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Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.5037. Limitations on original term

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

1. Except as otherwise provided in this chapter, the original term of a high-interest loan must not exceed 35 days.

2. The original term of a high-interest loan may be up to 90 days if:

(a) The loan provides for payments in installments;

(b) The payments are calculated to ratably and fully amortize the entire amount of principal and interest payable on the loan;

(c) The loan is not subject to any extension;

(d) The loan does not require a balloon payment of any kind; and

(e) The loan is not a deferred deposit loan.

3. Notwithstanding the provisions of NRS 604A.5057, a licensee who operates a high-interest loan service shall not agree to establish or extend the period for the repayment, renewal, refinancing or consolidation of an outstanding high-interest loan for a period that exceeds 90 days after the date of origination of the loan.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.5037. Limitations on original term - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-52-trade-regulations-and-practices/nv-rev-st-604a-5037/

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