Nevada Revised Statutes 205.950 – Unlawful receipt of fee, salary, deposit or money to obtain loan for another; penalties
1. It is unlawful for a person to receive an advance fee, salary, deposit or money to obtain a loan for another unless the person places the advance fee, salary, deposit or money in escrow pending completion of the loan or a commitment for the loan.
Attorney's Note
Under the Nevada Revised Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| category D felony | 1 to 4 years | up to $5,000 |
Terms Used In Nevada Revised Statutes 205.950
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
2. Advance payments to cover reasonably estimated costs paid to third persons are excluded from the provisions of subsection 1 if the person making them first signs a written agreement which specifies the estimated costs by item and the estimated aggregate cost, and which recites that money advanced for costs will not be refunded. If an itemized service is not performed and the estimated cost thereof is not refunded, the recipient of the advance payment is subject to the penalties provided in subsection 3.
3. A person who violates the provisions of this section:
(a) Is guilty of a misdemeanor if the amount is less than $1,200; or
(b) Is guilty of a category D felony if the amount is $1,200 or more and shall be punished as provided in NRS 193.130.