Notification of change in management or ownership of voting stock; application for licensure of replacement; investigation; costs; waiver.
1. A collection agency shall immediately notify the Commissioner of any change:
(a) Of the manager of the agency; or
(b) If the agency is a corporation, in the ownership of 5 percent or more of its outstanding voting stock.
2. An application must be submitted to the Commissioner, pursuant to NRS 649.095, by:
(a) The person who replaces the manager; and
(b) A person who acquires:
(1) At least 25 percent of the outstanding voting stock of an agency; or
(2) Any outstanding voting stock of an agency if the change will result in a change in the control of the agency.
Ê Except as otherwise provided in subsection 4, the Commissioner shall conduct an investigation to determine whether the applicant has the competence, experience, character and qualifications necessary for the licensing of a collection agency. If the Commissioner denies the application, he may in his order forbid the applicant from participating in the business of the collection agency.
3. The collection agency with which the applicant is affiliated shall pay such expenses incurred in the investigation as the Commissioner deems necessary. All money received by the Commissioner pursuant to this subsection must be placed in the Investigative Account created by NRS 232.545.
4. A collection agency may submit a written request to the Commissioner to waive an investigation pursuant to subsection 2. The Commissioner may grant a waiver if the applicant has undergone a similar investigation by a state or federal agency in connection with the licensing of or his employment with a financial institution.
Last modified: February 27, 2006