Nevada § 604A.5048 - Prohibited acts by licensee: Accepting collateral or other types of security; failing to make certain disclosures; taking incomplete instruments; requiring the purchase of insurance or other goods or services; failing to comply with payment plan; charging fee to cash certain checks
Full text of Nevada Nevada Revised Statutes § 604A.5048 — Prohibited acts by licensee: Accepting collateral or other types of security; failing to make certain disclosures; taking incomplete instruments; requiring the purchase of insurance or other goods or services; failing to comply with payment plan; charging fee to cash certain checks, with citation guidance and answers to common questions.
§ 604A.5048. Prohibited acts by licensee: Accepting collateral or other types of security; failing to make certain disclosures; taking incomplete instruments; requiring the purchase of insurance or other goods or services; failing to comply with payment plan; charging fee to cash certain checks
A licensee who operates a high-interest loan service shall not: 1. Accept: (a) Collateral as security for a high-interest loan. (b) An assignment of wages, salary, commissions or other compensation for services,
whether earned or to be earned, as security for a high-interest loan. (c) A check as security for a high-interest loan. 2. Take any note or promise to pay which does not disclose the date and amount of
the high-interest loan, amount financed, annual percentage rate, finance charge, total
of payments, payment schedule and a description and the amount of every fee charged,
regardless of the name given to the fee and regardless of whether the fee is required
to be included in the finance charge under the Truth in Lending Act and Regulation
Z. 3. Take any instrument, including a check or written authorization for an electronic
transfer of money, in which blanks are left to be filled in after the high-interest
loan is made. 4. Make any transaction contingent on the purchase of insurance or any other goods
or services or sell any insurance to the customer with the high-interest loan. 5. Fail to comply with a payment plan which is negotiated and agreed to by the licensee
and customer. 6. Charge any fee to cash a check representing the proceeds of a high-interest loan
made by the licensee or any agent, affiliate or subsidiary of the licensee.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 604A.5048
What does Nevada Revised Statutes § 604A.5048 cover?
Section 604A.5048 ("Prohibited acts by licensee: Accepting collateral or other types of security; failing to make certain disclosures; taking incomplete instruments; requiring the purchase of insurance or other goods or services; failing to comply with payment plan; charging fee to cash certain checks") 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 § 604A.5048?
A common citation format is "Nevada Revised Statutes § 604A.5048" (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 § 604A.5048 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.