[Rev. 12/21/2019 11:06:41 AM--2019]

CHAPTER 226 - STATE TREASURER

GENERAL PROVISIONS

NRS 226.010           Qualifications of State Treasurer.

NRS 226.020           Election; term of office.

NRS 226.030           Office.

NRS 226.040           Absence from State limited.

NRS 226.050           Commission; oath; bond.

NRS 226.080           Use of facsimile signature; combination of facsimile signature with facsimile signature of State Controller or other state officer or employee authorized to administer bank account.

NRS 226.090           Salary.

NRS 226.100           Appointment and classification of deputies and assistants; restrictions on other employment of Chief Deputy.

NRS 226.110           General powers and duties.

NRS 226.115           State Treasury designated.

NRS 226.120           Reports.

NRS 226.130           Inspection of records.

NRS 226.140           Payment of warrants; exhaustion of money to pay warrant; notice.

NRS 226.150           Liability for failure to pay warrants.

NRS 226.160           Deposit of public money; custody of bonds and securities; prohibited use of public money by State Treasurer and others.

NRS 226.170           Refusal to redeem warrants and other evidence of indebtedness.

NRS 226.175           Account for the Rebate of Governmental Services Tax to Senior Citizens.

NRS 226.180           Duties as ex officio State Disbursing Officer for Federal Government; regulations.

NRS 226.190           Administration of oaths and affirmations.

NRS 226.200           Performance of other duties.

NRS 226.210           Prohibition against purchasing, selling or transferring warrants, scrip or evidence of indebtedness; penalties.

NRS 226.220           Prohibited use of public money; responsibility on bond.

NRS 226.230           Penalties.

CLOSED-LOOP PAYMENT PROCESSING SYSTEM FOR FINANCIAL TRANSACTIONS RELATING TO MARIJUANA

NRS 226.300           Establishment of pilot program; regulations; fees; confidentiality of certain information; approval of pilot program by Interim Finance Committee; submission of semiannual report to Legislature. [Effective through June 30, 2020.]

NRS 226.300           Establishment of pilot program; regulations; fees; confidentiality of certain information; approval of pilot program by Interim Finance Committee; submission of semiannual report to Legislature. [Effective July 1, 2020, through June 30, 2023.]

STATEWIDE DATABASE OF SOURCES OF FINANCIAL ASSISTANCE FOR HIGHER EDUCATION

NRS 226.400           Creation; requirements; outreach program to victims of domestic violence.

STUDENT LOAN OMBUDSMAN

NRS 226.500           Definitions. [Effective January 1, 2020.]

NRS 226.510           “Student education loan” defined. [Effective January 1, 2020.]

NRS 226.520           “Student loan borrower” defined. [Effective January 1, 2020.]

NRS 226.530           “Student Loan Ombudsman” defined. [Effective January 1, 2020.]

NRS 226.540           “Student loan servicer” defined. [Effective January 1, 2020.]

NRS 226.550           “Student loan servicing” or “servicing” defined. [Effective January 1, 2020.]

NRS 226.560           Designation. [Effective January 1, 2020.]

NRS 226.570           Duties. [Effective January 1, 2020.]

NRS 226.580           Establishment of course regarding student education loans. [Effective January 1, 2020.]

NRS 226.590           Biannual report to Legislature. [Effective January 1, 2020.]

_________

GENERAL PROVISIONS

      NRS 226.010  Qualifications of State Treasurer.  No person shall be eligible to the Office of State Treasurer unless the person:

      1.  Has attained the age of 25 years at the time of such election; and

      2.  Is a qualified elector and has been a citizen resident of this State for 2 years next preceding the election.

      [Part 2:108:1866; A 1953, 711; 1955, 459]

      NRS 226.020  Election; term of office.

      1.  The State Treasurer shall be elected by the qualified electors of the State.

      2.  The State Treasurer shall be chosen at the general election of 1866, and every 4th year thereafter, and shall hold office for the term of 4 years from the time of his or her installment and until his or her successor shall be qualified.

      [Part 1:108:1866; B § 2599; BH § 1636; C § 1782; RL § 2765; NCL § 4765] + [Part 9:108:1866; B § 2607; BH § 1644; C § 1790; RL § 2773; NCL § 4773] + [Part 10:108:1866; B § 2608; BH § 1645; C § 1791; RL § 2774; NCL § 4774]

      NRS 226.030  Office.  The State Treasurer shall keep his or her office at the seat of government.

