Nevada Revised Statutes 675.050 – Effect of amendment or repeal of chapter on preexisting lawful contracts
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This chapter or any part thereof may be modified, amended or repealed so as to effect a cancellation or alteration of any license or right of a licensee under this chapter, provided that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful contract between any licensee and any borrower.
Terms Used In Nevada Revised Statutes 675.050
- Contract: A legal written agreement that becomes binding when signed.
- License: means a license, issued under the authority of this chapter, to make loans in accordance with the provisions of this chapter, at a single place of business. See Nevada Revised Statutes 675.020
- Licensee: means a person to whom one or more licenses have been issued. See Nevada Revised Statutes 675.020
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.