Nev. Admin. Code § 675.030 - Requests for payment; ledger cards

Current through March 28, 2022

1. Requests for payment must be made only to those obligated on the loan contract.
2. Collection attempts through written or printed communication, sent by mail, must be enclosed in a sealed envelope.
3. The ledger card must indicate when an account has been placed for collection or legal action taken. It must also indicate whether judgment was obtained, together with the date and the amount of the judgment.
4. On prepaid accounts, the ledger card must clearly indicate the amount rebated, both for interest and for insurance.
5. Adequate records which will enable the Commissioner of Financial Institutions to reconcile outstanding balances must be maintained in each licensed office.
6. If there no longer is an outstanding indebtedness from the borrower to the licensee, there must be delivered to the borrower by the licensee a termination statement as required by the Uniform Commercial Code (chapter 104 of NRS). Such delivery is necessary even though the Uniform Commercial Code under such circumstances does not require delivery of a termination statement unless the borrower makes a written demand upon the secured party for a termination statement.
7. If ledger cards or similar records for loan accounts and installment sale contract accounts are commingled in a licensee's files, there must be a system by which such cards may be readily identified one from the other, such as being of different colors or having corners of different colors. All of such cards must bear the date of the contract and must identify the type of transaction reflected on them.

Notes

Nev. Admin. Code § 675.030
Banking Div., Installment Loan Reg. No. 2, eff. 5-22-72-NAC A by Admstr. of Financial Institutions, eff. 6-29-84

NRS 675.170, 675.250

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