The Nevada Legislature recently passed Assembly Bill 332 (“AB 332”), which amends Nev. Rev. Stat. Title 55 relating to Banks and Related Organizations to add a new chapter regulating Private Education Lenders and Student Loan Servicers. The provisions of SB 322 will become effective on January 1, 2024.
AB 332 exempts the following entities from its requirements:
- Savings and loan associations;
- Savings banks;
- Thrift companies;
- Credit unions;
- The Nevada System of Higher Education;
- The Western Interstate Commission for Higher Education; and
- Any wholly owned subsidiaries of the above.