[Rev. 9/23/2024 10:30:15 AM]
[NAC-657A Revised Date: 8-24]
CHAPTER 657A - REGULATORY EXPERIMENTATION PROGRAM FOR PRODUCT INNOVATION
657A.010 Definitions.
657A.020 “Department” defined.
657A.030 “Document” defined.
657A.040 Exercise of duties and responsibilities assigned to Director and Department.
657A.050 Application to participate in Program: Requirements; fee.
657A.060 Program participant requirements.
657A.070 Program participant required to maintain current or virtual location with Director.
657A.080 Testing location: Accessibility; restrictions.
657A.090 Consumer data: Collection and recording; types.
657A.100 Program status report: Submission; form.
657A.110 Business records and data: Retention; submission to Director.
657A.120 Complaints: Methods of resolution; copy to Bureau of Consumer Protection; removal of participant from Program.
_________
NOTE: Pursuant to the provisions of NRS 0.024, the sections added to chapter 657A of NAC by sections 4 and 6 of LCB File No. R089-19 contained definitions that were deemed duplicative of those set forth in NRS 657A.130 and 657A.170 and were not codified in NAC in accordance with ch. 56, Stats. 2009, which contains the following provision not included in NRS:
“Sec. 2. The Legislative Counsel shall, in preparing supplements to the Nevada Administrative Code, appropriately change, move or remove any words and terms in the Nevada Administrative Code in a manner that the Legislative Counsel determines necessary to ensure consistency with the provisions of section 1 of this act [NRS 0.024].”
NAC 657A.010 Definitions. (NRS 657A.210) As used in NAC 657A.010 to 657A.120, inclusive, unless the context otherwise requires, the words and terms defined in NAC 657A.020 and 657A.030 have the meanings ascribed to them in those sections.
(Added to NAC by Dep’t of Business & Industry by R089-19, eff. 2-7-2020)
NAC 657A.020 “Department” defined. (NRS 657A.210) “Department” means the Department of Business and Industry.
(Added to NAC by Dep’t of Business & Industry by R089-19, eff. 2-7-2020)
NAC 657A.030 “Document” defined. (NRS 657A.210) “Document” means any electronic, written, printed or recorded material or information of any kind inscribed on a tangible medium or stored in an electronic format that is retrievable in perceivable form, including, without limitation, records, data, communications and audio and video recordings. The term includes originals and copies of documents that have been altered, including, without limitation, copies of documents that have been amended by adding notes, underlining or attachments.
(Added to NAC by Dep’t of Business & Industry by R089-19, eff. 2-7-2020)
NAC 657A.040 Exercise of duties and responsibilities assigned to Director and Department. (NRS 657A.210)
1. Any authority granted to the Director and any duty or responsibility assigned to the Director by any provision of this chapter or NRS 657A.100 to 657A.530, inclusive, may be exercised or performed by any employee of the Department who is designated by the Director for that purpose.
2. Any authority granted to the Department and any duty or responsibility assigned to the Department by any provision of this chapter or NRS 657A.100 to 657A.530, inclusive, may be exercised or performed by the Director.
(Added to NAC by Dep’t of Business & Industry by R089-19, eff. 2-7-2020)
NAC 657A.050 Application to participate in Program: Requirements; fee. (NRS 657A.210, 657A.400)
1. Before the Director will approve a financial product or service for participation in the Program, the applicant must consent in writing to:
(a) The applicability of the laws of this State and the exercise of personal jurisdiction by the courts of this State over all matters related to the Program and the test of the financial product or service;
(b) The review or investigation of the credit history, criminal history and background of the applicant, if the applicant is a natural person and, if the applicant is not a natural person, each officer, director or other principal of the applicant; and
(c) Comply with any requirements imposed by the Director pursuant to NRS 657A.330, 657A.430 or 657A.620.
2. Each application must be accompanied by a nonrefundable application fee of $500.
(Added to NAC by Dep’t of Business & Industry by R089-19, eff. 2-7-2020)
NAC 657A.060 Program participant requirements. (NRS 657A.210) Except as otherwise provided in NRS 657A.100 to 657A.530, inclusive, each participant must possess each license, registration and permit required by this State or by a local governmental entity as a condition to conducting business under the Program.
