645E.470 - Limitations on charging late fee, additional amount of interest or other penalty. - Nevada Statutes

645E.470  Limitations on charging late fee, additional amount of interest or other penalty.

      1.  If a person is required to make a payment to a mortgage banker pursuant to the terms of a loan secured by a lien on real property, the mortgage banker may not charge the person a late fee, an additional amount of interest or any other penalty in connection with that payment if the payment is delivered to the mortgage banker before 5 p.m. on:

      (a) The day that the payment is due pursuant to the terms of the loan, if an office of the mortgage banker is open to customers until 5 p.m. on that day; or

      (b) The next day that an office of the mortgage banker is open to customers until 5 p.m., if the provisions of paragraph (a) do not otherwise apply.

      2.  A person and a mortgage banker may not agree to alter or waive the provisions of this section by contract or other agreement, and any such contract or agreement is void and must not be given effect to the extent that it violates the provisions of this section.

      (Added to NRS by 1999, 3755; A 2003, 3567)