2014 Nevada Revised Statutes
Chapter 604A - Deferred Deposit Loans, High-Interest Loans, Title Loans and Check-Cashing Services
NRS 604A.425 - Prohibited acts by licensee regarding amount of loan.
1. A licensee shall not:
(a) Make a deferred deposit loan that exceeds 25 percent of the expected gross monthly income of the customer when the loan is made; or
(b) Make a high-interest loan which, 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 is not in violation of the provisions of this section if the customer presents evidence of his or her gross monthly income to the licensee and represents to the licensee in writing that:
(a) For a deferred deposit loan, the loan does not exceed 25 percent of the customer s expected gross monthly income when the loan is made; or
(b) For a high-interest loan, the monthly payment required under the terms of the loan agreement does not exceed 25 percent of the customer s expected gross monthly income.
(Added to NRS by 2005, 1690; A 2007, 936)
Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
