NRS 604A.5011
Licensee required to make determination of ability of customer to repay loan and compliance of loan with certain requirements before making loan.

1.

A licensee who operates a deferred deposit loan service shall not make a deferred deposit loan pursuant to this chapter unless the licensee determines pursuant to subsection 2 that the customer has the ability to repay the deferred deposit loan and that the deferred deposit loan complies with the provisions of NRS 604A.5017 or subsection 2 of NRS 604A.5029, as applicable.

2.

For the purposes of subsection 1, a customer has the ability to repay a deferred deposit loan if the customer has a reasonable ability to repay the deferred deposit loan, as determined by the licensee after considering, to the extent available, the following underwriting factors:

(a)

The current or reasonably expected income of the customer;

(b)

The current employment status of the customer based on evidence including, without limitation, a pay stub or bank deposit;

(c)

The credit history of the customer;

(d)

The amount due under the original term of the deferred deposit loan, the monthly payment on the deferred deposit loan, if the deferred deposit loan is an installment loan, or the potential repayment plan if the customer defaults on the deferred deposit loan; and

(e)

Other evidence, including, without limitation, bank statements, electronic bank statements and written representations to the licensee.

3.

For the purposes of subsection 1, a licensee who operates a deferred deposit loan service shall not consider the ability of any person other than the customer to repay the deferred deposit loan.

Source: Section 604A.5011 — Licensee required to make determination of ability of customer to repay loan and compliance of loan with certain requirements before making loan., https://www.­leg.­state.­nv.­us/NRS/NRS-604A.­html#NRS604ASec5011.

