SB 306 - Section 8.5 Deadline October 1, 2015
Section 8.5 of Senate Bill 306 requires a financial institution that is a mortgagee or beneficiary of a deed of trust under certain residential mortgage loans to provide to the Division of Financial Institutions of the Department of Business and Industry the name, street address, and any other contact information of a person to whom: (1) a borrower or a borrower’s representative may send information and notices to facilitate a mediation under the Foreclosure Mediation Program (NRS 40.437 and 107.086); and (2) a unit-owners’ association may mail notices concerning the association’s lien (NRS 116.3116 to 116.31168).
To facilitate compliance with these provisions of SB 306, two “Contact Information Form” versions have been developed for your institution to submit the required information to the Nevada Financial Institutions Division (NFID). One version is ‘Form Fill’ for electronic completion on your computer. The other version is ‘Print Fill’ for those who need to complete a hard copy of the form. Once completed, the form should be submitted to the NFID at the applicable address (electronic or physical) at the top of the form. The contact information will be posted on the NFID’s website as required by SB 306 – Section 8.5. If the contact information provided should change in the future, an ‘Update’ “Contact Information Form” should be submitted to the NFID.
Contact Information should be submitted to the NFID prior to October 1, 2015 to ensure compliance with Section 8.5 of SB 306.
If you should have any questions regarding this matter, please do not hesitate to contact NV FID:
Nevada Financial Institutions Division
Department of Business & Industry
2785 E. Desert Inn Rd., Ste 180
Las Vegas, NV 89121