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 Posted: Wed Aug 20, 2008 8:08 am Subject: Payday Loan Laws in Nevada. |
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Does anyone know what are the Statue Of Limitations in the State of Nevada for Payday Loans?
Meaning what are they considered to be Like, Promissary notes, Open Accounts, wriitten contracts and etc....?
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rjacksonlv
Joined: 20 Aug 2008
Posts: 1
Debtcc Points: 21
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| Posted: Sat Aug 30, 2008 2:53 pm Subject: |
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Payday Lending is Legal and your state, but is still regulated.
The information is listed below
| Quote: | Legal Status: Legal
Citation:
Nev. Rev. Stat. 604A.010 et seq.
Loan Terms:
Maximum Loan Amount: 25% of expected gross monthly income
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account) Court Costs; Reasonable Attorney's Fees; Service of process costs
Criminal Action: Prohibited (Unless customer acted with criminal intent)
Where to Complain, Get Information:
Regulator: Nevada Financial Institutions Division
Address: 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121
Phone: (702) 486-4120
Fax: (702) 486-4563
Regulatory Contact: , Supervisory Examiner |
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bdouble
Debt Samaritan
Joined: 15 Jun 2006
Posts: 356
Debtcc Points: 4447
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| Posted: Wed Oct 22, 2008 6:49 pm Subject: payday loan default |
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The law says a borrower has to be offered a repayment plan of at least 90 days after 1st day of default. Is it Nevada law that the borrower must pay 20% down and then pay an amount for at least the following 90 days?
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john shaker
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Debtcc Points: 100
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| Posted: Wed Oct 22, 2008 6:49 pm Subject: payday loan default |
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The law says a borrower has to be offered a repayment plan of at least 90 days after 1st day of default. Is it Nevada law that the borrower must pay 20% down and then pay an amount for at least the following 90 days?
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Register today to cash in debtcc points.
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john shaker
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Debtcc Points: 100
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