676.240 - Contracts: Form; contents. [Effective through June 30, 2010.] - Nevada Statutes

676.240  Contracts: Form; contents. [Effective through June 30, 2010.]

      1.  Every debt-adjustment transaction shall be based upon a debt-adjustment contract entered into by the licensee and debtor under the provisions of this chapter. A blank form of such contract shall accompany each application for a license or renewal thereof.

      2.  The contract, an executed copy of which shall be delivered to the debtor, shall:

      (a) List all the debtor’s obligations to be adjusted.

      (b) Enumerate by name and address all the creditors holding such obligations.

      (c) State the total charges agreed upon as the fee for the services of the licensee.

      (d) Provide that upon the written consent of the debtor, additional obligations to be adjusted may be added subsequent to the date of the contract upon the same terms and conditions and at the same rate of charge as in such contract.

      (e) Indicate the beginning and expiration dates of the contract, which, in no case, may encompass a period longer than 36 months.

      (f) Provide that the debtor may terminate his or her obligations thereunder without penalty upon the payment of the charges allowed under NRS 676.250 and agreed upon by the terms of this contract.

      (Added to NRS by 1973, 1493; R 2009, 2001, effective July 1, 2010)