NRS 226.550
“Student loan servicing” or “servicing” defined.

“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.

Source: Section 226.550 — “Student loan servicing” or “servicing” defined., https://www.­leg.­state.­nv.­us/NRS/NRS-226.­html#NRS226Sec550.

Last Updated

Jun. 24, 2021

§ 226.550’s source at nv​.us