      [Part 10:108:1866; B § 2608; BH § 1645; C § 1791; RL § 2774; NCL § 4774] + [Part 1:14:1866; A 1867, 113; B § 2838; BH § 1837; C § 1984; RL § 4360; NCL § 7531] — (NRS A 1969, 196)

      NRS 226.040  Absence from State limited.  The State Treasurer shall not absent himself or herself from the State for more than 90 days at any one time without leave of absence from the Legislature.

      [Part 1:14:1866; A 1867, 113; B § 2838; BH § 1837; C § 1984; RL § 4360; NCL § 7531]

      NRS 226.050  Commission; oath; bond.  The State Treasurer shall be commissioned by the Governor, but before such commission shall issue and before entering upon the duties of office, the State Treasurer shall:

      1.  Take the oath of office prescribed by law, to be endorsed upon his or her commission; and

      2.  Execute and deliver to the Governor a bond, payable to the State, in an amount which shall be determined by the State Board of Examiners, conditioned for the faithful performance of all duties which may be required of the State Treasurer by law and for the delivery by him or her to his or her successor of all books, papers, records, moneys, vouchers, sureties, funds and securities, evidences of debt, and effects belonging to his or her office or to the State of Nevada. The official bond shall be executed by a surety company or companies authorized to do business in the State of Nevada.

      [2:14:1866; A 1928, 61; NCL § 7532] — (NRS A 1975, 339)

      NRS 226.080  Use of facsimile signature; combination of facsimile signature with facsimile signature of State Controller or other state officer or employee authorized to administer bank account.

      1.  The State Treasurer may use a facsimile signature in place of his or her handwritten signature if:

      (a) The facsimile signature is:

             (1) Produced by the most efficient device or other method of facsimile reproduction reasonably available; and

             (2) Made and used only under the personal direction and supervision of the State Treasurer; and

      (b) The device or other method of facsimile reproduction is kept securely locked at all times when not in use in such a manner as to prevent any misuse, fraudulent use or other improper use. If the device or other method of facsimile reproduction is of such a nature that:

             (1) The facsimile image or impression is severable from the device or other method of facsimile reproduction, the facsimile image or impression must be kept in a separate secure place in the Office of the State Treasurer; and

             (2) Any registered key, password or other securing device or procedure is severable from the device or other method of facsimile reproduction, the registered key, password or other securing device or procedure must be locked in a vault.

      2.  Except as otherwise required by specific statute and subject to the conditions of subsection 1 and the consent of each, the State Treasurer and the State Controller, or the State Treasurer and any other officer or employee of state government who is authorized to administer a bank account, may combine their facsimile signatures for use in a device or other method of facsimile reproduction. The facsimile image or impression of such combined signatures must be kept in the Office of the State Treasurer as provided in paragraph (b) of subsection 1.

      [1:2:1943; 1943 NCL § 7562.01] — (NRS A 1961, 51; 1965, 34; 2001, 2901)

      NRS 226.090  Salary.

      1.  Until the first Monday in January 2007, the State Treasurer is entitled to receive an annual salary of $80,000. From the first Monday in January 2007, until the first Monday in January 2011, the State Treasurer is entitled to receive an annual salary of $97,000.

      2.  On the first Monday in January 2011 and on the first Monday of every fourth year thereafter, the salary of the State Treasurer must be increased by an amount equal to the cumulative percentage increase in the salaries of the classified employees of this State during the immediately preceding term of the State Treasurer.

      [5:295:1953; A 1955, 527] + [Part 4:320:1955] + [11:320:1955] + [13:320:1955] — (NRS A 1957, 541; 1961, 306; 1965, 970; 1969, 791; 1971, 2207; 1977, 1015; 1981, 1370; 1985, 1610; 1989, 1897; 1997, 1227; 2005, 1183)

      NRS 226.100  Appointment and classification of deputies and assistants; restrictions on other employment of Chief Deputy.

      1.  The State Treasurer may appoint and employ a Chief Deputy, two Senior Deputies, an Assistant Treasurer, a Deputy of Debt Management, a Deputy of Investments, a Deputy of Cash Management, a Deputy of Unclaimed Property and an Assistant to the State Treasurer in the unclassified service of the State.

      2.  Except as otherwise provided in NRS 284.143, the Chief Deputy State Treasurer shall devote his or her entire time and attention to the business of his or her office and shall not pursue any other business or occupation or hold any other office of profit.

      [Part 1:93:1945; 1943 NCL § 7405] — (NRS A 1967, 1488; 1971, 1424; 1977, 560; 1981, 1271; 1997, 616, 1741; 1999, 72; 2001, 2902; 2003, 2813)

      NRS 226.110  General powers and duties.  The State Treasurer:

      1.  Shall receive and keep all money of the State which is not expressly required by law to be received and kept by some other person.

