Nevada Revised Statutes 604A.5983 – Prohibited annual percentage rates
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A licensee who makes a loan that constitutes consumer credit to a covered service member or his or her dependent shall not charge the covered service member or dependent an annual percentage rate with respect to the loan except as:
Terms Used In Nevada Revised Statutes 604A.5983
- 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
- Dependent: A person dependent for support upon another.
1. Agreed to under the terms of the written loan agreement entered into pursuant to NRS 604A.5012, 604A.504 or 604A.5067, as applicable;
2. Authorized by applicable state and federal law; and
3. Not specifically prohibited by NRS 99.050, 604A.5985 and 604A.5987.