Nevada Revised Statutes 604A.5076 – Prohibited acts by licensee regarding amount of loan, ownership of vehicle and customer’s ability to repay loan
A licensee who makes title loans shall not:
Terms Used In Nevada Revised Statutes 604A.5076
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
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.