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NRS 604A.5053

Partial payment on loan

Known as the Payday Lender Best Practices Act

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

(Added to NRS by 2005, 1694)—(Substituted in revision for part of NRS 604A.470)

1. A customer may make a partial payment on a high-interest loan, or any extension thereof, at any time without an additional charge or fee.

2. If a customer makes such a partial payment, the licensee shall give to the customer a receipt with the following information:

(a) The name and address of the licensee;

(b) The identification number assigned to the loan agreement or other information that identifies the high-interest loan;

(c) The date of the payment;

(d) The amount paid;

(e) An itemization of interest, charges and fees;

(f) The balance due on the high-interest loan; and

(g) If more than one loan made by the licensee to the customer was outstanding at the time the payment was made, a statement indicating to which loan the payment was applied.

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