§ 675.296 — Practices regarding customers who are members of military

Nevada § 675.296

• Jurisdiction: Nevada
• Title 55: BANKS AND RELATED ORGANIZATIONS; OTHER FINANCIAL
• Ch. 675: Installment

Text

Notwithstanding any other provision of law:
1. If a borrower is a member of the military, a licensee shall:
(a) Honor the terms of any repayment plan between the licensee and borrower, including, without limitation, any repayment plan negotiated through military counselors or third-party credit counselors.
(b) Honor any proclamation by a base commander that a certain branch location of the licensee is off-limits to members of the military and their spouses.
2. If a borrower is a member of the military, a licensee shall not:
(a) Garnish or threaten to garnish any wages or salary of the borrower or his or her spouse; or
(b) Contact or threaten to contact the military chain of command of a borrower in an effort to collect the loan.
3. If a borrower is a member of the military and is deployed to a combat or combat supporting position, a licensee shall not engage in any collection activity against the borrower or his or her spouse.
4. As used in this section, “military” means the Armed Forces of the United States, a reserve component thereof or the National Guard.

Legislative History

(Added to NRS by 2007, 2858 )