      2.  Shall receipt to the State Controller for all money received, from whatever source, at the time of receiving it.

      3.  Shall establish the policies to be followed in the investment of money of the State, subject to the periodic review and approval or disapproval of those policies by the State Board of Finance.

      4.  May employ any necessary investment and financial advisers to render advice and other services in connection with the investment of money of the State.

      5.  Shall disburse the public money upon warrants drawn upon the Treasury by the State Controller, and not otherwise. The warrants must be registered and paid in the order of their registry. The State Treasurer may use any sampling or postaudit technique, or both, which he or she considers reasonable to verify the proper distribution of warrants.

      6.  Shall keep a just, true and comprehensive account of all money received and disbursed.

      7.  Shall deliver in good order to his or her successor in office all money, records, books, papers and other things belonging to his or her office.

      8.  Shall fix, charge and collect reasonable fees for:

      (a) Investing the money in any fund or account which is credited for interest earned on money deposited in it; and

      (b) Special services rendered to other state agencies or to members of the public which increase the cost of operating his or her office.

      9.  Serves as the primary representative of the State in matters concerning any nationally recognized bond credit rating agency for the purposes of the issuance of any obligation authorized on the behalf and in the name of the State, except as otherwise provided in NRS 538.206 and except for those obligations issued pursuant to chapter 319 of NRS and NRS 349.400 to 349.987, inclusive.

      10.  Is directly responsible for the issuance of any obligation authorized on the behalf and in the name of the State, except as otherwise provided in NRS 538.206 and except for those obligations issued pursuant to chapter 319 of NRS and NRS 349.400 to 349.987, inclusive. The State Treasurer:

      (a) Shall issue such an obligation as soon as practicable after receiving a request from a state agency for the issuance of the obligation.

      (b) May, except as otherwise provided in NRS 538.206, employ necessary legal, financial or other professional services in connection with the authorization, sale or issuance of such an obligation.

      11.  May organize and facilitate statewide pooled financing programs, including lease purchases, for the benefit of the State and any political subdivision, including districts organized pursuant to NRS 450.550 to 450.750, inclusive, and chapters 244A, 318, 379, 474, 541, 543 and 555 of NRS.

      12.  Shall serve as the Administrator of Unclaimed Property.

      [4:14:1866; A 1897, 24; C § 1987; RL § 4363; NCL § 7534] — (NRS A 1977, 560; 1981, 414, 497; 1983, 1583; 1995, 2235; 1997, 1286; 1999, 72, 801, 802; 2001, 2902; 2017, 2012)

      NRS 226.115  State Treasury designated.  All moneys, funds and property of the State of Nevada, in the custody and control of the State Treasurer or his or her office by virtue of his or her official position as State Treasurer, are hereby designated as the State Treasury of the State of Nevada.

      (Added to NRS by 1957, 153)

      NRS 226.120  Reports.  The State Treasurer shall:

      1.  Provide information to either house of the Legislature, whenever required, upon any subject connected with the Treasury or any duty of his or her office.

      2.  Prepare and submit an annual report of the operations of his or her office to the Governor and the Legislative Commission within 60 working days after:

      (a) The close of a fiscal year; or

      (b) The latest date established by the Legislature to close accounts for a fiscal year,

Ê whichever occurs later for that fiscal year.

      [5:14:1866; A 1931, 200; 1931 NCL § 7535] — (NRS A 1965, 34; 1971, 372; 1977, 560; 1981, 343; 2001, 2903)

      NRS 226.130  Inspection of records.

      1.  The books, papers and transactions of the Office of the State Treasurer shall be open at all times for the inspection of the Governor, the State Controller, the State Board of Examiners, either house of the Legislature, or of any committee thereof, or person authorized by law.

      2.  For any failure (except it be unavoidable) to comply with the provisions of this section, the State Treasurer shall forfeit his or her office, and the Governor shall declare the same vacant, and shall appoint a successor.

      [6:14:1866; A 1873, 175; B § 2843; BH § 1842; C § 1989; RL § 4365; NCL § 7536] — (NRS A 1965, 34; 1971, 372)

      NRS 226.140  Payment of warrants; exhaustion of money to pay warrant; notice.

      1.  The State Treasurer shall pay all warrants drawn upon him or her by the State Controller, out of the proper fund, as directed, in the order in which the same are presented.

