Can I accept payments online without violating payment processing laws in Nevada? What are the requirements?

Accepting Online Payments in Nevada

Nevada Revised Statutes (NRS) do not provide specific requirements for accepting payments online. However, if you operate a high-interest loan service, you are prohibited from requiring an applicant for a loan or a borrower to purchase insurance or any other goods or services as a condition of the loan ^[2.4].

If you are a licensee offering deferred deposit loan services or title loan services through an Internet website, you must be licensed in each state where any of your customers reside and comply with any state or federal law or regulation applicable to such jurisdiction ^[2.2][2.3].

Participation in the Nationwide Multistate Licensing System and Registry

The Commissioner of Financial Institutions may participate in the Nationwide Multistate Licensing System and Registry (NMLS) to carry out their duties with respect to the issuance and renewal of licenses pursuant to NRS Chapter 604A ^[1.1]. The Commissioner may require an applicant for a license or a licensee to submit a complete set of fingerprints when the Commissioner determines it necessary and may use the services of the Registry to process and submit the fingerprints to conduct a background check of the criminal history of an applicant for a license or a licensee ^{[1.3][3.1][4.1]}.

Conclusion

While the NRS does not provide specific requirements for accepting payments online, if you operate a high-interest loan service, you are prohibited from requiring an applicant for a loan or a borrower to purchase insurance or any other goods or services as a condition of the loan. If you are a licensee offering deferred deposit loan services or title loan services through an Internet website, you must be licensed in each state where any of your customers reside and comply with any state or federal law or regulation applicable to such jurisdiction.

Source(s):

• [1.1] Nationwide Multistate Licensing System and Registry: Commissioner authorized to take action to participate; charges for use; regulations; provisions do not replace or affect authority of Commissioner regarding licensing. [Effective on the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030.]
• [2.2] Licensee offering services through Internet website required to comply with applicable laws.
• [2.3] Licensee offering services through Internet website required to comply with applicable laws.
• [2.4] Prohibited acts by licensee: Accepting collateral or other types of security; failing to make certain disclosures; taking incomplete instruments; requiring the purchase of insurance or other goods or services; failing to comply with payment plan; charging fee to cash certain checks.
• [1.3] Nationwide Multistate Licensing System and Registry: Submission and processing of fingerprints. [Effective on the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030.]
• [3.1] Submission and processing of fingerprints. [Effective on the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030.]
• [4.1] Submission and processing of fingerprints. [Effective on the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030.]

Jurisdiction

Nevada

• General