604A.045 - Default” defined. - Nevada Statutes

604A.045  “Default” defined.

      1.  “Default” means the failure of a customer to:

      (a) Make a scheduled payment on a loan on or before the due date for the payment under the terms of a lawful loan agreement and any grace period that complies with the provisions of NRS 604A.210 or under the terms of any lawful extension or repayment plan relating to the loan and any grace period that complies with the provisions of NRS 604A.210; or

      (b) Pay a loan in full on or before:

             (1) The expiration of the initial loan period as set forth in a lawful loan agreement and any grace period that complies with the provisions of NRS 604A.210; or

             (2) The due date of any lawful extension or repayment plan relating to the loan and any grace period that complies with the provisions of NRS 604A.210, provided that the due date of the extension or repayment plan does not violate the provisions of this chapter.

      2.  A default occurs on the day immediately following the date of the customer’s failure to perform as described in subsection 1.

      (Added to NRS by 2005, 1684)