Nev. Admin. Code § 604A.Sec. 16 - NEW

1. A licensee shall not charge or collect from a customer a fee:

(a) If a loan is not approved.

(b) If a loan is voided.

(c) If a loan is rescinded.

(d) In an amount which exceeds the actual cost of the fee charged to the licensee by the service provider.

2. The fee must be itemized on the loan agreement, regardless of whether the fee is required to be included in the finance charge under the Truth in Lending Act, as amended, 15 U.S.C. §§ 1601 et. seq., and Regulation Z, 12 C.F.R. Part 226.

Notes

Nev. Admin. Code § 604A.Sec. 16

Added to NAC by Comm'r of Financial Institutions by R037-20A, eff. 12/29/2020

NRS 604A.303