Nevada § 97A.200 Prohibited acts by issuer: Increase of interest rate based upon late payment to another creditor; universal default clauses; exception

Nevada Statutes

§ 97A.200 — Prohibited acts by issuer: Increase of interest rate based upon late payment to another creditor; universal default clauses; exception

Nevada·Title 8 COMMERCIAL INSTRUMENTS AND TRANSACTIONS·Ch. 97A Debt

1. An issuer shall not:

(a)Increase the interest rate it charges a cardholder for the use of the card based upon the late payment by the cardholder to another issuer or a creditor of the cardholder that is not an affiliate or subsidiary of the issuer; or

(b)Include a universal default clause in a contract or other agreement relating to a credit card account. 2. Notwithstanding the provisions of subsection 1, an issuer may increase the interest rate it charges a cardholder for the use of the card based on a change in the credit rating of the cardholder. 3. As used in this section:

(a)“Affiliate or subsidiary of the issuer” means an affiliate or subsidiary that conducts business under a name that is:

(1)The same as the name of the issuer; or

(2)Sufficiently similar to the name of the is

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1. An issuer shall not:
(a) Increase the interest rate it charges a cardholder for the use of the card based upon the late payment by the cardholder to another issuer or a creditor of the cardholder that is not an affiliate or subsidiary of the issuer; or
(b) Include a universal default clause in a contract or other agreement relating to a credit card account.
2. Notwithstanding the provisions of subsection 1, an issuer may increase the interest rate it charges a cardholder for the use of the card based on a change in the credit rating of the cardholder.
3. As used in this section:
(a) “Affiliate or subsidiary of the issuer” means an affiliate or subsidiary that conducts business under a name that is:
(1) The same as the name of the issuer; or
(2) Sufficiently similar to the name of the issuer that a cardholder could reasonably believe that the cardholder is conducting business with the issuer.
(b) “Universal default clause” means a clause or provision that allows an issuer to increase the interest rate it charges a cardholder for the use of the card based upon the late payment by the cardholder to another issuer or a creditor of the cardholder that is not an affiliate or subsidiary of the issuer.

Nevada § 97A.200 (Prohibited acts by issuer: Increase of interest rate based upon late payment to another creditor; universal default clauses; exception) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.