2017 Nevada Revised Statutes
Chapter 690D - Guaranteed Asset Protection Waivers
NRS 690D.170 - Creditor may offer waiver to certain borrowers; manner of payment; cost of waiver must be listed separately; waiver must remain part of finance agreement if assigned, sold or transferred.
1. Any creditor may offer to sell or sell a guaranteed asset protection waiver to a borrower who owes or expects to owe money to the creditor pursuant to a finance agreement. A borrower may pay for a guaranteed asset protection waiver using a one-time payment or periodic payments.
2. Except as otherwise provided in NRS 690D.100, any cost to a borrower for the purchase of a guaranteed asset protection waiver which is entered into in compliance with the Truth in Lending Act, 15 U.S.C. §§ 1601 et seq., and any regulations adopted pursuant thereto, must be separately stated as part of the amount financed and must not be considered a finance charge or interest.
3. Upon the sale of a guaranteed asset protection waiver, the guaranteed asset protection waiver becomes a part of the finance agreement. A guaranteed asset protection waiver remains a part of a finance agreement if the finance agreement is assigned, sold or transferred by the creditor.
(Added to NRS by 2015, 2637)
