645B.018 - Exemptions for certain loans; application; grounds for granting exemption; powers and duties of Commissioner. - Nevada Statutes

645B.018  Exemptions for certain loans; application; grounds for granting exemption; powers and duties of Commissioner.

      1.  A person may apply to the Commissioner for an exemption from the provisions of this chapter governing the making of a loan of money, except that an exemption may not be issued for the making of a residential mortgage loan.

      2.  The Commissioner may grant the exemption if the Commissioner finds that:

      (a) The making of the loan would not be detrimental to the financial condition of the lender, the debtor or the person who is providing the money for the loan;

      (b) The lender, the debtor or the person who is providing the money for the loan has established a record of sound performance, efficient management, financial responsibility and integrity;

      (c) The making of the loan is likely to increase the availability of capital for a sector of the state economy; and

      (d) The making of the loan is not detrimental to the public interest.

      3.  The Commissioner:

      (a) May revoke an exemption unless the loan for which the exemption was granted has been made; and

      (b) Shall issue a written statement setting forth the reasons for his or her decision to grant, deny or revoke an exemption.

      (Added to NRS by 1989, 965; A 1999, 3800; 2009, 2678)