Notices & Information
SB 306 Section 8.5 Compliance
To facilitate your compliance with Section 8.5 of Senate Bill 306 that is effective October 1, 2015 (see attached SB 306 – Section 8.5).
Section 8.5 of Senate Bill 306 requires a financial institution that is a mortgagee or beneficiary of a deed of trust under certain residential mortgage loans to provide to the Division of Financial Institutions of the Department of Business and Industry the name, street address, and any other contact information of a person to whom: (1) a borrower or a borrower’s representative may send information and notices to facilitate a mediation under the Foreclosure Mediation Program (NRS 40.437 and 107.086); and (2) a unit-owners’ association may mail notices concerning the association’s lien (NRS 116.3116 to 116.31168).
To facilitate compliance with these provisions of SB 306, the attached “Contact Information Form” versions have been developed for your institution to submit the required information to the Nevada Financial Institutions Division (NFID). One version is ‘Form Fill’ for electronic completion on your computer. The other version is ‘Print Fill’ for those who need to complete a hard copy of the form. Once completed, the form should be submitted to the NFID at the applicable address (electronic or physical) at the top of the form. The contact information will be posted on the NFID’s website as required by SB 306 – Section 8.5. If the contact information provided should change in the future, an ‘Update’ “Contact Information Form” should be submitted to the NFID.
Contact Information should be submitted to the NFID prior to October 1, 2015 to ensure compliance with Section 8.5 of SB 306.
Thank you for your cooperation in achieving compliance with Senate Bill 306 – Section 8.5. If you should have any questions regarding this matter, please do not hesitate to contact us.
Financial Institutions Contact Information (SB 306 - 8.5)
Financial Literacy Resources
FDIC Customer Assistance (Last updated May 1, 2009)
The Federal Deposit Insurance Corporation (FDIC) has created the Office of the Ombudsman that is specifically designed to assist customers with loans at failed banks.
This complements the extensive work that the FDIC conducts on behalf of the public, and is another effort to provide effective avenues to address questions or concerns of borrowers of failed banks.
The FDIC's Division of Resolutions and Receiverships (DRR) will continue to have primary responsibility for working closely and proactively with customers of failed banks to address their concerns and transition them to new banking and lending relationships. However, this unit gives borrowers an additional venue for having their concerns addressed by the FDIC.
This guide will help inform customers that had loans with failed institutions about what they can expect to occur in the receivership process, including the disposition of loans, workout steps taken on delinquent loans and an explanation of borrower rights. The guide will also provide borrowers with the resources to quickly address issues with the FDIC, including contact information for the Ombudsman's Office.
For general inquiries for the banking industry and the general public: