Limitations on original term
Known as the Payday Lender Best Practices Act
The act spans §§ 604–604 (176 sections).
Applied in 1 court decision — leading case STATE, DEP'T OF BUS. AND INDUS. VS. TITLEMAX OF NEV., INC. (2021)
Most recently applied in STATE, DEP'T OF BUS. AND INDUS. VS. TITLEMAX OF NEV., INC. (September 2021)
(Added to NRS by 2007, 931; A 2017, 1440)—(Substituted in revision for part of NRS 604A.408)
1. Except as otherwise provided in this chapter, the original term of a deferred deposit loan must not exceed 35 days.
2. Notwithstanding the provisions of NRS 604A.5029, a licensee who operates a deferred deposit loan service shall not agree to establish or extend the period for the repayment, renewal, refinancing or consolidation of an outstanding deferred deposit loan for a period that exceeds 90 days after the date of origination of the loan.
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.