1. A participant may request an extension of the period of testing to apply for any license or other authorization required for the financial product or service by any statute or regulation of this State. A participant who desires such an extension must submit a written request to the Director not less than 30 days before the end of the period of testing.
2. The Director shall:
(a) Approve or deny the requested extension before the end of the prescribed period of testing; and
(b) Give written notice of the approval or denial as provided in NRS 657A.420.
3. Only one extension of the period of testing may be granted pursuant to this section. Any such extension must not exceed 1 year in duration.
4. A participant who obtains an extension shall report periodically to the Director, in writing, on the status of the efforts of the participant to obtain a license or other authorization. The first such report must be submitted within 90 days after the date of the notice described in subsection 2, and subsequent reports must be submitted at intervals of not more than 90 days until the application of the participant for a license or other authorization is finally approved or finally denied by the applicable regulator.
(Added to NRS by 2019, 3991, effective January 1, 2020)