604A.105 - Title loan” defined. - Nevada Statutes

604A.105  “Title loan” defined.

      1.  “Title loan” means a loan made to a customer pursuant to a loan agreement which, under its original terms:

      (a) Charges an annual percentage rate of more than 35 percent; and

      (b) Requires the customer to secure the loan by either:

             (1) Giving possession of the title to a vehicle legally owned by the customer to the licensee or any agent, affiliate or subsidiary of the licensee; or

             (2) Perfecting a security interest in the vehicle by having the name of the licensee or any agent, affiliate or subsidiary of the licensee noted on the title as a lienholder.

      2.  The term does not include a loan which creates a purchase-money security interest in a vehicle or the refinancing of any such loan.

      (Added to NRS by 2005, 1685; A 2007, 932)