State Codes and Statutes
Statutes > Nevada > Title-52 > Chapter-604a > Regulation-of-business-practices > 604a-408604A.408 Limitations on original term of deferred deposit and high-interest loans.
1. Except as otherwise provided in this chapter, the original term of a deferred deposit loan or high-interest loan must not exceed 35 days.
2. The original term of a high-interest loan may be up to 90 days if:
(a) The loan provides for payments in installments;
(b) The payments are calculated to ratably and fully amortize the entire amount of principal and interest payable on the loan;
(c) The loan is not subject to any extension; and
(d) The loan does not require a balloon payment of any kind.
3. Notwithstanding the provisions of NRS 604A.480, a licensee shall not agree to establish or extend the period for the repayment, renewal, refinancing or consolidation of an outstanding deferred deposit loan or high-interest loan for a period that exceeds 90 days after the date of origination of the loan.
(Added to NRS by 2007, 931)
