On May 28, 2019 Gov. Steve Sisolak (D) signed into law NV SB 201 (2019) which modifies various parts of Chapter 604A of Nevada’s Revised Statutes (see https://www.leg.state.nv.us/Session/80th2019/Reports/history.cfm?DocumentType=2&BillNo=201), which chapter coincides and supplements the Federal “Military Lending Act” (10 U.S.C.A. § 987) and the Federal regulations implementing such “Act” (e.g., 32 C.F.R. Pt. 232).
Please note that while both Federal and Nevada laws exempt their MLA provisions from applying to a “residential mortgage”, this term only applies to a “credit transaction secured by an interest in a dwelling” (see 32 C.F.R. § 232.3[f][i]) – leaving a loophole which may make mortgage loans secured by vacant property subject to MLA provisions.
The (relevant) effective dates of this bill range from October 1, 2019 to July 1, 2020.
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (https://compliance.docutech.com/).