Nevada § 598D.100 - Unfair lending practices
Full text of Nevada Nevada Revised Statutes § 598D.100 — Unfair lending practices, with citation guidance and answers to common questions.
§ 598D.100. Unfair lending practices
1. It is an unfair lending practice for a lender to: (a) Require a borrower, as a condition of obtaining or maintaining a home loan secured
by home property, to provide property insurance on improvements to home property in
an amount that exceeds the reasonable replacement value of the improvements. (b) Knowingly or intentionally make a home loan, other than a reverse mortgage, to
a borrower, including, without limitation, a low-document home loan, no-document home
loan or stated-document home loan, without determining, using any commercially reasonable
means or mechanism, that the borrower has the ability to repay the home loan. (c) Finance a prepayment fee or penalty in connection with the refinancing by the
original borrower of a home loan owned by the lender or an affiliate of the lender. (d) Finance, directly or indirectly in connection with a home loan, any credit insurance. 2. As used in this section: (a) “ Credit insurance ” has the meaning ascribed to it in NRS 690A.015 . (b) “ Low-document home loan ” means a home loan: (1) Whose terms allow a borrower to establish his or her ability to repay the home
loan by providing only limited verification of his or her income and other assets;
or (2) Which is evidenced only by a deed transferring some or all of the interest of
the borrower in the home property to the creditor. (c) “ No-document home loan ” means a home loan whose terms allow a borrower to establish his or her ability to
repay the home loan without providing any verification of his or her income and other
assets. (d) “ Prepayment fee or penalty ” means any fee or penalty imposed by a lender if a borrower repays the balance of
a loan or otherwise makes a payment on a loan before the regularly scheduled time
for repayment. (e) “ Stated-document home loan ” means a home loan whose terms allow a borrower to establish his or her ability to
repay the home loan by providing only his or her own statement of verification of
his or her income and other assets.
Frequently Asked Questions About Nevada § 598D.100
What does Nevada Revised Statutes § 598D.100 cover?
Section 598D.100 ("Unfair lending practices") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 598D.100?
A common citation format is "Nevada Revised Statutes § 598D.100" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 598D.100 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.