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NRS 604A.5017

Limitation regarding amount of loan

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 2005, 1690; A 2007, 936; 2019, 944)

1. A licensee who operates a deferred deposit loan service shall not make a deferred deposit loan that, in combination with any other outstanding loan of the customer, exceeds 25 percent of the expected gross monthly income of the customer when the deferred deposit loan is made.

2. A licensee who operates a deferred deposit loan service is not in violation of the provisions of this section if:

(a) The customer presents evidence of his or her gross monthly income to the licensee and represents to the licensee in writing that the deferred deposit loan does not exceed 25 percent of the customer’s expected gross monthly income when the loan is made; and

(b) The licensee has utilized the database established pursuant to NRS 604A.303 to ensure that the deferred deposit loan, in combination with any other outstanding loan of the customer, does not exceed 25 percent of the customer’s expected gross monthly income when the deferred deposit loan is made.

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