1. A licensee who operates a deferred deposit loan service shall not make a deferred deposit loan that exceeds 25 percent of the expected gross monthly income of the customer when the loan is made.
2. A licensee who operates a deferred deposit loan service is not in violation of the provisions of this section if the customer presents evidence of his or her gross monthly income to the licensee and represents to the licensee in writing that the deferred deposit loan does not exceed 25 percent of the customer’s expected gross monthly income when the loan is made.
(Added to NRS by 2005, 1690; A 2007, 936) — (Substituted in revision for part of NRS 604A.425)
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