Nevada Authorize High-Cost Payday Lending

Nevada State Information

Legal Status: 

Legal

Citation:

Nev. Rev. Stat. 604A.010 et seq.

Loan Terms:

Maximum Loan Amount: 25% of expected gross monthly income
Loan Term Max: 35 days; up to 90 days allowed if the initial agreement provides for installment payments and is not subject to extension
Maximum Finance Rate and Fees: Not Specified (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:

Collection Fees: $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account); court costs; reasonable attorney's fees; service of process costs
Criminal Action: Prohibited (Unless customer acted with criminal intent)

Where to Complain, Get Information:

Regulator: Nevada Financial Institutions Division
Address: 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121
Phone: (702) 486-4120
Fax: (702) 486-4563

Regulator Website