Nev. Admin. Code § 397.070 - Director authorized to negotiate terms of repayment of loan or stipend; collection of debt
1. The Commission
will, for any stipend that is converted to a loan pursuant to
NRS
397.0645:
(a) Establish an interest rate not to exceed
8 percent per year; and
(b)
Schedule the repayment of such a loan for a period:
(1) Not to exceed 5 years for a loan that is
less than $10,000;
(2) Not to
exceed 8 years for a loan that is at least $10,000 but less than $20,000;
and
(3) Not to exceed 10 years for
a loan that is $20,000 or more.
2. The Director of the Nevada Office may
negotiate the terms of repayment of a stipend that is converted to a loan
pursuant to NRS
397.0645, including, without limitation, how
and when a recipient of such a loan who is in default will be required to make
payments.
3. If a recipient of a
stipend that is converted to a loan pursuant to
NRS
397.0645 is in default of payment for 120
days or more, the Director may coordinate debt collection efforts as the
Director deems necessary.
Notes
NRS 397.020, 397.030, 397.040, 397.0645
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1. The Commission will, for any stipend that is converted to a loan pursuant to NRS 397.0645:
(a) Establish an interest rate not to exceed 8 percent per year; and
(b) Schedule the repayment of such a loan for a period:
(1) Not to exceed 5 years for a loan that is less than $10,000;
(2) Not to exceed 8 years for a loan that is at least $10,000 but less than $20,000; and
(3) Not to exceed 10 years for a loan that is $20,000 or more.
2. The Director of the Nevada Office may negotiate the terms of repayment of a stipend that is converted to a loan pursuant to NRS 397.0645, including, without limitation, how and when a recipient of such a loan who is in default will be required to make payments.
3. If a recipient of a stipend that is converted to a loan pursuant to NRS 397.0645 is in default of payment for 120 days or more, the Director may coordinate debt collection efforts as the Director deems necessary.
Notes
NRS 397.020, 397.030, 397.040, 397.0645