NRS 97.225
Prepayment of unpaid total of payments

  • refund.

1.

Notwithstanding the provisions of any retail installment contract to the contrary, if the rights of the buyer have not been terminated or forfeited under the terms of the contract, the buyer may prepay in full the unpaid total of payments thereof at any time before its final due date and, if the buyer does so, and if the contract is not in default under any term or condition of the contract more than 2 months, the buyer is entitled to a refund of the unearned portion of the finance charge for the prepayment. The amount of the refund must be computed by applying the agreed rate of the finance charge to the unpaid total of payments. Any greater amount of the finance charge which may have been precomputed and included in the balance due must be refunded.

2.

This section does not preclude the imposition of any penalty for prepayment to which the parties may agree when the contract is executed.
CONSOLIDATING PURCHASES; RETAIL CHARGE AGREEMENTS

Source: Section 97.225 — Prepayment of unpaid total of payments; refund., https://www.­leg.­state.­nv.­us/NRS/NRS-097.­html#NRS097Sec225.

97.015
Definitions. 97.017
“Amount financed” defined. 97.025
“Cash sale price” defined. 97.026
“Credit” defined. 97.031
“Finance charge” defined. 97.035
“Goods” defined. 97.055
“Official fees” defined. 97.075
“Rate” defined. 97.085
“Retail buyer” and “buyer” defined. 97.095
“Retail charge agreement” defined. 97.105
“Retail installment contract” and “contract” defined. 97.115
“Retail installment transaction” defined. 97.125
“Retail seller” and “seller” defined. 97.135
“Services” defined. 97.145
“Total of payments” defined. 97.165
Contract contained in single document 97.175
Seller to provide certain creditor disclosures to buyer. 97.185
Contents of contract. 97.195
Amount of finance charge and any other fee, expense or charge. 97.205
Contracts negotiated and entered into by mail or telephone based on seller’s catalog or printed solicitation 97.215
Blank spaces in contracts. 97.225
Prepayment of unpaid total of payments 97.235
Consolidated contracts 97.245
Retail charge agreements: Finance charge 97.253
Rights of retail seller 97.265
Insurance. 97.275
Invalidity of provisions of contract or agreement 97.285
Provisions of chapter governing retail installment transactions exclusive. 97.297
“Vehicle” defined. 97.299
Forms for contracts and applications for credit: Adoption of regulations prescribing forms 97.301
Forms for contracts and application for credit: When use is mandatory. 97.304
Enforceability of default on part of buyer. 97.305
Violation bar to recovery. 97.315
Injunction to prevent violation. 97.325
Assurance of discontinuance. 97.335
Civil penalties.
Last Updated

Feb. 5, 2021

§ 97.225’s source at nv​.us