Specifications include, but are not limited to: The project is required as a result of the passage of Senate Bill (“SB”) 201 during the 80th Session of the Nevada Legislature. Now codified in section 303 of NRS Chapter 604A, the law requires the Financial Institutions Division (“Division”) to develop, implement and maintain, by contract with a service provider a database of all deferred deposit loans, title loans and high-interest loans in this State (Attachment M). The law also required the Division to promulgate regulation to set forth the criteria, duties and requirements of the database and service provider, as well as requirements for licensees and the Division (Attachment N). The overall goal is to comply with the NRS 604A.303 and the database regulation and select a vendor that can provide the service of a real-time regulatory compliance database while meeting the requirements set-forth in the Project Overview section, the statutes and regulations.