      2.  If there be no money to pay any warrant when presented, the State Treasurer shall endorse thereon the words “not paid for want of funds,” and shall note the date of presentation, and attest the endorsement made, by his or her official signature. The State Treasurer shall at the same time make an entry of the date of presentation, number and amount of the warrant in the register required by law to be kept by him or her. So soon as money accumulates or is received into the State Treasury, applicable to and sufficient for the payment of any outstanding warrant or warrants so presented for payment and not paid for want of funds, the State Treasurer shall post a notice in writing in a conspicuous place in his or her office, setting forth the number and amount of his or her warrant or warrants, and the fact that there is money in the State Treasury to pay the same. From the time of the posting of such notice, no interest shall be allowed or paid upon any warrant which by law is or may be entitled to bear interest.

      [1:54:1869; B § 2849; BH § 1847; C § 1994; RL § 4370; NCL § 7541]

      NRS 226.150  Liability for failure to pay warrants.  Any failure, neglect or refusal on the part of the State Treasurer to pay any warrant when presented, there being money in the State Treasury to pay the same, or to post the notice within 5 days, as required in NRS 226.140, after there shall have been received into the State Treasury money applicable and sufficient to pay any warrant or warrants presented and not paid for want of funds, or after having received the money and posted the notice on presentation for payment, to pay the warrants so posted, shall subject the State Treasurer to damages to the person or persons aggrieved to an amount equal to treble interest on the sum specified in the warrant or warrants not paid on presentation, as provided in this section, such interest being computed at the rate of 3 percent per month during the time such warrant or warrants remain unpaid. In any suit brought to recover the same, judgment shall be rendered to cover the damages at the time of the entry thereof and for costs.

      [2:54:1869; B § 2850; BH § 1848; C § 1995; RL § 4371; NCL § 7542]

      NRS 226.160  Deposit of public money; custody of bonds and securities; prohibited use of public money by State Treasurer and others.

      1.  The State Treasurer shall deposit all moneys under his or her control in the manner provided in chapter 356 of NRS.

      2.  The State Treasurer shall securely keep in the safe and vault provided for him or her for that purpose, in his or her office at the seat of government, all bonds and securities of the state pertaining to his or her office, and shall not deposit any part or portion of the same with any individual, copartnership or corporation.

      3.  The State Treasurer shall not use the public moneys, or any part thereof, or allow anyone else to do so, except in the payment of bonds, coupons or warrants properly drawn upon him or her by the State Controller.

      [3:54:1869; A 1869, 139; 1873, 171; B § 2851; BH § 1849; C § 1996; RL § 4372; NCL § 7543] — (NRS A 1959, 568)

      NRS 226.170  Refusal to redeem warrants and other evidence of indebtedness.  The State Treasurer shall refuse to redeem any warrants, scrip, orders or other evidence of indebtedness against the state whenever it shall come to his or her knowledge that such warrants, scrip or other evidence of indebtedness have been purchased, sold, received or transferred in violation of law.

      [Part 98:108:1866; B § 2696; BH § 1733; C § 1879; RL § 2845; NCL § 4845]

      NRS 226.175  Account for the Rebate of Governmental Services Tax to Senior Citizens.  There is hereby created an Account for the Rebate of the Governmental Services Tax to Senior Citizens within the State General Fund. The State Treasurer shall administer the Account.

      (Added to NRS by 2003, 3491)

      NRS 226.180  Duties as ex officio State Disbursing Officer for Federal Government; regulations.  The State Treasurer is ex officio State Disbursing Officer for the Federal Government. As such, the State Treasurer shall:

      1.  Act for the Federal Government with respect to all financial matters required of him or her by the Federal Government.

      2.  Keep proper books and accounts and prepare vouchers and receipts relating thereto.

      3.  Keep books of account and sign and pay all warrants relating to all state payroll deductions at the time and in the manner required, according to federal law and regulation.

      4.  Perform such other duties in connection with the duties designated in subsections 1, 2 and 3 as may be required in the proper exercise thereof.

      5.  Adopt such regulations as are necessary to carry out the provisions of this section.

      [Part 4:320:1955] — (NRS A 1991, 1696)

      NRS 226.190  Administration of oaths and affirmations.  The State Treasurer shall have power to administer all oaths or affirmations required or allowed by law in matters touching the duties of his or her office.

      [Part 10:14:1866; B § 2847; BH § 1846; C § 1993; RL § 4369; NCL § 7540]

      NRS 226.200  Performance of other duties.  The State Treasurer shall perform all duties not enumerated in this chapter which may be enjoined by law.

      [Part 10:14:1866; B § 2847; BH § 1846; C § 1993; RL § 4369; NCL § 7540]

      NRS 226.210  Prohibition against purchasing, selling or transferring warrants, scrip or evidence of indebtedness; penalties.

