Can I collect financial information from participants in Nevada? What are the requirements?

Collecting Financial Information from Participants in Nevada

Based on the provided documents, there are specific requirements for collecting financial information from individuals or organizations in Nevada.

According to NVRS 239A.080, a governmental agency can request or receive financial records of any customer from a financial institution only if the request relates to a lawful investigation of the customer, the financial records are described in the request with particularity and are consistent with the scope and requirements of the investigation, and the officer, employee, or agent furnishes the financial institution with a customer authorization, subpoena, or search warrant authorizing examination or disclosure of such records.

Similarly, NVAC 388D.050 requires registered scholarship organizations to submit an audited or compiled financial statement to the Department of Education within 180 days after the conclusion of the fiscal year of the scholarship organization. If the scholarship organization no longer meets the qualifications prescribed by law to participate in the Nevada Educational Choice Scholarship Program as a scholarship organization or ceases to exist, it must notify the Department of Education within 30 days. The Superintendent of Public Instruction or his or her designee can request financial records of the scholarship organization or records concerning a pupil maintained by the scholarship organization for inspection during regular business hours.

NVRS 675.166 and NVRS 645G.270 require the Commissioner of Financial Institutions to report regularly any violations of applicable laws committed by applicants for a license or licensees, enforcement actions, and other relevant information to the Registry. The requirements under any federal or state law regarding the privacy and confidentiality of any information or material provided to the Registry and any privilege arising under federal or state law with respect to such information or material continue to apply to such information or material after it has been disclosed to the Registry. Such information and material may be shared with federal and state regulatory officials with oversight authority over licensees without the loss of privilege or the loss of confidentiality protections provided by federal or state law.

NVRS 671.098 requires each applicant for the issuance of a license pursuant to this chapter and each owner, officer, director, and responsible person of the applicant, each person in control of the applicant, and any other person the Commissioner may require to submit to the Registry a complete set of fingerprints for submission to the Federal Bureau of Investigation and any other governmental agency or entity authorized to receive such information for a state, national, and international background check on the criminal history of the person. The applicant must also provide information concerning the personal history, financial history, and experience of the person in a form prescribed by the Registry, including an authorization of the person for the Registry and the Commissioner to obtain an independent credit report and credit score from a consumer reporting agency for the purpose of evaluating the financial responsibility of the person at the time of the submission of the application.

Requirements for Collecting Financial Information

Based on the above documents, the requirements for collecting financial information from participants in Nevada depend on the purpose of the collection and the type of organization collecting the information. In general, financial information can only be collected if it is related to a lawful investigation or if it is required by law for a specific purpose, such as submitting an audited or compiled financial statement to the Department of Education or applying for a license. Additionally, any collection of financial information must comply with federal and state laws regarding privacy and confidentiality.

NVRS 676A.340, NVRS 671.096, and NVRS 676A.430 require the Commissioner of Financial Institutions to report regularly any violations of applicable laws committed by applicants for licenses or licensees, enforcement actions, and other relevant information to the Registry. The requirements under any federal or state law regarding the privacy and confidentiality of any information or material provided to the Registry and any privilege arising under federal or state law with respect to such information or material continue to apply to such information or material after it has been disclosed to the Registry. Such information and material may be shared with federal and state regulatory officials with oversight authority over licensees without the loss of privilege or the loss of confidentiality protections provided by federal or state law.

Therefore, if you are collecting financial information for any purpose other than those mentioned above, you must ensure that you comply with all applicable federal and state laws regarding privacy and confidentiality.

Jurisdiction

Nevada

• Privacy