§ 604A.5023 — Rescission of loan by customer

Nevada § 604A.5023

• Jurisdiction: Nevada
• Title 52: TRADE REGULATIONS AND PRACTICES
• Ch. 604A: Deferred

Text

1. A customer may rescind a deferred deposit loan on or before the close of business on the next day of business at the location where the deferred deposit loan was initiated. To rescind the deferred deposit loan, the customer must deliver to the licensee:
(a) A sum of money equal to the face value of the deferred deposit loan, less any fee charged to the customer to initiate the deferred deposit loan; or
(b) The original check, if any, which the licensee gave to the customer pursuant to the deferred deposit loan. Upon receipt of the original check, the licensee shall refund any fee charged to the customer to initiate the deferred deposit loan.
2. If a customer rescinds a deferred deposit loan pursuant to this section, the licensee:
(a) Shall not charge the customer any fee for rescinding the deferred deposit loan; and
(b) Upon receipt of the sum of money or check pursuant to subsection 1, shall give to the customer a receipt showing the account paid in full and the check or written authorization given to initiate the deferred deposit loan which must be stamped “void.”

Legislative History

(Added to NRS by 2005, 1693 ; A 2007, 937 )—(Substituted in revision for part of NRS 604A.460)