2005 Nevada Revised Statutes - Chapter 598B — Equal Opportunity for Credit

CHAPTER 598B - EQUAL OPPORTUNITY FORCREDIT

NRS 598B.010 Shorttitle.

NRS 598B.020 Declarationof public policy.

NRS 598B.030 Definitions.

NRS 598B.040 Applicantdefined.

NRS 598B.050 Creditdefined.

NRS 598B.060 Creditordefined.

NRS 598B.070 Divisiondefined.

NRS 598B.080 Persondefined.

NRS 598B.090 Administrationof chapter; duties of Commissioner of Financial Institutions.

NRS 598B.100 Unlawfulto discriminate on basis of sex or marital status.

NRS 598B.110 Considerationsin determining creditworthiness.

NRS 598B.115 Extensionof credit to be mailed to same address as solicitation; exception.

NRS 598B.120 Separatecredit accounts of married persons not to be aggregated for certain purposes.

NRS 598B.130 Separatereporting of credit histories required.

NRS 598B.140 Administrativeremedies: Complaint to Division.

NRS 598B.150 Administrativeremedies: Investigation and hearing by Division; witnesses.

NRS 598B.160 Administrativeremedies: Injunctive relief.

NRS 598B.170 Civilremedies: Injunctive relief; damages; remedies not cumulative with federal law.

NRS 598B.180 Limitationof actions.

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NRS 598B.010 Shorttitle. This chapter may be cited as the NevadaEqual Credit Opportunity Law.

(Added to NRS by 1975, 826)

NRS 598B.020 Declarationof public policy. It is hereby declared to bethe public policy of the State of Nevada that all people in the State desiringto obtain credit shall be afforded equal opportunity to have theircreditworthiness evaluated under the same relevant economic standards andwithout any discrimination on the basis of their sex or marital status.

(Added to NRS by 1975, 827)

NRS 598B.030 Definitions. As used in this chapter, unless the context otherwiserequires, the words and terms defined in NRS598B.040 to 598B.080, inclusive,have the meanings ascribed to them in such sections.

(Added to NRS by 1975, 827)

NRS 598B.040 Applicantdefined. Applicant means any person whoapplies to a creditor directly for an extension, renewal or continuation ofcredit, or applies to a creditor indirectly by use of an existing credit planfor an amount exceeding a previously established credit limit.

(Added to NRS by 1975, 827)

NRS 598B.050 Creditdefined. Credit means the right granted by acreditor to any person to:

1. Incur a debt and defer its payment.

2. Purchase property or services and defer payment forthe purchase.

3. Defer payment of an existing debt.

(Added to NRS by 1975, 827)

NRS 598B.060 Creditordefined. Creditor means any person who:

1. Regularly extends, renews or continues credit;

2. Regularly arranges for the extension, renewal orcontinuation of credit; or

3. Participates in the decision to extend, renew orcontinue credit as an assignee of an original creditor.

(Added to NRS by 1975, 827)

NRS 598B.070 Divisiondefined. Division means the Division of FinancialInstitutions of the Department of Business and Industry.

(Added to NRS by 1975, 827; A 1983, 1700; 1993, 1802)

NRS 598B.080 Persondefined. Person includes a government, a governmentalagency and a political subdivision of a government.

(Added to NRS by 1975, 827; A 1985, 532)

NRS 598B.090 Administrationof chapter; duties of Commissioner of Financial Institutions. The Commissioner of Financial Institutions through the Divisionshall:

1. Administer the provisions of this chapter;

2. Study the nature and extent of any discriminationas to sex or marital status in credit practices in this state; and

3. Cooperate with and assist all public and privateagencies, organizations and institutions which are formulating or carrying onprograms to prevent or eliminate discrimination on the basis of sex or maritalstatus in credit practices.

(Added to NRS by 1975, 827; A 1983, 1700; 1987, 1876)

NRS 598B.100 Unlawfulto discriminate on basis of sex or marital status. Itis unlawful for any creditor to discriminate against any applicant on the basisof the applicants sex or marital status with respect to any aspect of a credittransaction.

(Added to NRS by 1975, 827)

NRS 598B.110 Considerationsin determining creditworthiness.