      1.  Except as provided in subsection 3, the State Treasurer is expressly prohibited:

      (a) From purchasing or selling, or in any manner receiving to his or her own use or benefit, or to the use and benefit of any person or persons whatever, any state warrants, scrip, orders, demands, claim or claims, or other evidence of indebtedness against the State; or

      (b) From purchasing or being interested, or receiving, selling, or transferring, or causing to be purchased, received, sold or transferred, either in person or by agent or attorney, or by or through the agency or means of any person or persons whatever, any interest, claim, demand or other evidence of indebtedness against the State, either directly or indirectly; nor shall any clerk or employee of the State Treasurer be allowed to make any such purchase, sale or transfer, or to receive any agency from other parties to purchase, sell, transfer or bargain, in any manner, for any state warrants, scrip, demands or other evidence of indebtedness against the State.

      2.  Any person violating any of the provisions of subsection 1 shall be guilty of a gross misdemeanor. A conviction shall operate as a forfeiture of office, and the party convicted shall forever be disqualified from holding any office of honor, profit or trust in this state.

      3.  Nothing in this section shall prevent the State Treasurer, his or her clerks and employees from selling or transferring only such warrants or scrip as they may receive for their services, but none other.

      [Part 71:108:1866; B § 2669; BH § 1706; C § 1852; RL § 2824; NCL § 4824] + [Part 72:108:1866; B § 2670; BH § 1707; C § 1853; RL § 2825; NCL § 4825] + [Part 74:108:1866; B § 2672; BH § 1709; C § 1855; RL § 2826; NCL § 4826] — (NRS A 1959, 5)

      NRS 226.220  Prohibited use of public money; responsibility on bond.  The State Treasurer is made responsible upon his or her official bond for all moneys received by him or her belonging to the State, and is prohibited from using or loaning or borrowing the same, for any purpose whatever, except as provided by law.

      [7:14:1866; B § 2844; BH § 1843; C § 1990; RL § 4366; NCL § 7537]

      NRS 226.230  Penalties.  If the State Treasurer shall willfully neglect or refuse to perform any duty enjoined by law, or, by color of his or her office, shall knowingly do any act not authorized by law, or in any other manner than is authorized by law, the State Treasurer shall be deemed guilty of a misdemeanor and shall be further punished as provided in NRS 197.230.

      [8:14:1866; B § 2845; BH § 1844; C § 1991; RL § 4367; NCL § 7538] — (NRS A 1967, 532)

CLOSED-LOOP PAYMENT PROCESSING SYSTEM FOR FINANCIAL TRANSACTIONS RELATING TO MARIJUANA

      NRS 226.300  Establishment of pilot program; regulations; fees; confidentiality of certain information; approval of pilot program by Interim Finance Committee; submission of semiannual report to Legislature. [Effective through June 30, 2020.]

      1.  The State Treasurer shall create a pilot program for the establishment of one or more closed-loop payment processing systems that enable marijuana establishments, medical marijuana establishments, consumers and holders of registry identification cards or letters of approval to engage in financial transactions in a safe and efficient manner.

      2.  A closed-loop payment processing system established under the pilot program must be designed to achieve the following purposes:

      (a) Reducing the risk to the safety and welfare of the public posed by the holding, distribution and transportation of large sums of cash;

      (b) Providing marijuana establishments and medical marijuana establishments with a safe, secure and convenient method of paying state and local taxes;

      (c) Providing the State and local governments with a safe, secure and convenient method of collecting taxes imposed on marijuana establishments and medical marijuana establishments;

      (d) Providing transparency into financial transactions related to marijuana establishments and medical marijuana establishments;

      (e) Preventing revenue from the sale of marijuana from going to criminal enterprises, gangs and drug cartels;

      (f) Preventing marijuana from being diverted across state lines;

      (g) Preventing the distribution of marijuana to minors; and

      (h) Preventing lawful financial transactions relating to marijuana from being used as a cover or pretext for the trafficking of controlled substances or other unlawful activities.

      3.  A closed-loop payment processing system established under the pilot program must allow a marijuana establishment, medical marijuana establishment, consumer or holder of a registry identification card or a letter of approval to utilize accounts created by the State and must include, without limitation, the following capabilities:

      (a) The keeping of records in real time;

      (b) A business-to-business payment system;

      (c) A method in which to authenticate the identities of consumers and holders of a registry identification card or letter of approval;

      (d) A method in which to initiate transactions by means of a secure mobile application or a physical card; and

      (e) A method which allows the State or a local government to collect tax revenue associated with a transaction made utilizing the closed-loop payment processing system.

