675.055 - Exemption from provisions governing making of loans: Application to Commissioner; grounds; powers and duties of Commissioner; regulations; fees set by regulation. - Nevada Statutes

675.055  Exemption from provisions governing making of loans: Application to Commissioner; grounds; powers and duties of Commissioner; regulations; fees set by regulation.

      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.

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

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

      (b) The lender, borrower or 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;

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

      (c) Shall adopt regulations which provide the application forms to be used to apply for an exemption and the fees to be paid along with the application.

      (Added to NRS by 1989, 1064)