Nevada Administrative Code
Chapter 604A - Deferred Deposit Loans, Short-Term Loans, Title Loans and Check-Cashing Services
OPERATION OF BUSINESS
Section 604A.180 - Documentation of compliance with limitations on amounts of deferred deposit loans and short-term loans
Universal Citation: NV Admin Code 604A.180
Current through December 12, 2024
1. A licensee shall maintain written documentation to establish that, except as otherwise provided in NRS 604A.425 and 604A.430, he has not made a:
(a) Deferred deposit loan that exceeds 25 percent of the expected gross monthly income of the customer when the loan is made; or
(b) Short-term loan that, under the terms of the loan agreement, requires any monthly payment that exceeds 25 percent of the expected gross monthly income of the customer.
2. A licensee shall maintain separate written documentation for each deferred deposit loan or short-term loan the licensee makes to a customer.
3. A licensee who fails to provide the Commissioner with the documentation required by this section is presumed to have violated NRS 604A.425.
Added to NAC by Comm'r of Financial Institutions by R150-05, eff. 12-29-2005
NRS 604A.300, 604A.425
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