Nevada Revised Statutes 598.9735 – When financial institution deemed in compliance with translation requirement for certain mandatory disclosures
1. Except as otherwise provided in subsection 4 of NRS 598.9733 and NRS 598.9737, if a financial institution is required pursuant to Regulation M or Regulation Z to provide a disclosure to a person in addition to any contract or agreement described in NRS 598.9733, the financial institution shall be deemed to be in compliance with NRS 598.9733 if:
Terms Used In Nevada Revised Statutes 598.9735
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
(a) The disclosure required pursuant to Regulation M or Regulation Z is translated into the same language that the contract or agreement was translated pursuant to NRS 598.9733; and
(b) The translated disclosure is provided to the person who is a party to the contract or agreement and to any other person who may sign the contract or agreement before the execution of the contract or agreement.
2. As used in this section:
(a) ’Consumer Leasing Act’ means the federal Consumer Leasing Act, as amended, 15 U.S.C. § 1667 et seq.
(b) ’Regulation M’ means the federal regulations, as amended, 12 C.F.R. part 1013, adopted pursuant to the Consumer Leasing Act and commonly known as Regulation M.
(c) ’Regulation Z’ means the federal regulations, as amended, 12 C.F.R. part 226, adopted pursuant to the Truth in Lending Act and commonly known as Regulation Z.
(d) ’Truth in Lending Act’ means the federal Truth in Lending Act, as amended, 15 U.S.C. § 1601 et seq.