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Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.5034. Requirements regarding person acting as agent or assisting in making loan

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

1. A person shall not act as an agent for or assist a licensee who operates a deferred deposit loan service in the making of a deferred deposit loan unless the licensee complies with all applicable federal and state laws, regulations and guidelines.

2. The provisions of this section do not apply to the agent or assistant to a state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company if the state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company:

(a) Initially advances the loan proceeds to the customer;  and

(b) Does not sell, assign or transfer a preponderant economic interest in the deferred deposit loan to the agent or assistant or an affiliate or subsidiary of the state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company, unless selling, assigning or transferring a preponderant economic interest is expressly permitted by the primary regulator of the state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company.

3. If a licensee who operates a deferred deposit loan service acts as an agent for or assists a state or federally chartered bank, thrift company, savings and loan association, savings bank or industrial loan company in the making of a deferred deposit loan and the licensee can show that the standards set forth in subsection 2 are satisfied, the licensee must comply with all other provisions in this chapter to the extent they are not preempted by other state or federal law.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.5034. Requirements regarding person acting as agent or assisting in making loan - last updated January 01, 2021 | https://codes.findlaw.com/nv/title-52-trade-regulations-and-practices/nv-rev-st-604a-5034/

Read this complete Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.5034. Requirements regarding person acting as agent or assisting in making loan on Westlaw

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