Nev. Admin. Code § 604A.180

Current through December 31, 2024
Section 604A.180 - Documentation of compliance with limitations on amounts of deferred deposit loans and short-term loans
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.

Nev. Admin. Code § 604A.180

Added to NAC by Comm'r of Financial Institutions by R150-05, eff. 12-29-2005

NRS 604A.300, 604A.425