Nevada Revised Statutes 604A.5065 – Licensee required to make determination of ability of customer to repay loan and compliance of loan with certain requirements before making loan
1. A licensee who operates a title loan service shall not make a title loan pursuant to this chapter unless the licensee determines pursuant to subsection 2 that the customer has the ability to repay the title loan and that the title loan complies with the provisions of NRS 604A.5076.
Terms Used In Nevada Revised Statutes 604A.5065
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
2. For the purposes of subsection 1, a customer has the ability to repay a title loan if the customer has a reasonable ability to repay the title loan, as determined by the licensee after considering, to the extent available, the following underwriting factors:
(a) The current or reasonably expected income of the customer;
(b) The current employment status of the customer based on evidence including, without limitation, a pay stub or bank deposit;
(c) The credit history of the customer;
(d) The amount due under the original term of the title loan, the monthly payment on the title loan, if the title loan is an installment loan, or the potential repayment plan if the customer defaults on the title loan; and
(e) Other evidence, including, without limitation, bank statements, electronic bank statements and written representations to the licensee.
3. For the purposes of subsection 1, a licensee who operates a title loan service shall not consider the ability of any person other than the customer to repay the title loan.