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Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.5017. Limitation regarding amount of loan

Current as of January 01, 2021 | Updated by FindLaw Staff

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.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.5017. Limitation regarding amount of loan - last updated January 01, 2021 | https://codes.findlaw.com/nv/title-52-trade-regulations-and-practices/nv-rev-st-604a-5017/

Read this complete Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.5017. Limitation regarding amount of loan on Westlaw

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