On May 28, the governor of Nevada approved SB 437, establishing requirements for consumer lenders operating outside the state over the internet. Under the new law, an “Internet consumer lender” is defined as an entity that exclusively makes, solicits, brokers, arranges or facilitates consumer loans through the internet. The law allows Internet consumer lenders to apply for a business license for an office located outside of Nevada without requiring a separate in-state license. Additionally, unless preempted by federal law, the law establishes that any contract between an Internet consumer lender and a Nevada resident must be governed by Nevada state laws and that any processes for resolving disputes arising from a contract with a Nevada resident occur within the state of Nevada. The law becomes effective on October 1, 2025.
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