      4.  The State Treasurer shall adopt regulations necessary to carry out the pilot program. Such regulations must not require a marijuana establishment, medical marijuana establishment, consumer or holder of a registry identification card or letter of approval to participate in the pilot program.

      5.  The State Treasurer may adopt regulations establishing a schedule of fees for participation in the pilot program. The fees must be sufficient to cover the costs of administering the pilot program.

      6.  Financial information and any other information specifically relating to a person who utilizes a closed-loop payment processing system is confidential and privileged to the same extent that such information would be confidential and privileged pursuant to NRS 360.255. The State Treasurer, a vendor in which the State Treasurer contracts and any other person involved in the establishment or operation of a closed-loop payment processing system shall not disclose any such information.

      7.  The State Treasurer shall prepare a detailed plan for the establishment of a closed-loop payment processing system under the pilot program created pursuant to subsection 1 and present the plan to the Interim Finance Committee for its review and approval. The plan must identify the vendor with whom the State Treasurer intends to contract. The State Treasurer shall not commence the operation of a closed-loop payment processing system until the Interim Finance Committee approves the plan prepared pursuant to this subsection.

      8.  On or before December 1, 2020, and every 6 months thereafter, the State Treasurer shall submit to the Director of the Legislative Counsel Bureau for transmittal to the Legislature, if the Legislature is in session, or to the Legislative Commission, if the Legislature is not in session, a report concerning the pilot program. The report must include, without limitation, a description of the status and results of the pilot program and recommendations for legislation to facilitate the improvement or expansion of the pilot program.

      9.  Except as otherwise provided in subsection 7, at least one closed-loop payment processing system established under the pilot program must begin operating not later than July 1, 2020.

      10.  As used in this section:

      (a) “Closed-loop payment processing system” means a cashless system established by the State Treasurer pursuant to this section to monitor and facilitate the financial transactions of marijuana establishments, medical marijuana establishments, consumers and holders of registry identification cards.

      (b) “Consumer” has the meaning ascribed to it in NRS 453D.030.

      (c) “Letter of approval” has the meaning ascribed to it in NRS 453A.109.

      (d) “Marijuana establishment” has the meaning ascribed to it in NRS 453D.030.

      (e) “Medical marijuana establishment” has the meaning ascribed to it in NRS 453A.116.

      (f) “Registry identification card” has the meaning ascribed to it in NRS 453A.140.

      (Added to NRS by 2019, 2508)

      NRS 226.300  Establishment of pilot program; regulations; fees; confidentiality of certain information; approval of pilot program by Interim Finance Committee; submission of semiannual report to Legislature. [Effective July 1, 2020, through June 30, 2023.]

      1.  The State Treasurer shall create a pilot program for the establishment of one or more closed-loop payment processing systems that enable cannabis establishments, medical cannabis establishments, consumers and holders of registry identification cards or letters of approval to engage in financial transactions in a safe and efficient manner.

      2.  A closed-loop payment processing system established under the pilot program must be designed to achieve the following purposes:

      (a) Reducing the risk to the safety and welfare of the public posed by the holding, distribution and transportation of large sums of cash;

      (b) Providing cannabis establishments and medical cannabis establishments with a safe, secure and convenient method of paying state and local taxes;

      (c) Providing the State and local governments with a safe, secure and convenient method of collecting taxes imposed on cannabis establishments and medical cannabis establishments;

      (d) Providing transparency into financial transactions related to cannabis establishments and medical cannabis establishments;

      (e) Preventing revenue from the sale of cannabis from going to criminal enterprises, gangs and drug cartels;

      (f) Preventing cannabis from being diverted across state lines;

      (g) Preventing the distribution of cannabis to minors; and

      (h) Preventing lawful financial transactions relating to cannabis from being used as a cover or pretext for the trafficking of controlled substances or other unlawful activities.

      3.  A closed-loop payment processing system established under the pilot program must allow a cannabis establishment, medical cannabis establishment, consumer or holder of a registry identification card or a letter of approval to utilize accounts created by the State and must include, without limitation, the following capabilities:

      (a) The keeping of records in real time;

      (b) A business-to-business payment system;

      (c) A method in which to authenticate the identities of consumers and holders of a registry identification card or letter of approval;

      (d) A method in which to initiate transactions by means of a secure mobile application or a physical card; and

      (e) A method which allows the State or a local government to collect tax revenue associated with a transaction made utilizing the closed-loop payment processing system.

