Nevada Payday Loans

Relevant Legal Excerpts for Nevada Payday Loans

NAC 604A.130 Notice of fees charged for services. (NRS 604A.300, 604A.405)

1. The notice required by paragraph (a) of subsection 1 of NRS 604A.405 must:

(a) Comply with the applicable provisions of Regulation Z and the Truth in Lending Act.
(b) Set forth the actual fees charged for each service.
(c) Except as otherwise provided in subsection 2, be in substantially the following form:

NOTICE OF FEES CHARGED FOR SERVICES
Check-cashing fee......................   $___.__
Deferred deposit loan fee..............   $___.__
Short-term loan fee....................   $___.__
Title loan fee.........................   $___.__

(d) If printed, be in boldface type. Information that must be printed in all upper case letters must be printed in at least 18-point type. All other information must be printed in at least 16-point type.
(e) If handwritten or displayed digitally or by other electronic means, be in characters that are equivalent in intensity, legibility and size to the characters required for printed matter.

2. A licensee shall not include in this notice a fee for any service that he is not licensed to provide.

NAC 604A.140 Notice of toll-free telephone number for concerns and complaints. (NRS 604A.300, 604A.405)

The notice required pursuant to paragraph (b) of subsection 1 of NRS 604A.405 must:

1. Be in substantially the following form:

NOTICE OF RIGHT TO CONTACT THE OFFICE OF THE COMMISSIONER OF FINANCIAL INSTITUTIONS REGARDING CONCERNS OR COMPLAINTS

You may contact the Office of the Commissioner of Financial Institutions regarding concerns or complaints about the service provider with whom you are dealing by calling the following toll-free telephone number in Nevada: 1 (866) 858-8951.

2. If printed, be in boldface type. Information that must be printed in all upper case letters, and the telephone number, must be printed in at least 18-point type. All other information must be printed in at least 16-point type.

3. If handwritten or displayed digitally or by other electronic means, be in characters that are equivalent in intensity, legibility and size to the characters required for printed matter.

NAC 604A.150 Display of hours of operation; termination of prescribed period for performance of act by customer. (NRS 604A.300)

1. A licensee shall prominently display at each location where he does business a notice that sets forth the days of the week and the hours of the day that the location is open for business.

2. A customer who is entitled or required to perform an act within a prescribed period, including a customer entitled to rescind a loan pursuant to NRS 604A.460, may perform the act at any time before the close of business on the last day within the prescribed period. If the last day is not a business day, or the location is not otherwise open for business on that day, the period during which the customer may perform the act is extended until the next business day at that location.

3. If a licensee closes a business location earlier than the time of day set forth in the licensee’s notice, the period during which the customer may perform the act is extended until the close of business on the next business day on which the location remains open for business until the time set forth in the notice.

4. For the purposes of this section, the business day of a location that is open for business after midnight shall be deemed to end at midnight.

NAC 604A.170 Delivery to customer of notice of opportunity to enter into repayment plan. (NRS 604A.300, 604A.475)

1. A licensee who is required to provide a customer with written notice of the opportunity to enter into a repayment plan pursuant to NRS 604A.475 may deliver the written notice to the customer using any method of delivery that generates a record of the delivery.

2. A person who delivers a notice to a customer in person must execute an affidavit of delivery.

NAC 604A.180 Documentation of compliance with limitations on amounts of deferred deposit loans and short-term loans. (NRS 604A.300, 604A.425)

1. A licensee shall maintain written documentation to establish that, except as otherwise provided in NRS 604A.425 and 604A.430, he has not made a:

(a) Deferred deposit loan that exceeds 25 percent of the expected gross monthly income of the customer when the loan is made; or
(b) Short-term loan that, under the terms of the loan agreement, requires any monthly payment that exceeds 25 percent of the expected gross monthly income of the customer.

2. A licensee shall maintain separate written documentation for each deferred deposit loan or short-term loan the licensee makes to a customer.

3. A licensee who fails to provide the Commissioner with the documentation required by this section is presumed to have violated NRS 604A.425.

NAC 604A.220 Prohibited acts: Acceptance of check as security for short-term loan or title loan. (NRS 604A.300, 604A.435)

A licensee who accepts a check as security for a short-term loan or title loan violates NRS 604A.435 even if:

1. The check is not negotiable; or

2. The licensee does not negotiate the check.

NAC 604A.230 Prohibited acts: Miscellaneous acts. (NRS 604A.300)

1. A licensee shall not:

(a) Require or accept a guarantor to a transaction entered into with a customer.
(b) Issue his own check to a customer unless the check is drawn on an account that is:

(1) Insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or a private insurer approved pursuant to NRS 678.755;
(2) Identified as belonging to the licensee; and
(3) Maintained in a depository institution authorized to do business in this State.

