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Nevada Revised Statutes Title 8. Commercial Instruments and Transactions § 97A.200. Prohibited acts by issuer: Increase of interest rate based upon late payment to another creditor; universal default clauses; exception

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

1. An issuer shall not:

(a) Increase the interest rate it charges a cardholder for the use of the card based upon the late payment by the cardholder to another issuer or a creditor of the cardholder that is not an affiliate or subsidiary of the issuer; or

(b) Include a universal default clause in a contract or other agreement relating to a credit card account.

2. Notwithstanding the provisions of subsection 1, an issuer may increase the interest rate it charges a cardholder for the use of the card based on a change in the credit rating of the cardholder.

3. As used in this section:

(a) “Affiliate or subsidiary of the issuer” means an affiliate or subsidiary that conducts business under a name that is:

(1) The same as the name of the issuer; or

(2) Sufficiently similar to the name of the issuer that a cardholder could reasonably believe that the cardholder is conducting business with the issuer.

(b) “Universal default clause” means a clause or provision that allows an issuer to increase the interest rate it charges a cardholder for the use of the card based upon the late payment by the cardholder to another issuer or a creditor of the cardholder that is not an affiliate or subsidiary of the issuer.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 8. Commercial Instruments and Transactions § 97A.200. Prohibited acts by issuer: Increase of interest rate based upon late payment to another creditor; universal default clauses; exception - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-8-commercial-instruments-and-transactions/nv-rev-st-97a-200/

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