How Much Does a Loan Lender or Servicer Bond Cost in Nevada?
Private Education Lenders and Student Loan Servicer Bond
Loan Services Bond
$50,000 Bond
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What Does a Loan Lender or Servicer Bond Protect Against?
The surety bonds helps ensure a Private Education Lender or Servicer adheres to the specified standards, including:
- Complying with notice and cosigner release requirements as they relate to borrowers and cosigners;
- Refraining from including provisions in loans made which allow the private education lender to accelerate payments (except in cases of a loan default)
- Refraining from accelerating payments on loans made unless the loan explicitly authorizes an acceleration and only for the reasons stated in the relevant note or agreement;
- Refraining from placing any private education loan or account into default or accelerating a private education loan while a private education loan borrower is seeking a loan modification or enrollment in a flexible repayment plan until 90 days following the private education loan borrower’s default;
- Releasing and refraining from collecting from any cosigner of a private education loan if notified of the total and permanent disability of a private education loan borrower or cosigner;
- Complying with disclosures and procedural requirements regarding refinancing and flexible repayment of private education loans;
- Refraining from engaging in any unfair, deceptive, or abuses acts or practices and making false, misleading, or deceptive statements;
- Refraining from making a private education loan secured by wages or other compensation for services earned or to be earned; and
- Complying with all relevant recordkeeping requirements.
Getting Your Nevada Business License or Registration
Potential private education loan lender and servicer licensees must submit an application containing the following:
- A financial statement prepared by a certified public accountant;
- A non-refundable licensing fee;
- A non-refundable investigation fee;
- Any other information requested by the Commissioner;
- A surety bond in an amount to be determined by the Commissioner;
- The social security numbers of the applicant if the applicant is a natural persons or of each control person if the applicant is not a natural person; and
- The statement prescribed by the Division of Welfare and Supportive Services of the Departments of Health Human Services pursuant to Nev. Rev. Stat. § 425.520.