604A.450 - Title loans: Prohibited acts by licensee regarding amount of loan and customer’s ability to repay loan. - Nevada Statutes

604A.450  Title loans: Prohibited acts by licensee regarding amount of loan and customer’s ability to repay loan.  A licensee who makes title loans shall not:

      1.  Make a title loan that exceeds the fair market value of the vehicle securing the title loan.

      2.  Make a title loan without regard to the ability of the customer seeking the title loan to repay the title loan, including the customer’s current and expected income, obligations and employment.

      3.  Make a title loan without requiring the customer to sign an affidavit which states that:

      (a) The customer has provided the licensee with true and correct information concerning the customer’s income, obligations, employment and ownership of the vehicle; and

      (b) The customer has the ability to repay the title loan.

      (Added to NRS by 2005, 1692)