NRS 604A.105

“Title loan” defined

Known as the Payday Lender Best Practices Act

The act spans §§ 604–604 (176 sections).

Applied in 2 court decisions — leading case STATE, DEP'T OF BUS. AND INDUS. VS. TITLEMAX OF NEV., INC. (2019)

Most recently applied in STATE, DEP'T OF BUS. AND INDUS. VS. TITLEMAX OF NEV., INC. (September 2021)

(Added to NRS by 2005, 1685; A 2007, 932)

1. “Title loan” means a loan made to a customer pursuant to a loan agreement which, under its original terms:

(a) Charges an annual percentage rate of more than 35 percent; and

(b) Requires the customer to secure the loan by either:

(1) Giving possession of the title to a vehicle legally owned by the customer to the licensee or any agent, affiliate or subsidiary of the licensee; or

(2) Perfecting a security interest in the vehicle by having the name of the licensee or any agent, affiliate or subsidiary of the licensee noted on the title as a lienholder.

2. The term does not include a loan which creates a purchase-money security interest in a vehicle or the refinancing of any such loan.

Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.