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In a continuation of last week’s newsletter, let’s break down the prescribed requirements for the Chief Compliance Officer requirements in Nevada’s new licensing requirements effective October 1, 2023.
The new Chief Compliance Officer requirement replaces the previous Qualified Manager requirement.
Sec. 16. NRS 649.035 is amended to state: A Chief Compliance Officer (CCO) is an individual that:
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Holds a CCO certificate;
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Is the designated CCO of the collection agency;
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Equally shares responsibility of the licensee for the business operation;
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Majority of hours worked are dedicated to the actual compliance and oversight of the collection agency
Chief Compliance Officer applicants must supply the following information:
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Is at least 21 years of age;
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Has a good reputation for honesty, trustworthiness and integrity and is competent to oversee the compliance of a collection agency in a manner which protects the interests of the general public;
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Has not committed any of the acts specified in NRS 649.215
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Has not had a collection agency license or CCO certificate suspended or revoked within the 10 years immediately preceding the date of filing the application;
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Has not been convicted of, or entered a plea of nolo contendere to, a felony or any crime involving fraud, misrepresentation or moral turpitude.
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Has had not less than 2 years full-time experience with a collection agency in the collection of accounts or with a financial institution or as a Chief Compliance Officer. At least 1 year of the 2 years of experience must have been within the 18-month period preceding the date of filing the application.
Additionally, the CCO must comply with the following:
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Notify the Commissioner in writing of any change to their residence address within 10 days after the change.
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Must not be employed by more than one collection agency or employed by a collection agency and an exempt entity at the same time.
Nevada has taken the most prescriptive approach of any state regarding the role of the Chief Compliance Officer. Companies should review their CCO job description and the duties of them to ensure compliance with these new licensing rules.
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