NRS 675.010 – Short title.
This chapter shall be known and may be cited as the Nevada Installment Loan and Finance Act. (Added to NRS by 1959, 226)
NRS 675.020 – Definitions. [Effective until the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030.] Definitions. [Effective on the date on which the Commissioner of Financial Institutions notifies the Governor and the Director of the Legislative Counsel Bureau that the Nationwide Multistate Licensing System and Registry has sufficient capabilities to allow the Commissioner to carry out the provisions of chapter 347, Statutes of Nevada 2021, at page 2030.]
As used in this chapter, unless the context otherwise requires: 1. “Amount of cash advance” means the amount of cash or its equivalent actually received by a borrower or paid out at his or her direction or on his or her behalf. 2. “Amount of loan obligation” means the amount of cash advance plus the […]
NRS 675.030 – Legislative declaration.
The Legislature finds as facts and determines that: 1. There exists in this state a widespread demand for loans repayable in installments, which loans may or may not be made on substantial security. This demand has been steadily increased by many social and economic factors. 2. The expenses of making and collecting installment loans are […]
NRS 675.035 – Applicability of chapter.
The provisions of this chapter apply to any person who: 1. Makes installment loans that are not subject to regulation pursuant to chapter 604A of NRS; 2. Is an affiliate, subsidiary or holding company of a bank, national banking association, savings bank, trust company, savings and loan association, credit union, mortgage company, mortgage servicer as […]
NRS 675.040 – Applicability of chapter; exemptions.
This chapter does not apply to: 1. Except as otherwise provided in NRS 675.035, a person doing business under the authority of any law of this State or of the United States relating to banks, national banking associations, savings banks, trust companies, savings and loan associations, credit unions, mortgage companies, thrift companies, pawnbrokers or insurance […]
NRS 675.045 – Certain relationships between employees of Division of Financial Institutions and licensees prohibited; termination of prohibited relationship.
1. Except as provided in subsection 3, an officer or employee of the Division of Financial Institutions shall not: (a) Be directly or indirectly interested in or act on behalf of any licensee; (b) Receive, directly or indirectly, any payment from any licensee; (c) Be indebted to any licensee; (d) Engage in the negotiation of […]
NRS 675.050 – Effect of amendment or repeal of chapter on preexisting lawful contracts.
This chapter or any part thereof may be modified, amended or repealed so as to effect a cancellation or alteration of any license or right of a licensee under this chapter, provided that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful contract between any licensee and any borrower. […]
NRS 675.055 – Exemption from provisions governing making of loans: Application to Commissioner; grounds; powers and duties of Commissioner; regulations; fees set by regulation.
1. A person may apply to the Commissioner for an exemption from the provisions of this chapter governing the making of a loan of money. 2. The Commissioner may grant the exemption if he or she finds that: (a) The making of the loan would not be detrimental to the financial condition of the lender, […]