Nevada § 604A.5038 Licensee required to make determination of ability of customer to repay loan and compliance of loan with certain requirements before making loan

Nevada Statutes

§ 604A.5038 — Licensee required to make determination of ability of customer to repay loan and compliance of loan with certain requirements before making loan

Nevada § 604A.5038

Title 52TRADE REGULATIONS AND PRACTICES

Ch. 604ADeferred

High-Interest Loan Services

This text of Nevada § 604A.5038 (Licensee required to make determination of ability of customer to repay loan and compliance of loan with certain requirements before making loan) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 604A.5038 (2026).

Text

1. A licensee who operates a high-interest loan service shall not make a high-interest loan pursuant to this chapter unless the licensee determines pursuant to subsection 2 that the customer has the ability to repay the high-interest loan and that the high-interest loan complies with the provisions of NRS 604A.5045 or subsection 2 of NRS 604A.5057 , as applicable. 2. For the purposes of subsection 1, a customer has the ability to repay a high-interest loan if the customer has a reasonable ability to repay the high-interest loan, as determined by the licensee after considering, to the extent available, the following underwriting factors:

(a)The current or reasonably expected income of the customer;

(b)The current employment status of the customer based on evidence including, without limit

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1. A licensee who operates a high-interest loan service shall not make a high-interest loan pursuant to this chapter unless the licensee determines pursuant to subsection 2 that the customer has the ability to repay the high-interest loan and that the high-interest loan complies with the provisions of NRS 604A.5045 or subsection 2 of NRS 604A.5057 , as applicable.
2. For the purposes of subsection 1, a customer has the ability to repay a high-interest loan if the customer has a reasonable ability to repay the high-interest loan, as determined by the licensee after considering, to the extent available, the following underwriting factors:
(a) The current or reasonably expected income of the customer;
(b) The current employment status of the customer based on evidence including, without limitation, a pay stub or bank deposit;
(c) The credit history of the customer;
(d) The amount due under the original term of the high-interest loan, the monthly payment on the high-interest loan, if the high-interest loan is an installment loan, or the potential repayment plan if the customer defaults on the high-interest loan; and
(e) Other evidence, including, without limitation, bank statements, electronic bank statements and written representations to the licensee.
3. For the purposes of subsection 1, a licensee who operates a high-interest loan service shall not consider the ability of any person other than the customer to repay the high-interest loan.