NRS 598D.010 – Definitions.
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 598D.020 to 598D.050, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2003, 2890)
NRS 598D.020 – “Borrower” defined.
“Borrower” means a natural person who is a mortgagor, grantor of a deed of trust or other debtor of a home loan. (Added to NRS by 2003, 2890)
NRS 598D.030 – “Home” defined.
“Home” means a dwelling or dwellings for not more than four families, the principal use of which is for residential purposes. The term includes, without limitation: 1. A dwelling on a farm. 2. A dwelling unit of a cooperative housing corporation. 3. A mobile home, as defined in NRS 489.120, with the wheels removed and […]
NRS 598D.040 – “Home loan” defined.
“Home loan” means a consumer credit transaction that is secured by a mortgage loan which involves real property located within this State and includes, without limitation, a consumer credit transaction that constitutes a mortgage under § 152 of the Home Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1602(aa), and the regulations adopted […]
NRS 598D.050 – “Lender” defined.
“Lender” means a mortgagee, beneficiary of a deed of trust or other creditor who holds a mortgage, deed of trust or other instrument that encumbers home property as security for the repayment of a home loan. (Added to NRS by 2003, 2890)
NRS 598D.100 – Unfair lending practices.
1. It is an unfair lending practice for a lender to: (a) Require a borrower, as a condition of obtaining or maintaining a home loan secured by home property, to provide property insurance on improvements to home property in an amount that exceeds the reasonable replacement value of the improvements. (b) Knowingly or intentionally make […]
NRS 598D.110 – Criminal and civil penalties; borrower’s defense against unpaid obligation.
1. A lender who willfully engages in an unfair lending practice described in this chapter is guilty of a misdemeanor. 2. If a lender willfully engages in any unfair lending practice described in this chapter in connection with a home loan, the lender is liable to the borrower in an amount equal to the sum […]
NRS 598D.120 – Repurchase of home loan by lender who sold home loan.
1. If an action has been filed in a court of competent jurisdiction claiming an unfair lending practice in connection with a home loan, the lender who holds the home loan may sell the home loan and recover damages and costs as provided in this section if the lender did not: (a) Originate the home […]
NRS 598D.130 – Required provisions in instrument that secures certain home loans.
If: 1. A mortgage, deed of trust or other instrument encumbers home property as security for repayment of a home loan; and 2. The home loan is subject to the provisions of § 152 of the Home Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1602(aa), and the regulations adopted by the Board […]
NRS 598D.150 – Enforcement by Attorney General; local regulation prohibited.
1. The Attorney General has primary jurisdiction to investigate and prosecute violations of this chapter. 2. When acting pursuant to this section, the Attorney General may commence his or her investigation and file a criminal action without leave of court, and he or she has exclusive charge of the conduct of the prosecution. 3. A […]