Welcome to the Research Assistant Weekly Newsletter - a subscriber-only resource for insight into emerging compliance challenges, details on peer calls, and links to new Research Assistant reports, documents, tools, and more.

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Research Assistant members have raised several questions about Nevada’s new licensing requirements. The new requirements add definitions and remote work permissibility, include debt buyer requirements, and replaces the Qualified Manager with a Compliance Manager. Most questions have been about the remote employee section so we’ll talk about that in this week’s newsletter. 

Permissible Use of Remote Employees 

Sections 7 and 8 of the new law address remote workers. Before a collection agent is allowed to work remotely the the agent must:

1. Sign a written agreement attesting that they will maintain specific data requirements, comply with security policies and procedures, only perform work within a description provided by their employer, agree to being monitored while at the remote location and refrain from interacting with consumers at the remote location.

2. Complete compliance training at the main office of the collection agency

3. Work at the main office of the collection agency with direct oversight and mentoring from a supervisor for at least 7 days.

Collection agencies that fulfill these requirements must be able to show compliance with the requirements outlined above. Please note that specific data security requirements can be found in section 9 of the law.

Several Research Assistant members asked: do these new remote employees open up the possibility of using offshore collection agents. 

The answer is “no”. Section 19 of the rule states: If a collection agent of the applicant will be working from a remote location, the principal place of business of the applicant must be located in the United States.

To modernize their licensing requirements and allow remote work, Nevada went to great lengths to create robust procedures for the implementation, oversight, and data security. It’s worth the time spent to make sure you have adequate policies, procedures and controls to ensure you do not run afoul of these new rules. 

You can find the complete bill here.

Documents and Crowdsourced Materials:

• Member Questions: Foreign Languages, Encryption Keys, Licensing and First Party Calls

Top Reads:

• A Peek at the Disturbing Fine Print of a Debt Settlement Contract

• CFPB Sues Auto Loan Servicer for UDAAP Violations

Upcoming Webinars/ Other Announcements:

• Upcoming Webinar: Work Smarter, Not Harder – Compliance Sells! The Intersection Between Compliance and Sales, August 22nd at 2:00 ET,  Register here.

• TCN breaks down the need-to-know changes to the TCPA in their webinar, Open the Door to SMS for Debt Collection.

• Reminder: Send any topics or questions that you want to discuss to sara@insidearm.com by Thursday to ensure it makes it on our agenda!