Nevada § 604A.503 - Limitations on amounts licensee may collect after default

§ 604A.503. Limitations on amounts licensee may collect after default

1. If a customer defaults on a deferred deposit loan or on any extension or repayment

plan relating to the deferred deposit loan, whichever is later, the licensee may collect

only the following amounts from the customer, less all payments made before and after

default: (a) The unpaid principal amount of the deferred deposit loan. (b) The unpaid interest, if any, accrued before the default at the annual percentage

rate set forth in the disclosure statement required by the Truth in Lending Act and

Regulation Z that is provided to the customer. If there is an extension, in writing and signed by the customer, relating to the

deferred deposit loan, the licensee may charge and collect interest pursuant to this

paragraph for a period not to exceed 60 days after the expiration of the initial loan

period, unless otherwise allowed by NRS 604A.5029 . (c) The interest accrued after the expiration of the initial loan period or after

any extension or repayment plan that is allowed pursuant to this chapter, whichever

is later, at an annual percentage rate not to exceed the prime rate at the largest

bank in Nevada, as ascertained by the Commissioner, on January 1 or July 1, as the

case may be, immediately preceding the expiration of the initial loan period, plus

10 percent. The licensee may charge and collect interest pursuant to this paragraph for a period

not to exceed 90 days. After that period, the licensee shall not charge or collect any interest on the

deferred deposit loan. (d) Any fees allowed pursuant to NRS 604A.5031 for a check that is not paid upon presentment or an electronic transfer of money

that fails because the account of the customer contains insufficient funds or has

been closed. The sum of all amounts collected pursuant to paragraphs (b), (c) and (d) must not

exceed the principal amount of the deferred deposit loan. 2. Except for the interest and fees permitted pursuant to subsection 1 and any other

charges expressly permitted pursuant to NRS 604A.5018 and 604A.5027 , the licensee shall not charge any other amount to a customer who receives a deferred

deposit loan, including, without limitation, any amount or charge payable directly

or indirectly by the customer and imposed directly or indirectly by the licensee as

an incident to or as a condition of the extension of the period for the payment of

the deferred deposit loan or the extension of credit. Such prohibited amounts include, without limitation: (a) Any interest, other than the interest charged pursuant to subsection 1, regardless

of the name given to the interest; or (b) Any origination fees, set-up fees, collection fees, transaction fees, negotiation

fees, handling fees, processing fees, late fees, default fees or any other fees, regardless

of the name given to the fee.