1. “Default” means the failure of a customer to:
(a) Make a scheduled payment on a loan on or before the due date for the payment under the terms of a lawful loan agreement that complies with the provisions of NRS 604A.501, subsection 2 of NRS 604A.5029, NRS 604A.5037, subsection 2 of NRS 604A.5057 or NRS 604A.5074, as applicable, and any grace period that complies with the provisions of NRS 604A.210; or
(b) Pay a loan in full on or before the expiration of the loan period as set forth in a lawful loan agreement that complies with the provisions of NRS 604A.501, subsection 2 of NRS 604A.5029, NRS 604A.5037, subsection 2 of NRS 604A.5057 or NRS 604A.5074, as applicable, and any grace period that complies with the provisions of NRS 604A.210.
2. A default occurs on the day immediately following the date of the customer’s failure to perform as described in subsection 1.