604A.010
Definitions. 604A.015
“Automated loan machine” defined. 604A.020
“Cashing” defined. 604A.025
“Check” defined. 604A.030
“Check-cashing service” defined. 604A.035
“Commissioner” defined. 604A.036
“Consumer credit” defined. 604A.038
“Covered service member” defined. 604A.040
“Customer” defined. 604A.045
“Default” defined. 604A.050
“Deferred deposit loan” defined. 604A.055
“Deferred deposit loan service” defined. 604A.057
“Dependent” defined. 604A.060
“Electronic transfer of money” defined. 604A.065
“Extension” defined. 604A.070
“Grace period” defined. 604A.075
“Licensee” defined. 604A.080
“Loan” defined. 604A.085
“Refund anticipation loan” defined. 604A.090
“Regulation Z” defined. 604A.105
“Title loan” defined. 604A.110
“Title loan service” defined. 604A.115
“Title to a vehicle” or “title” defined. 604A.120
“Truth in Lending Act” defined. 604A.125
“Vehicle” defined. 604A.150
Additional terms defined under federal law 604A.200
Application of chapter to persons who seek to evade its provisions. 604A.210
Chapter does not prohibit licensee from offering customer grace period 604A.220
Uniformity of application and construction 604A.230
Effect of amendment or repeal of chapter on preexisting lawful contracts. 604A.240
Collection of loans made outside State. 604A.250
Exemptions from chapter. 604A.260
Applicability of provisions of chapter governing enforcement or collection of obligations originated under chapter. 604A.300
Regulations. 604A.303
Commissioner required to implement and maintain database of certain information related to deferred deposit loans, title loans and high-interest loans 604A.305
Authority to inform public of certain information relating to licensees offering services through Internet website. 604A.310
Certain relationships between officers and employees of Division of Financial Institutions and licensees prohibited 604A.315
Commissioner required to investigate alleged violations of chapter. 604A.400
Operation of check-cashing service, deferred deposit loan service, high-interest loan service or title loan service without license prohibited 604A.405
Required notices and disclosures 604A.411
Violation of provision of federal Warner Act constitutes violation of chapter. 604A.501
Limitations on original term. 604A.502
Prohibited acts by licensee: Accepting collateral or other types of security 604A.503
Limitations on amounts licensee may collect after default. 604A.504
Written loan agreement required 604A.505
Rescission of loan by customer. 604A.506
Limitations on fees licensees may charge after default on installment payments. 604A.507
Practices regarding customers who are members of military. 604A.508
Payment of loan in full. 604A.509
Practices regarding customers who are members of military. 604A.510
Short title. 604A.515
Applicability. 604A.570
Required disclosures. 604A.571
Prohibited fees. 604A.572
Prohibited advertisements. 604A.573
Required notices. 604A.574
Limitations on extended term of loans. 604A.575
Rescission of loan by customer. 604A.576
Collection of past due accounts 604A.577
Reporting violations of chapter. 604A.578
Certain licensees required to offer repayment plan. 604A.579
Licensee offering services through Internet website required to comply with applicable laws. 604A.580
Required disclosures. 604A.581
Prohibited fees. 604A.582
Prohibited advertisements. 604A.583
Required notices. 604A.584
Limitations on extended term of loans. 604A.585
Rescission of loan by customer. 604A.586
Collection of past due accounts 604A.587
Reporting violations of chapter. 604A.588
Certain licensees required to offer repayment plan. 604A.589
Licensee offering services through Internet website required to comply with applicable laws. 604A.590
Required disclosures. 604A.591
Prohibited fees. 604A.592
Prohibited advertisements. 604A.593
Required notices. 604A.594
Rescission of loan by customer. 604A.595
Collection of past due accounts 604A.596
Reporting violations of chapter. 604A.597
Certain licensees required to offer repayment plan. 604A.598
Licensee offering services through Internet website required to comply with applicable laws. 604A.600
Application for license. 604A.605
Additional materials to be submitted with application 604A.610
Surety bond. 604A.615
Deposit of securities in lieu of surety bond. 604A.620
Application for license for office or other place of business located outside State. 604A.625
Investigation of applicant 604A.630
Procedure upon denial of license. 604A.635
Issuance of license 604A.640
Expiration, renewal and reinstatement of license 604A.645
Change of control of licensee: Notice 604A.650
Licensee must conduct business in accordance with license 604A.655
Restrictions on location where licensee may conduct business 604A.660
Change of address by licensee: Notice 604A.700
Required books and records. 604A.0703
“High-interest loan” defined. 604A.0705
“High-interest loan service” defined. 604A.710
Investigation of businesses 604A.720
Authority of Commissioner to require attendance of witnesses and production of books and records. 604A.730
Annual examinations by Commissioner 604A.740
Fees for regulatory activities 604A.750
Annual report by licensee 604A.760
Fees for failure to submit reports. 604A.800
Temporary suspension of license: Conditions 604A.810
Order to desist and refrain 604A.820
Procedure for taking disciplinary action 604A.830
Additional grounds for disciplinary action. 604A.840
Surrender of license by licensee 604A.850
Preexisting contracts unaffected by revocation, suspension, expiration or surrender of license. 604A.900
Remedies for certain willful violations. 604A.910
Administrative fines for unlicensed activity. 604A.920
Other remedies for unlicensed activity. 604A.930
Civil action. 604A.940
Exercise of jurisdiction over party to civil action 604A.5011
Licensee required to make determination of ability of customer to repay loan and compliance of loan with certain requirements before making loan. 604A.5012
Written loan agreement required 604A.5014
Requirements for collection of defaulted loan 604A.5015
Practices regarding customers who are members of military. 604A.5016
Provision of information and materials concerning public assistance and services. 604A.5017
Limitation regarding amount of loan. 604A.5018
Prohibited acts by licensee regarding multiple loans to same customer. 604A.5021
Prohibited acts by licensee: Improper lending and collection practices 604A.5023
Rescission of loan by customer. 604A.5024
Payment of loan in full. 604A.5025
Partial payment on loan. 604A.5026
Extended payment plan: Customer eligibility 604A.5027
Repayment plan. 604A.5029
Limitations on using proceeds of new deferred deposit loan or high-interest loan to pay balance of outstanding deferred deposit loan 604A.5031
Limitations on fees licensee may collect for check not paid upon presentment or failure of electronic transfer of money 604A.5033
Receipt required for each payment by customer 604A.5034
Requirements regarding person acting as agent or assisting in making loan. 604A.5035
Determination of whether loan is high-interest loan. 604A.5037
Limitations on original term. 604A.5038
Licensee required to make determination of ability of customer to repay loan and compliance of loan with certain requirements before making loan. 604A.5041
Requirements for collection of defaulted loan 604A.5042
Provision of information and materials concerning public assistance and services. 604A.5043
Practices regarding customers who are members of military. 604A.5045
Limitation regarding amount of loan. 604A.5046
Prohibited acts by licensee regarding multiple loans to same customer. 604A.5048
Prohibited acts by licensee: Accepting collateral or other types of security 604A.5049
Prohibited acts by licensee: Improper lending and collection practices 604A.5052
Payment of loan in full. 604A.5053
Partial payment on loan. 604A.5055
Repayment plan. 604A.5057
Limitations on using proceeds of new deferred deposit loan or high-interest loan to pay balance of outstanding high-interest loan 604A.5058
Limitations on amounts licensee may collect after default. 604A.5061
Limitations on fees licensee may collect for check not paid upon presentment or failure of electronic transfer of money 604A.5063
Receipt required for each payment by customer 604A.5064
Requirements regarding person acting as agent or assisting in making loan. 604A.5065
Licensee required to make determination of ability of customer to repay loan and compliance of loan with certain requirements before making loan. 604A.5067
Written loan agreement required 604A.5068
Requirements for collection of defaulted loan 604A.5071
Prohibited acts by licensee: Accepting certain collateral or other types of security 604A.5072
Prohibited acts by licensee: Improper lending and collection practices 604A.5074
Restrictions on duration of loan and periods of extension. 604A.5076
Prohibited acts by licensee regarding amount of loan, ownership of vehicle and customer’s ability to repay loan. 604A.5078
Applicability of Uniform Commercial Code 604A.5079
Rescission of loan by customer. 604A.5081
Partial payment on loan. 604A.5083
Repayment plan. 604A.5085
Limitations on amounts licensee may collect after default. 604A.5086
Limitations on fees licensee may collect for check not paid upon presentment or failure of electronic transfer of money 604A.5088
Receipt required for each payment by customer 604A.5089
Requirements regarding person acting as agent or assisting in making loan. 604A.5092
Prohibited acts by licensee: Improper practices 604A.5094
Limitations on fees licensee may collect for check not paid upon presentment or failure of electronic transfer of money 604A.5983
Prohibited annual percentage rates. 604A.5985
Required disclosures. 604A.5987
Prohibited terms of consumer credit to covered service member. 604A.50705
Provision of information and materials concerning public assistance and services.
Last Updated

Feb. 5, 2021

§ 604A.5011’s source at nv​.us