675.360 - Duties of licensee. - Nevada Statutes

675.360  Duties of licensee.  Every licensee shall:

      1.  Deliver to the borrower, or if more than one, to one of them, at the time of making a loan under this chapter a copy of the loan obligation or, in lieu thereof, a statement showing in clear and distinct terms the date of the loan, the amount of the obligation, the date of its maturity, if there is one, the nature of the security, if any, for the loan, the name and address of the borrower and of the licensee, and the description or schedule of payments on that loan.

      2.  Except as otherwise provided for loans for an indefinite term in NRS 675.369, give to the person making any cash payment on account of any loan a receipt at the time that payment is made, showing the balance due, if any, after application of that payment. A receipt showing the amount of the payment only may be given temporarily and must be replaced within a reasonable time with a receipt as prescribed in this subsection.

      3.  Permit payment in advance in an amount equal to one or more full installments at any time during the regular business hours of the licensee.

      4.  Upon repayment of a loan in full, mark plainly every note or other evidence of the indebtedness or assignment signed by any obligor, or a copy thereof, with the word “paid” or “cancelled,” and release or provide the borrower evidence to release any mortgage or security instrument no longer securing any indebtedness to the licensee.

      (Added to NRS by 1959, 235; A 1985, 1679; 1995, 137)