1. Except as otherwise provided in this section, for the purposes of determining whether a loan is a high-interest loan, when determining whether a lender is charging an annual percentage rate of more than 40 percent, calculations must be made in accordance with the Truth in Lending Act and Regulation Z, except that every charge or fee, regardless of the name given to the charge or fee, payable directly or indirectly by the customer and imposed directly or indirectly by the lender must be included in calculating the annual percentage rate, including, without limitation:
(a) Interest;
(b) Application fees, regardless of whether such fees are charged to all applicants or credit is actually extended;
(c) Fees charged for participation in a credit plan, whether assessed on an annual, periodic or nonperiodic basis; and
(d) Prepaid finance charges.
2. The following charges and fees must be excluded from the calculation of the annual percentage rate pursuant to subsection 1:
(a) Any fees allowed pursuant to NRS 604A.5061 or 675.365 for a check not paid upon presentment or an electronic transfer of money that fails;
(b) Interest accrued after default pursuant to paragraph (c) of subsection 1 of NRS 604A.5058;
(c) Charges for an unanticipated late payment, exceeding a credit limit, or a delinquency, default or similar occurrence;
(d) Any premiums or identifiable charges for insurance permitted pursuant to NRS 675.300; and
(e) The fee allowed pursuant to NRS 604A.506.
3. Calculation of the annual percentage rate in the manner specified in this section is limited only to the determination of whether a loan is a high-interest loan and must not be used in compliance with the disclosure requirements of paragraph (g) of subsection 2 of NRS 604A.504 or any other provisions of this chapter requiring disclosure of an annual percentage rate in the making of a loan.
(Added to NRS by 2007, 930; A 2013, 1516) — (Substituted in revision for NRS 604A.407)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.