(Added to NAC by Dep’t of Business & Industry by R089-19, eff. 2-7-2020)
NAC 657A.070 Program participant required to maintain current or virtual location with Director. (NRS 657A.210, 657A.400) Each participant shall maintain with the Director:
1. The current physical or virtual location of the participant established and maintained by the participant during the test of a financial product or service pursuant to NRS 657A.400; and
2. If the participant is not a natural person, the current address of each officer, director or other principal of the participant.
(Added to NAC by Dep’t of Business & Industry by R089-19, eff. 2-7-2020)
NAC 657A.080 Testing location: Accessibility; restrictions. (NRS 657A.210, 657A.400)
1. The physical or virtual location established and maintained by a participant during the test of a financial product or service pursuant to NRS 657A.400:
(a) Must be accessible to the Director from within this State; and
(b) May not be relocated without prior approval from the Director.
2. A participant shall not engage in testing within any office, suite, room or business location in which any other business is solicited or engaged, or in association or conjunction with any other business, without prior approval from the Director.
3. Each participant shall allow the Director to access and review any document maintained at the physical or virtual location of the participant pursuant to NRS 657A.100 to 657A.530, inclusive.
(Added to NAC by Dep’t of Business & Industry by R089-19, eff. 2-7-2020)
NAC 657A.090 Consumer data: Collection and recording; types. (NRS 657A.210) Each participant shall collect and record data for each consumer that purchases a financial product or service offered through the Program during the test of the financial product or service including, without limitation:
1. The name of and contact information for the consumer;
2. A description of the financial product or service; and
3. Any other relevant information regarding the transaction.
(Added to NAC by Dep’t of Business & Industry by R089-19, eff. 2-7-2020)
NAC 657A.100 Program status report: Submission; form. (NRS 657A.210, 657A.500)
1. Each participant shall submit periodic reports to the Director on the status of the test of a financial product or service, as required by the Director. The Director will consider the type of financial product or service being tested when determining the frequency of the required reports.
2. Each report must be in the form prescribed by the Director and include any documents related to the test requested by the Director.
3. The Director may request additional documents related to the test at any time. A participant must submit all documents requested pursuant to this section to the Director.
(Added to NAC by Dep’t of Business & Industry by R089-19, eff. 2-7-2020)
NAC 657A.110 Business records and data: Retention; submission to Director. (NRS 657A.210, 657A.500)
1. Each participant must retain all records and data produced in the ordinary course of business related to the testing of a financial product or service for not less than 6 years after the end of the test.
2. Each participant must submit any records or data retained pursuant to this section to the Director upon request.
(Added to NAC by Dep’t of Business & Industry by R089-19, eff. 2-7-2020)
NAC 657A.120 Complaints: Methods of resolution; copy to Bureau of Consumer Protection; removal of participant from Program. (NRS 657A.210)
1. The Director, in consultation with the applicable regulator, may resolve any complaint received relating to a financial product or service provided by a participant:
(a) By informal discussion and resolution between the consumer and the participant identified in the complaint;
(b) By referring the complaint to the Commissioner of Consumer Affairs of the Department;
(c) By requesting that the Attorney General bring an action in any court of competent jurisdiction;
(d) Pursuant to any provisions agreed to by the participant pursuant to NRS 657A.330, 657A.430 or 657A.620; or
(e) Any combination of the actions described in paragraphs (a) to (d), inclusive.
2. The Director shall provide to the Bureau of Consumer Protection in the Office of the Attorney General a copy of any complaint submitted through the toll-free telephone number or Internet website established and maintained by the Director pursuant to NRS 657A.600.
3. Nothing in this section limits the authority of the Director to remove a participant from the Program or order the participant to exit the Program pursuant to NRS 657A.610 or 657A.620 or take any other action authorized by NRS 657A.100 to 657A.530, inclusive.
(Added to NAC by Dep’t of Business & Industry by R089-19, eff. 2-7-2020)