SB44

Revises provisions relating to financial services in Nevada, including standards for mortgage servicers.

This bill revises provisions relating to financial services in Nevada, focusing on mortgage servicers. It sets forth standards for the financial condition and corporate governance of certain mortgage servicers, modeled after the Model State Regulatory Prudential Standards for Nonbank Mortgage Servicers. The bill defines key terms such as "covered institution," "credit risk," and "operational risk." It mandates that covered institutions maintain sufficient assets for liquidity, establish a board of directors or similar body, and conduct annual risk management assessments.