      4.  The State Treasurer shall adopt regulations necessary to carry out the pilot program. Such regulations must not require a cannabis establishment, medical cannabis establishment, consumer or holder of a registry identification card or letter of approval to participate in the pilot program.

      5.  The State Treasurer may adopt regulations establishing a schedule of fees for participation in the pilot program. The fees must be sufficient to cover the costs of administering the pilot program.

      6.  Financial information and any other information specifically relating to a person who utilizes a closed-loop payment processing system is confidential and privileged to the same extent that such information would be confidential and privileged pursuant to NRS 360.255. The State Treasurer, a vendor in which the State Treasurer contracts and any other person involved in the establishment or operation of a closed-loop payment processing system shall not disclose any such information.

      7.  The State Treasurer shall prepare a detailed plan for the establishment of a closed-loop payment processing system under the pilot program created pursuant to subsection 1 and present the plan to the Interim Finance Committee for its review and approval. The plan must identify the vendor with whom the State Treasurer intends to contract. The State Treasurer shall not commence the operation of a closed-loop payment processing system until the Interim Finance Committee approves the plan prepared pursuant to this subsection.

      8.  On or before December 1, 2020, and every 6 months thereafter, the State Treasurer shall submit to the Director of the Legislative Counsel Bureau for transmittal to the Legislature, if the Legislature is in session, or to the Legislative Commission, if the Legislature is not in session, a report concerning the pilot program. The report must include, without limitation, a description of the status and results of the pilot program and recommendations for legislation to facilitate the improvement or expansion of the pilot program.

      9.  Except as otherwise provided in subsection 7, at least one closed-loop payment processing system established under the pilot program must begin operating not later than July 1, 2020.

      10.  As used in this section:

      (a) “Cannabis” has the meaning ascribed to it in NRS 678A.085.

      (b) “Cannabis establishment” has the meaning ascribed to it in NRS 678A.095.

      (c) “Closed-loop payment processing system” means a cashless system established by the State Treasurer pursuant to this section to monitor and facilitate the financial transactions of cannabis establishments, medical cannabis establishments, consumers and holders of registry identification cards or letters of approval.

      (d) “Letter of approval” has the meaning ascribed to it in NRS 678C.070.

      (e) “Medical cannabis establishment” has the meaning ascribed to it in NRS 678A.180.

      (f) “Registry identification card” has the meaning ascribed to it in NRS 678C.080.

      (Added to NRS by 2019, 2508, effective July 1, 2020)

STATEWIDE DATABASE OF SOURCES OF FINANCIAL ASSISTANCE FOR HIGHER EDUCATION

      NRS 226.400  Creation; requirements; outreach program to victims of domestic violence.

      1.  The State Treasurer shall create and maintain a statewide database of sources of financial assistance for persons pursuing higher education.

      2.  The database must include, without limitation:

      (a) A list of any program, scholarship, grant, student loan or other form of financial assistance for individuals seeking to pursue higher education.

      (b) The contact information of each person or entity responsible for the administration of each program, scholarship, grant, student loan or other form of financial assistance listed in the database; and

      (c) The demographic requirements, if any, including, without limitation, age, race and ethnicity, household size, employment status or household income, for participation in each program, scholarship, grant, student loan or other form of financial assistance listed in the database.

      3.  The State Treasurer:

      (a) Shall make the database publicly available on an Internet website maintained by the State Treasurer.

      (b) Shall establish a toll-free telephone number and a means of electronic communication via the Internet website to assist in the dissemination and explanation of the information contained in the database and any other information regarding sources of financial assistance for pursuing higher education.

      (c) May employ such staff as the State Treasurer deems necessary to maintain, support and promote the use of the database.

      (d) May accept any gift, donation, bequest, grant or other source of money for the purpose of carrying out the provisions of this section.

      4.  The Attorney General shall establish a program to market and conduct outreach to victims of domestic violence or human trafficking to connect such victims with the information contained in the database maintained by the State Treasurer pursuant to this section. The Attorney General may accept any gift, donation, bequest, grant or other source of money for the purpose of carrying out the provisions of this section.

      (Added to NRS by 2019, 2324)

STUDENT LOAN OMBUDSMAN

      NRS 226.500  Definitions. [Effective January 1, 2020.]  As used in NRS 226.500 to 226.590, inclusive, unless the context otherwise requires, the words and terms defined in NRS 226.510 to 226.550, inclusive, have the meanings ascribed to them in those sections.

      (Added to NRS by 2019, 2505, effective January 1, 2020)

      NRS 226.510  “Student education loan” defined. [Effective January 1, 2020.]  “Student education loan” means any loan primarily for personal use to finance education or other school-related expenses.

