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Current as of January 01, 2025 | Updated by Findlaw Staff
1. “Default” means the failure of a customer to:
(a) Make a scheduled payment on a loan on or before the due date for the payment under the terms of a lawful loan agreement that complies with the provisions of NRS 604A.501, subsection 2 of NRS 604A.5029, NRS 604A.5037, subsection 2 of NRS 604A.5057 or NRS 604A.5074, as applicable, and any grace period that complies with the provisions of NRS 604A.210; or
(b) Pay a loan in full on or before the expiration of the loan period as set forth in a lawful loan agreement that complies with the provisions of NRS 604A.501, subsection 2 of NRS 604A.5029, NRS 604A.5037, subsection 2 of NRS 604A.5057 or NRS 604A.5074, as applicable, and any grace period that complies with the provisions of NRS 604A.210.
2. A default occurs on the day immediately following the date of the customer's failure to perform as described in subsection 1.
Cite this article: FindLaw.com - Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.045. “Default” defined - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-52-trade-regulations-and-practices/nv-rev-st-604a-045/
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