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Nevada Revised Statutes Title 15. Crimes and Punishments § 205.950. Unlawful receipt of fee, salary, deposit or money to obtain loan for another; penalties

Current as of January 01, 2025 | Updated by Findlaw Staff

1. It is unlawful for a person to receive an advance fee, salary, deposit or money to obtain a loan for another unless the person places the advance fee, salary, deposit or money in escrow pending completion of the loan or a commitment for the loan.

2. Advance payments to cover reasonably estimated costs paid to third persons are excluded from the provisions of subsection 1 if the person making them first signs a written agreement which specifies the estimated costs by item and the estimated aggregate cost, and which recites that money advanced for costs will not be refunded. If an itemized service is not performed and the estimated cost thereof is not refunded, the recipient of the advance payment is subject to the penalties provided in subsection 3.

3. A person who violates the provisions of this section:

(a) Is guilty of a misdemeanor if the amount is less than $1,200; or

(b) Is guilty of a category D felony if the amount is $1,200 or more and shall be punished as provided in NRS 193.130.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 15. Crimes and Punishments § 205.950. Unlawful receipt of fee, salary, deposit or money to obtain loan for another; penalties - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-15-crimes-and-punishments/nv-rev-st-205-950/

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