      (Added to NRS by 2019, 2505, effective January 1, 2020)

      NRS 226.520  “Student loan borrower” defined. [Effective January 1, 2020.]  “Student loan borrower” means:

      1.  Any resident of this State who receives or agrees to pay a student education loan; and

      2.  Any person who shares responsibility with such a resident for repaying the student education loan.

      (Added to NRS by 2019, 2505, effective January 1, 2020)

      NRS 226.530  “Student Loan Ombudsman” defined. [Effective January 1, 2020.]  “Student Loan Ombudsman” means the Student Loan Ombudsman designated by the State Treasurer pursuant to NRS 226.560.

      (Added to NRS by 2019, 2505, effective January 1, 2020)

      NRS 226.540  “Student loan servicer” defined. [Effective January 1, 2020.]  “Student loan servicer” means any person, wherever located, responsible for the servicing of any student education loan to any student loan borrower.

      (Added to NRS by 2019, 2505, effective January 1, 2020)

      NRS 226.550  “Student loan servicing” or “servicing” defined. [Effective January 1, 2020.]  “Student loan servicing” or “servicing” means:

      1.  Receiving any scheduled periodic payments from a student loan borrower pursuant to the terms of a student education loan or any notification that a student loan borrower made such a scheduled periodic payment and applying the payments to the account of a student loan borrower, as may be required pursuant to the terms of a student education loan or a contract governing the servicing of a student education loan;

      2.  During a period in which no payment is required on a student education loan, maintaining account records for a student education loan and communicating with the student loan borrower on behalf of the owner of the promissory note for the student education loan; or

      3.  Interacting with a student loan borrower concerning a student education loan with the goal of helping the student loan borrower avoid default on the student education loan or facilitating the activities described in subsection 1 or 2.

      (Added to NRS by 2019, 2505, effective January 1, 2020)

      NRS 226.560  Designation. [Effective January 1, 2020.]  The State Treasurer shall designate a Student Loan Ombudsman within the Office of the State Treasurer to:

      1.  Provide timely assistance to any student loan borrower of any student education loan; and

      2.  Carry out the duties as set forth in NRS 226.500 to 226.580, inclusive.

      (Added to NRS by 2019, 2505, effective January 1, 2020)

      NRS 226.570  Duties. [Effective January 1, 2020.]  The Student Loan Ombudsman shall:

      1.  Receive, review and attempt to resolve any complaint from a student loan borrower, including, without limitation, attempting to resolve such a complaint in collaboration with an institution of higher education, a student loan servicer and any other person who participates in providing a student education loan.

      2.  Compile and analyze data on complaints as described in subsection 1.

      3.  Assist student loan borrowers to understand their rights and responsibilities under the terms of student education loans.

      4.  Provide information to the public, governmental agencies and the Legislature regarding the problems and concerns of student loan borrowers and make recommendations for resolving those problems and concerns.

      5.  Analyze and monitor the development and implementation of federal, state and local laws, regulations and policies relating to student loan borrowers and recommend any changes the Student Loan Ombudsman deems necessary.

      6.  Review the complete history of any student education loan for any student loan borrower who has provided written consent for such a review.

      7.  Disseminate information concerning the availability of the Student Loan Ombudsman to assist student loan borrowers, potential student loan borrowers, institutions of higher education, student loan servicers and any other persons who participate in providing a student education loan, with any concerns relating to student loan servicing.

      8.  Take any other actions necessary to fulfill the duties of the Student Loan Ombudsman as set forth in this section.

      (Added to NRS by 2019, 2505, effective January 1, 2020)

      NRS 226.580  Establishment of course regarding student education loans. [Effective January 1, 2020.]  The Student Loan Ombudsman shall establish and maintain an education course for student loan borrowers which provides educational presentations and materials regarding student education loans. The educational course must include, without limitation, information concerning important loan terms, documentation requirements, monthly payment obligations, income-based repayment options, loan forgiveness and disclosure requirements.

      (Added to NRS by 2019, 2506, effective January 1, 2020)

      NRS 226.590  Biannual report to Legislature. [Effective January 1, 2020.]  On or before February 1 of each odd-numbered year, the State Treasurer shall submit to the Director of the Legislative Counsel Bureau for transmittal to the next regular session of the Legislature a written report concerning:

      1.  The implementation of NRS 226.500 to 226.590, inclusive; and

      2.  The overall effectiveness of the Student Loan Ombudsman.

      (Added to NRS by 2019, 2506, effective January 1, 2020)