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.

(Added to NRS by 2017, 1438)