Nevada § 604A.5018 - Prohibited acts by licensee regarding multiple loans to same customer

§ 604A.5018. Prohibited acts by licensee regarding multiple loans to same customer

1. A licensee who operates a deferred deposit loan service shall not make more than

one deferred deposit loan, single-advance, single-payment loan or high-interest loan

to the same customer at one time or before any outstanding balance is paid in full

on an existing loan made by that licensee to the customer unless: (a) The customer is seeking multiple loans that do not exceed the limits set forth

in NRS 604A.5017 or 604A.5045 , as applicable; (b) The licensee charges the same or a lower fee or service charge per $100 if it

is a deferred deposit loan or single-advance, single-payment loan, or the same or

a lower annual percentage rate of interest if it is a high-interest loan that is not

a single-advance, single-payment loan, for any additional loans as the licensee charged

for the initial loan; (c) Except for that part of the finance charge which consists of interest only, the

licensee does not impose any other charge or fee to initiate any additional loans,

except that a licensee who makes deferred deposit loans or high-interest loans in

accordance with the provisions of subsection 2 of NRS 604A.5029 or subsection 2 of NRS 604A.5057 , as applicable, may charge a reasonable fee for preparing documents in an amount

that does not exceed $50; and (d) If the additional loans are deferred deposit loans and the customer provides one

or more additional checks that are not paid upon presentment or one or more electronic

transfers of money fail, the licensee does not charge any fees to the customer pursuant

to NRS 604A.5031 , except for the fees allowed pursuant to that section for the first check that is

not paid upon presentment or electronic transfer of money that failed. 2. As used in this section, “ single-advance, single-payment loan ” means a transaction in which, pursuant to a loan agreement, a customer is given

a single advance equal to the amount financed with payment in full due within 35 days

after the date of the transaction.