604A.460 - Rescission of loan by customer. - Nevada Statutes

604A.460  Rescission of loan by customer.

      1.  A customer may rescind a loan on or before the close of business on the next day of business at the location where the loan was initiated. To rescind the loan, the customer must deliver to the licensee:

      (a) A sum of money equal to the face value of the loan, less any fee charged to the customer to initiate the loan; or

      (b) The original check, if any, which the licensee gave to the customer pursuant to the loan. Upon receipt of the original check, the licensee shall refund any fee charged to the customer to initiate the loan.

      2.  If a customer rescinds a loan pursuant to this section, the licensee:

      (a) Shall not charge the customer any fee for rescinding the loan; and

      (b) Upon receipt of the sum of money or check pursuant to subsection 1, shall give to the customer a receipt showing the account paid in full and:

             (1) If the customer gave to the licensee a check or a written authorization for an electronic transfer of money to initiate a deferred deposit loan, the check or written authorization stamped “void”;

             (2) If the customer gave to the licensee a promissory note to initiate a high-interest loan, a copy of the promissory note stamped “void” or the receipt stamped “paid in full”; or

             (3) If the customer gave to the licensee a title to a vehicle to initiate the title loan, the title.

      (Added to NRS by 2005, 1693; A 2007, 937)