: 1. Receiving any scheduled periodic payments from a student loan borrower pursuant to the terms of a student education loan or any notification that a student loan borrower made such a scheduled periodic payment and applying the payments to the account of a student loan borrower, as may be […]
The State Treasurer shall designate a Student Loan Ombudsman within the Office of the State Treasurer to: 1. Provide timely assistance to any student loan borrower of any student education loan; and 2. Carry out the duties as set forth in NRS 226.500 to 226.580, inclusive. (Added to NRS by 2019, 2505)
The Student Loan Ombudsman shall: 1. Receive, review and attempt to resolve any complaint from a student loan borrower, including, without limitation, attempting to resolve such a complaint in collaboration with an institution of higher education, a student loan servicer and any other person who participates in providing a student education loan. 2. Compile and […]
The Student Loan Ombudsman shall establish and maintain an education course for student loan borrowers which provides educational presentations and materials regarding student education loans. The educational course must include, without limitation, information concerning important loan terms, documentation requirements, monthly payment obligations, income-based repayment options, loan forgiveness and disclosure requirements. (Added to NRS by 2019, […]
On or before February 1 of each odd-numbered year, the State Treasurer shall submit to the Director of the Legislative Counsel Bureau for transmittal to the next regular session of the Legislature a written report concerning: 1. The implementation of NRS 226.500 to 226.590, inclusive; and 2. The overall effectiveness of the Student Loan Ombudsman. […]
