§ 604A.5076 — Prohibited acts by licensee regarding amount of loan, ownership of vehicle and customer’s ability to repay loan

Nevada § 604A.5076

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

Text

A licensee who makes title loans shall not:
1. Make a title loan that exceeds the fair market value of the vehicle securing the title loan.
2. Make a title loan to a customer secured by a vehicle which is not legally owned by the customer.
3. Make a title loan without determining that the customer has the ability to repay the title loan, as required by NRS 604A.5065 . In complying with this subsection, the licensee shall not consider the income of any person who is not a legal owner of the vehicle securing the title loan but may consider a customer’s community property and the income of any other customers who consent to the loan pursuant to subsection 5 and enter into a loan agreement with the licensee.
4. Make a title loan without requiring the customer to sign an affidavit which states that:
(a) The customer has provided the licensee with true and correct information concerning the customer’s income, obligations, employment and ownership of the vehicle; and
(b) The customer has the ability to repay the title loan.
5. Make a title loan secured by a vehicle with multiple legal owners without the consent of each owner.

Legislative History

(Added to NRS by 2005, 1692 ; A 2017, 1442 )—(Substituted in revision for NRS 604A.450)