(c) Use any device, subterfuge, pretense or deceptive means or representations to collect on a check.
(d) Collect or attempt to collect any interest incidental to the check other than the fees set forth in this chapter and chapter 604A of NRS.
(e) Operate his business from any location other than the location listed on his license.
(f) Harass the employer of a customer in attempting to collect on a check.
(g) Advertise for sale or threaten to advertise for sale any check as a means to enforce payment of the check, unless the licensee is acting pursuant to a court order.
(h) Except as otherwise provided in this paragraph, publish or post, or cause to be published or posted, a list of customers who have not paid on their checks. A licensee may publish or post such a list for the benefit of his agents, employees, officers, managers, stockholders or membership in connection with the internal affairs of the licensee. This provision does not prevent a licensee from providing information concerning a customer to a consumer reporting agency.

2. This section does not prohibit a licensee from selling his receivables or assigning past due receivables to a collection agent for collection.

3. As used in this section, "consumer reporting agency" has the meaning ascribed to it in section 603(f) of the Fair Credit Reporting Act, 15 U.S.C. § 1681a(f).

NRS 604A.405 Required notices and disclosures.

1. A licensee shall post in a conspicuous place in every location at which he conducts business under his license:

(a) A notice that states the fees he charges for providing check-cashing services, deferred deposit loan services, high-interest loan services or title loan services.
(b) A notice that states a toll-free telephone number to the Office of the Commissioner to handle concerns or complaints of customers.

The Commissioner shall adopt regulations prescribing the form and size of the notices required by this subsection.

2. If a licensee offers loans to customers at a kiosk, through the Internet, through any telephone, facsimile machine or other telecommunication device or through any other machine, network, system, device or means, except for an automated loan machine prohibited by NRS 604A.400, the licensee shall, as appropriate to the location or method for making the loan, post in a conspicuous place where customers will see it before they enter into a loan, or disclose in an open and obvious manner to customers before they enter into a loan, a notice that states:

(a) The types of loans the licensee offers and the fees he charges for making each type of loan; and
(b) A list of the states where the licensee is licensed or authorized to conduct business from outside this State with customers located in this State.

NRS 604A.408 Limitations on original term of deferred deposit and high-interest loans.

1. Except as otherwise provided in this chapter, the original term of a deferred deposit loan or 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; and
(d) The loan does not require a balloon payment of any kind.

3. Notwithstanding the provisions of NRS 604A.480, a licensee shall not agree to establish or extend the period for the repayment, renewal refinancing or consolidation of an outstanding deferred deposit loan or high-interest loan for a period that exceeds 90 days after the date of origination of the loan.

NRS 604A.480 Limitations on using proceeds of new loan to pay balance of outstanding loan; exceptions.

1. Except as otherwise provided in subsection 2, if a customer agrees in writing to establish or extend the period for the repayment, renewal, refinancing or consolidation of an outstanding loan by using the proceeds of a new deferred deposit loan or high-interest loan to pay the balance of the outstanding loan, the licensee shall not establish or extend the period beyond 60 days after the expiration of the initial loan period. The licensee shall not add any unpaid interest or other charges accrued during the original term of the outstanding loan or any extension of the outstanding loan to the principal amount of the new deferred deposit loan or high-interest loan.

2. This section does not apply to a new deferred deposit loan or high-interest loan if the licensee:

(a) Makes the new deferred deposit loan or high-interest loan to a customer pursuant to a loan agreement which, under its original terms:

(1) Charges an annual percentage rate of less than 200 percent;
(2) Requires the customer to make a payment on the loan at least once every 30 days;
(3) Requires the loan to be paid in full in not less than 150 days; and
(4) Provides that interest does not accrue on the loan at the annual percentage rate set forth in the loan agreement after the date of maturity of the loan;

(b) Performs a credit check of the customer with a major consumer reporting agency before making the loan;
(c) Reports information relating to the loan experience of the customer to a major consumer reporting agency;
(d) Gives the customer the right to rescind the new deferred deposit loan or high-interest loan within 5 days after the loan is made without charging the customer any fee for rescinding the loan;
(e) Participates in good faith with a counseling agency that is:

(1) Accredited by the Council on Accreditation for Services for Families and Children, Inc., or its successor organization; and
(2) A member of the National Foundation for Credit Counseling, or its successor organization; and

(f) Does not commence any civil action or process of alternative dispute resolution on a defaulted loan or any extension or repayment plan thereof.

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