§ 604A.505 — Rescission of loan by customer

Nevada § 604A.505

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

Text

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

Legislative History

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