Nev. Admin. Code § 675.060 - Conduct of loan business with sales finance business

Current through March 28, 2022

Licensees may conduct the business of making loans in the same office or place of business where the licensee, an affiliate or associate also conducts a sales finance business (the purchase of time paper representing the sale of goods or services) if in the conduct of such other business in the office of the licensee, the following is observed:

1. The sales finance business which is subject to chapter 97 of NRS must be carried on in compliance with that chapter.
2. Charges in connection with a retail installment contract subject to chapter 97 of NRS must be made only as expressly authorized by chapter 97 of NRS. No charge may be collected from the debtor on such a contract on the basis of or by reason of the assignment of the contract to the licensee.
3. The validity of any such contract must be determined by the law of the state where it actually is made.
4. Retail installment contracts created pursuant to chapter 97 of NRS are not subject to any maximum term or period of contract, and all such contracts may be purchased by licensees.
5. Default charges, attorney fees, collection costs and similar items which may be collected on such contracts are limited to those expressly provided for in chapter 97 of NRS.

Notes

Nev. Admin. Code § 675.060
Banking Div., Installment Loan Reg. No. 3 § 3, eff. 5-22-72-NAC A by Comm'r of Financial Institutions, 5-19-88

NRS 675.170, 675.230

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