Nevada Revised Statutes 604A.580 – Required disclosures
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1. A licensee who has been issued a license to operate a high-interest loan service pursuant to this chapter shall comply with the disclosure requirements of NRS 604A.405 and the Federal Truth in Lending Act. A loan agreement between such a licensee and a customer must fully disclose the terms of the transaction, including, without limitation, the amount of any fees charged for providing high-interest loan services represented in both a dollar amount and as an annual percentage rate.
Terms Used In Nevada Revised Statutes 604A.580
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
- 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
2. A licensee described in subsection 1 shall prominently disclose in the loan agreement all fees charged for providing high-interest loan services to a customer before he or she enters into the transaction process.