NRS 604C.640 – Annual report by licensee; composite reports. [Effective until the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030.] Annual report by licensee; composite reports; Commissioner may require additional reports. [Effective on the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030.]
1. On or before January 31 of each year, a licensee shall submit a report to the Commissioner containing: (a) The number of consumer litigation funding transactions in which the company engaged in this State for the immediately preceding year; (b) A summation of the total funded amount of the consumer litigation funding transactions in […]
NRS 604C.800 – Remedies for certain willful violations.
1. Except as otherwise provided in this section, if a licensee willfully: (a) Enters into a consumer litigation funding contract for an amount of interest or any other charge or fee that violates the provisions of this chapter or any regulation adopted pursuant thereto; (b) Demands, collects or receives an amount of interest or any […]
NRS 604C.810 – Commissioner to enforce chapter; penalties.
1. The Commissioner may enforce this chapter and regulations adopted pursuant thereto by taking one or more of the following actions: (a) Ordering a licensee or a director, employee or other agent of a licensee to cease and desist from any violations; (b) Ordering a licensee or a director, employee or other agent of a […]
NRS 604C.820 – Person may file complaint alleging violation; requirements; duties of Commissioner when complaint is filed.
1. A consumer, an attorney for a consumer or any other person who believes that any provision of this chapter has been violated may file a complaint with the Commissioner. Such a complaint must include: (a) The full name and address of the person filing the complaint; (b) A clear and concise statement of facts […]
NRS 604C.830 – Suspension or revocation of license by Commissioner.
1. The Commissioner may suspend or revoke a license if: (a) The licensee has failed to pay the annual license fee; (b) The licensee, either knowingly or without any exercise of due care to prevent it, has violated any provision of this chapter or any lawful regulation adopted pursuant thereto; (c) The licensee has failed […]
NRS 604C.840 – Administrative fines.
1. The Commissioner may impose an administrative fine of not more than $50,000 upon a person who, without a license, conducts any business or activity for which a license is required pursuant to the provisions of this chapter. 2. The Commissioner shall afford to any person fined pursuant to subsection 1 reasonable notice and an […]
NRS 604C.850 – Contract void if deceptive and abusive violation.
1. If a court of competent jurisdiction determines that a consumer litigation funding company has willfully committed a deceptive and abusive violation of this chapter with regard to a specific consumer litigation funding transaction, the contract shall be void. 2. Nothing in this chapter shall be construed to restrict the exercise of powers or the […]
NRS 604C.600 – Required books and records.
1. Each licensee shall keep and use in his or her business such books and accounting records as are in accord with sound and accepted accounting practices. 2. Each licensee shall maintain a separate record or ledger card for the account of each borrower and shall set forth separately the amount of cash advance and […]
NRS 604C.610 – Annual examinations by Commissioner; fees for examination.
1. At least once each year, the Commissioner or his or her authorized representative shall make an examination of the place of business of each licensee and of the transactions, books, papers and records of each licensee that pertain to the business licensed under this chapter. 2. For each examination conducted pursuant to subsection 1, […]
NRS 604C.620 – Independent audit and examination: Payment of assessment; cooperation.
Each licensee shall pay the assessment levied pursuant to NRS 658.055 and cooperate fully with the audits and examinations performed pursuant thereto. (Added to NRS by 2019, 2412)