Nevada Revised Statutes Title 55. Banks and Related Organizations § 670B.480. Restrictions on acceleration of payments on private education loan and placement of loan or account into default; prohibited acts upon death or bankruptcy of consigner

1. A private education loan made on or after January 1, 2024, may not include a provision that allows the private education lender to accelerate, in whole or in part, payments on the private education loan, except in cases of payment default. A private education lender shall not place any loan or account into default or accelerate a loan for any reason, other than for payment default.

2. A private education loan made before January 1, 2024, may permit the private education lender to accelerate payments only if the promissory note or loan agreement explicitly authorizes an acceleration and only for the reasons stated in the note or agreement.

3. In the event of the death or bankruptcy of a cosigner:

4. A private education lender shall not place any private education loan or account into default or accelerate a private education loan while a private education loan borrower is seeking a loan modification or enrollment in a flexible repayment plan, except that a private education lender may place a loan or account into default or accelerate a loan for payment default 90 days following the private education loan borrower's default.