Nevada Revised Statutes 645B.240 – Limitations on charging late fee, additional amount of interest or other penalty
1. If a person is required to make a payment to a mortgage company pursuant to the terms of a loan secured by a lien on real property, the mortgage company may not charge the person a late fee, an additional amount of interest or any other penalty in connection with that payment if the payment is delivered to the mortgage company before 5 p.m. on:
Terms Used In Nevada Revised Statutes 645B.240
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) The day that the payment is due pursuant to the terms of the loan, if an office of the mortgage company is open to customers until 5 p.m. on that day; or
(b) The next day that an office of the mortgage company is open to customers until 5 p.m., if the provisions of paragraph (a) do not otherwise apply.
2. A person and a mortgage company or mortgage loan originator may not agree to alter or waive the provisions of this section by contract or other agreement, and any such contract or agreement is void and must not be given effect to the extent that it violates the provisions of this section.