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Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.5076. Prohibited acts by licensee regarding amount of loan, ownership of vehicle and customer's ability to repay loan

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

A licensee who makes title loans shall not:

1. Make a title loan that exceeds the fair market value of the vehicle securing the title loan.

2. Make a title loan to a customer secured by a vehicle which is not legally owned by the customer.

3. Make a title loan without determining that the customer has the ability to repay the title loan, as required by NRS 604A.5065. In complying with this subsection, the licensee shall not consider the income of any person who is not a legal owner of the vehicle securing the title loan but may consider a customer's community property and the income of any other customers who consent to the loan pursuant to subsection 5 and enter into a loan agreement with the licensee.

4. Make a title loan without requiring the customer to sign an affidavit which states that:

(a) The customer has provided the licensee with true and correct information concerning the customer's income, obligations, employment and ownership of the vehicle; and

(b) The customer has the ability to repay the title loan.

5. Make a title loan secured by a vehicle with multiple legal owners without the consent of each owner.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 52. Trade Regulations and Practices § 604A.5076. Prohibited acts by licensee regarding amount of loan, ownership of vehicle and customer's ability to repay loan - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-52-trade-regulations-and-practices/nv-rev-st-604a-5076/

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