New Nevada Laws Take Effect On New Year's Day

Another batch of new laws approved by the 2007 Legislature, including one to step up regulation of the problem-plagued mortgage lending industry, will take effect on New Year's Day.

Most of the 558 new laws approved by the 2007 Legislature already are on the books.

All that's left, according to the Legislative Counsel Bureau, are sections of 14 bills that are effective Tuesday, and another 17 laws with July 1, 2008 effective dates.

The Jan. 1 laws include AB329, which requires regulations for nontraditional mortgage loans, such as interest-only loans and adjustable rate loans.

The measure was one of several sought by regulators and by homebuyers who complained about problems they encountered with their loans.

Also taking effect is AB147, which requires agencies that maintain Nevada's two group care homes, in Clark and Washoe counties, to move all children younger than six years old out of the homes.

Advocates of the law change said the constant changing of caregivers that takes place in a group home can leave children with severe emotional disturbances.

Under the law, children younger than three have to be moved by now.

Agencies have until January 2009 to move out children older than three but younger than six.

Here's a summary of other new laws:

- AB127, which originally would have allowed consumers to secretly record calls from debt collectors.

That bill was changed to allow recording only if debtors first notify the collectors that they are recording the call.

- AB600, which allows Nevadans to request that a government agency erase or keep confidential any personal information included in documents that had been submitted to the agency.

However, the documents still can include the last four digits of a social
security number.

- SB275, which expands a law requiring the state water engineer to give notice to the owner of a water right before that right is forfeited for nonuse.

Under the change, the notice is required in all areas, not just those where water-pumping records are maintained.

- SB100, which requires insurers to put compensation payments directly into an injured worker's bank account, rather than issue a check, if the worker requests it.

- AB431, which establishes a new law chapter to govern condominium hotels.

The law is patterned after existing laws that govern common-interest communities and has sections dealing with management of such hotels and protections for purchasers.


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