1. A creditor shall consider the combined income ofboth husband and wife for the purpose of extending credit to a married coupleand shall not exclude the income of either without just cause. The creditorshall determine the creditworthiness of the couple upon a reasonable evaluationof the past, present and foreseeable economic circumstances of both spouses.

2. A request for the signatures of both parties to amarriage for the purpose of creating a valid lien or passing clear title,waiving inchoate rights to property or assigning earnings, does not constitutecredit discrimination.

3. An inquiry of marital status does not constitutediscrimination for the purposes of this chapter if such inquiry is for thepurpose of ascertaining the creditors rights and remedies applicable to theparticular extension of credit, and not to discriminate in a determination ofcreditworthiness.

4. Consideration or application of state property lawsdirectly or indirectly affecting creditworthiness does not constitutediscrimination for the purposes of this chapter.

(Added to NRS by 1975, 827)

NRS 598B.115 Extensionof credit to be mailed to same address as solicitation; exception. If a creditor mails a solicitation for the extension ofcredit to a person and the person applies for such credit, the creditor shallmail the extension of credit to the person to the same address as thesolicitation, unless the creditor verifies any change of address of the personusing a reliable method.

(Added to NRS by 1999, 1346)

NRS 598B.120 Separatecredit accounts of married persons not to be aggregated for certain purposes. If each party to a marriage separately and voluntarilyapplies for and obtains separate credit from the same creditor, the creditaccounts shall not be aggregated or otherwise combined for purposes ofdetermining permissible finance charges or loan ceilings.

(Added to NRS by 1975, 828)

NRS 598B.130 Separatereporting of credit histories required. Acredit reporting agency shall identify separately within its records of thereports it delivers, the credit histories of any person, the persons spouse,if any, and the joint accounts of the person and spouse, if any, to the extentthat such information is available to the agency.

(Added to NRS by 1975, 828)

NRS 598B.140 Administrativeremedies: Complaint to Division.

1. A complaint may be filed with the Division by anyperson who has been injured as the result of a creditors violation of anyprovision of this chapter or any regulation adopted thereunder or who hasreasonable ground to believe that he will be injured by a discriminatory actionor practice prohibited by such provisions.

2. The complaint shall be made in such form and manneras the Division prescribes by regulation.

(Added to NRS by 1975, 828)

NRS 598B.150 Administrativeremedies: Investigation and hearing by Division; witnesses.

1. Upon receipt of such a complaint or upon its owninitiative, the Division may:

(a) Investigate any matters alleged in the complaint orbelieved to be a discriminatory practice under the provisions of this chapteror regulations adopted thereunder.

(b) Eliminate or correct the cause of the complaint ordiscriminatory condition by methods of conference or conciliation.

(c) Conduct a public hearing and make a decision ororder.

2. In conducting such investigation or hearing, theDivision may issue necessary subpoenas requiring such attendance of witnessesor production of documents, and upon petition of the Division, the districtcourt may compel obedience to the subpoenas.

(Added to NRS by 1975, 828; A 1977, 81)

NRS 598B.160 Administrativeremedies: Injunctive relief. If the Divisionorders any creditor to cease and desist from a discriminatory practice and thecreditor fails to do so within 20 calendar days after service of the order, theDivision may apply to the district court for an injunction to prevent anycontinuation of the discriminatory practice.

(Added to NRS by 1975, 828)

NRS 598B.170 Civilremedies: Injunctive relief; damages; remedies not cumulative with federal law.

1. Any person injured by a discriminatory creditpractice within the scope of the provisions of this chapter may apply directlyto the district court for relief. If the court determines that the creditor hasviolated any of such provisions and that the plaintiff has been injuredthereby, the court may enjoin the creditor from continued violation, awarddamages to the plaintiff or grant both measures of relief.

2. A person may not pursue the remedy provided underthis section if he is pursuing any remedy provided under the federal EqualCredit Opportunity Act (15 U.S.C. 1691 et seq.) with respect to the samegrievance.

(Added to NRS by 1975, 828)

NRS 598B.180 Limitationof actions. Any action brought under the provisionsof this chapter shall be commenced within 1 year from the date of the occurrenceof the violation.

(Added to NRS by 1975, 829)

 

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