Nev. Admin. Code § 445A.Sec. 3.1 - NEW
1. Except as otherwise provided in subsection
5, the Division shall charge a recipient a loan origination fee of:
(a) If the recipient receives a principal
forgiveness loan or a short-term loan, $1,000.
(b) If the recipient receives a long-term
loan, 0.5 percent of the total amount of
the longterm loan.
2. A
loan origination fee required pursuant to subsection 1 is due to the Division
not later than 30 days after the closing of the loan.
3. Except as otherwise provided in subsection
5, in addition to a loan origination fee, the Division shall charge a
recipient:
(a) If the recipient issues a bond,
a fee equal to
0.5 percent of the original loan
amount.
(b) If the recipient does
not issue a bond, a fee equal to
0.75 percent of the original loan
amount.
4. Any fee
required pursuant to subsection 3 must be paid to the Division in equal
installments over the life of the loan and is due to the Division not later
than January 1 of each year.
5. The
Division shall not collect from a recipient any fee set forth in this section
if the recipient receives financial assistance for a water project that will
serve a disadvantaged community.
Notes
NRS 445A.270, 445A.280
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