2014 Nevada Revised Statutes
Chapter 604A - Deferred Deposit Loans, High-Interest Loans, Title Loans and Check-Cashing Services
NRS 604A.450 - Title loans: Prohibited acts by licensee regarding amount of loan and customer s ability to repay loan.
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 without regard to the ability of the customer seeking the title loan to repay the title loan, including the customer s current and expected income, obligations and employment.
3. 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.
(Added to NRS by 2005, 1692)
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