NRS 691C.010 – Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 691C.020 to 691C.230, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 2005, 2105)

NRS 691C.020 – “Closed-end credit” defined.

“Closed-end credit” means a credit transaction that is not open-end credit. (Added to NRS by 2005, 2105)

NRS 691C.030 – “Collateral” defined.

“Collateral” means personal property in which a purchase money security interest is retained or personal property that is pledged as security for the satisfaction of a debt. (Added to NRS by 2005, 2105)

NRS 691C.040 – “Compensation” defined.

“Compensation” means any valuable consideration, direct or indirect, paid by or on behalf of the insurer, or by any subsidiary or parent, or subsidiary of the parent of the insurer, or by any other person to or on behalf of any group policyholder or producer or withheld from an insurer by any group policyholder or […]

NRS 691C.050 – “Credit agreement” defined.

“Credit agreement” means the written document that sets forth the terms of the credit transaction and includes the security agreement. (Added to NRS by 2005, 2106)

NRS 691C.060 – “Credit personal property insurance” defined.

“Credit personal property insurance” means a policy, endorsement, rider, binder, certificate or other instrument or evidence of insurance written in connection with a credit transaction that: 1. Covers perils to the goods purchased through a credit transaction or used as collateral for a credit transaction and that concerns the interest of a creditor in the […]

NRS 691C.070 – “Credit transaction” defined.

“Credit transaction” means any transaction for which the terms of repayment of money loaned or loan commitment made, or payment of goods, services or properties sold or leased, is to be made at a future date. (Added to NRS by 2005, 2106)

NRS 691C.080 – “Creditor” defined.

“Creditor” means the lender of money or vendor or lessor of goods, services, property, rights or privileges for which payment is arranged through a credit transaction, and includes: 1. The successor to the right, title or interest of; 2. An affiliate, associate or subsidiary of; 3. Any director, officer or employee of; or 4. Any […]

NRS 691C.090 – “Creditor-placed insurance” defined.

“Creditor-placed insurance” means single-interest insurance or dual-interest insurance that is purchased by the creditor, as the named insured, after a credit transaction: 1. According to the terms of the credit agreement as a result of the debtor’s failing to provide required insurance, the cost for which is charged to the debtor; and 2. For coverage […]

NRS 691C.100 – “Debtor” defined.

“Debtor” means a borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction. (Added to NRS by 2005, 2106)

NRS 691C.110 – “Dual-interest insurance” defined.

“Dual-interest insurance” means credit personal property insurance covering the interest of the creditor or seller and any portion of the interest of the borrower in goods purchased through the credit transaction or pledged as collateral for the credit transaction. (Added to NRS by 2005, 2106)

NRS 691C.120 – “Experience” defined.

“Experience” means earned premiums and incurred losses during the experience period. (Added to NRS by 2005, 2106)

NRS 691C.130 – “Experience period” defined.

“Experience period” means the most recent period of time that is not more than 3 years and for which earned premiums and incurred losses are reported. (Added to NRS by 2005, 2106)

NRS 691C.140 – “Finance charge” defined.

“Finance charge” means any charge payable directly or indirectly as an incident to or condition of an extension of credit, including, without limitation, interest, time-price differentials, amounts payable under a discount system of additional charges, service, transaction or carrying charges, loan fees, points or similar charges, appraisal fees or charges incurred for investigating the creditworthiness […]

NRS 691C.150 – “Gross debt” defined.

“Gross debt” means the sum of the remaining payments owed to a creditor by a debtor. (Added to NRS by 2005, 2107)

NRS 691C.160 – “Identifiable charge” defined.

“Identifiable charge” means a charge for credit personal property insurance that is made to debtors who have that insurance and not made to debtors who do not have that insurance. The term includes a charge for insurance that is disclosed in the credit agreement or other instrument furnished to the debtor which sets forth the […]

NRS 691C.170 – “Incurred losses” defined.

“Incurred losses” means total claims and claim adjustment expenses paid during the experience period plus any change in claim and claim adjustment expense reserves. (Added to NRS by 2005, 2107)

NRS 691C.180 – “Loss ratio” defined.

“Loss ratio” means incurred losses divided by the sum of earned premiums. (Added to NRS by 2005, 2107)

NRS 691C.190 – “Net debt” defined.

“Net debt” means the amount required to liquidate the remaining debt in a single lump-sum payment, excluding all unearned interest and other unearned finance charges. (Added to NRS by 2005, 2107)

NRS 691C.200 – “Nonfiling insurance” defined.

“Nonfiling insurance” means insurance that indemnifies the creditor for loss of its interest in the collateral due to failure to perfect a security interest in the collateral. (Added to NRS by 2005, 2107)