On May 28, 2025, the governor of Nevada approved amendments to the Nevada Installment Loan and Finance Act, which will allow "internet consumer lenders" to become licensed in Nevada without a Nevada office location.
Historically, consumer lenders that wanted to become licensed to make loans in Nevada were first required to open an office location in Nevada, regardless of home office location, loan amount, or APR. Effective October 1, 2025, lenders that make, solicit, broker, arrange, or facilitate consumer loans exclusively through the internet (internet consumer lenders) will be able to become licensed without opening an office location in Nevada. Note that the privilege does come with one condition: unless preempted by federal law, any contract between an internet consumer lender and a Nevada consumer must be governed by Nevada law and require that any litigation, arbitration, or other dispute resolution process occur in Nevada.
At this time, the Nevada Financial Institutions Division has not yet indicated when license applications will be accepted. If you would like updates regarding the new licensing process, or if you are interested in additional information regarding the Nevada Installment Loan and Finance Act or any similar consumer lending laws, please contact Jordan Jozwik, Kristi French, or another member of Reinhart's Consumer Finance Team.
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