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NRS 604A.5037 - Limitations on original term.

NV Rev Stat § 604A.5037 (2019) (N/A)
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1. Except as otherwise provided in this chapter, the original term of a 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;

(d) The loan does not require a balloon payment of any kind; and

(e) The loan is not a deferred deposit loan.

3. Notwithstanding the provisions of NRS 604A.5057, a licensee who operates a high-interest loan service shall not agree to establish or extend the period for the repayment, renewal, refinancing or consolidation of an outstanding high-interest loan for a period that exceeds 90 days after the date of origination of the loan.

(Added to NRS by 2007, 931; A 2017, 1440) — (Substituted in revision for part of NRS 604A.408)

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NRS 604A.5035 - Determination of whether loan is high-interest loan.
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NRS 604A.5038 - Licensee required to make determination of ability of customer to repay loan and compliance of loan with certain requirements before making loan.