NRS 604A.5037

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 high-interest loan must not exceed 35 days.

2. The original term of a high-interest loan may be up to 90 days if:

(a) The loan provides for payments in installments;

(b) The payments are calculated to ratably and fully amortize the entire amount of principal and interest payable on the loan;

(d) The loan does not require a balloon payment of any kind; and

(e) The loan is not a deferred deposit loan.

3. Notwithstanding the provisions of NRS 604A.5057, a licensee who operates a high-interest loan service shall not agree to establish or extend the period for the repayment, renewal, refinancing or consolidation of an outstanding high-interest 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.