604A.425 - Prohibited acts by licensee regarding amount of loan. - Nevada Statutes

604A.425  Prohibited acts by licensee regarding amount of loan.

      1.  A licensee shall not:

      (a) Make a deferred deposit loan that exceeds 25 percent of the expected gross monthly income of the customer when the loan is made; or

      (b) Make a high-interest loan which, under the terms of the loan agreement, requires any monthly payment that exceeds 25 percent of the expected gross monthly income of the customer.

      2.  A licensee is not in violation of the provisions of this section if the customer presents evidence of his or her gross monthly income to the licensee and represents to the licensee in writing that:

      (a) For a deferred deposit loan, the loan does not exceed 25 percent of the customer’s expected gross monthly income when the loan is made; or

      (b) For a high-interest loan, the monthly payment required under the terms of the loan agreement does not exceed 25 percent of the customer’s expected gross monthly income.

      (Added to NRS by 2005, 1690; A 2007, 936)