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Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.5024. Payment of loan in full

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

1. A customer may pay a deferred deposit loan, or any extension thereof, in full at any time, without an additional charge or fee, before the date the customer’s final payment on the deferred deposit loan, or any extension thereof, is due.

2. If a customer pays the deferred deposit loan in full, including all interest, charges and fees negotiated and agreed to by the licensee and customer as permitted under this chapter, the licensee shall:

(a) Give to the customer the check or the written authorization used to initiate the deferred deposit loan which must be stamped “void”; and

(b) Give to the customer a receipt with the following information:

(1) The name and address of the licensee;

(2) The identification number assigned to the loan agreement or other information that identifies the deferred deposit loan;

(3) The date of the payment;

(4) The amount paid;

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

(6) A statement that the deferred deposit loan is paid in full; and

(7) 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.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.5024. Payment of loan in full - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-52-trade-regulations-and-practices/nv-rev-st-604a-5024/

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