[Rev. 10/11/2006 12:58:13 PM]
676.005 “Licensee” defined.
676.010 Fee for supervision and related activities: Amount; collection; failure to pay.
676.020 Annual assessments to cover costs related to performance of audits and examinations.
676.030 Fees: Application for license.
676.040 Fees: Renewal of license; reinstatement of expired license.
676.050 Prerequisites to engaging in business.
676.060 Suspension or revocation of license.
NAC 676.005 “Licensee” defined. (NRS 676.070) As used in this chapter, unless the context otherwise requires, “licensee” means any person, firm, company or corporation who is licensed under this chapter and chapter 676 of NRS.
(Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)
NAC 676.010 Fee for supervision and related activities: Amount; collection; failure to pay. (NRS 658.101)
1. The Commissioner of Financial Institutions will charge and collect a fee of $50 per hour from each debt adjusting company for any supervision, examination, audit, investigation or hearing conducted pursuant to chapter 676 of NRS.
2. The Commissioner will bill each debt adjusting company upon the completion of the activity for the fee established in subsection 1. The fee must be paid within 30 days after the date the bill is received. Except as otherwise provided in this subsection, any payment received after that date must include a penalty of 10 percent of the fee plus an additional 1 percent of the fee for each month, or portion of a month, that the fee is not paid. The Commissioner may waive the penalty for good cause.
3. Failure of a debt adjusting company to pay the fee required in subsection 1 as provided in this section constitutes grounds for revocation of its license.
(Added to NAC by Comm’r of Financial Institutions, eff. 4-20-88; A 11-27-89, eff. 7-1-89)
NAC 676.020 Annual assessments to cover costs related to performance of audits and examinations. (NRS 658.055)
1. Except as otherwise provided in NAC 658.030, each person licensed to engage in the business of debt adjusting shall pay to the Division of Financial Institutions of the Department of Business and Industry an annual assessment of $300 to cover the costs related to the employment of a certified public accountant and the performance of audits and examinations conducted by the Division.
2. The Division will bill each licensee for the assessment. The assessment must be paid within 30 days after the date the bill is received.
3. A charge of 10 percent of the assessment will be imposed on any licensee whose assessment is received by the Division after the date on which the assessment is due.
(Added to NAC by Comm’r of Financial Institutions, eff. 12-17-87; A 5-27-92)
NAC 676.030 Fees: Application for license. (NRS 676.130) An application submitted pursuant to NRS 676.120 must be accompanied by:
1. A nonrefundable fee of $375; and
2. A fee of $300, prorated by the Commissioner of Financial Institutions.
(Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)
NAC 676.040 Fees: Renewal of license; reinstatement of expired license. (NRS 676.160)
1. A licensee shall pay annually to the Division of Financial Institutions of the Department of Business and Industry a fee of $400 for the renewal of his license.
2. If the Commissioner of Financial Institutions reinstates an expired license, the licensee shall pay a reinstatement fee of $300 in addition to the renewal fee prescribed in subsection 1.
(Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)
NAC 676.050 Prerequisites to engaging in business. (NRS 676.110) A person shall not engage in the business of debt adjusting in this State unless:
1. He possesses each license, certificate and permit required by this chapter, chapter 676 of NRS and any local governmental entities; and
2. The location of the licensed office complies with any applicable planning and zoning ordinances.
(Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)
NAC 676.060 Suspension or revocation of license. (NRS 676.290) The Commissioner of Financial Institutions may suspend or revoke a license in accordance with NRS 676.270 to 676.310, inclusive, if a licensee violates any provision of this chapter or chapter 676 of NRS, including, without limitation, a provision that imposes a fee or assessment on a licensee.
(Added to NAC by Comm’r of Financial Institutions by R109-06, eff. 6-28-2006)