1. A customer may rescind a title loan on or before the close of business on the next day of business at the location where the title loan was initiated. To rescind the title loan, the customer must deliver to the licensee:
(a) A sum of money equal to the face value of the title loan, less any fee charged to the customer to initiate the title loan; or
(b) The original check, if any, which the licensee gave to the customer pursuant to the title loan. Upon receipt of the original check, the licensee shall refund any fee charged to the customer to initiate the title loan.
2. If a customer rescinds a title loan pursuant to this section, the licensee:
(a) Shall not charge the customer any fee for rescinding the title loan; and
(b) Upon receipt of the sum of money or check pursuant to subsection 1, shall give to the customer a receipt showing the account paid in full and the title to the vehicle given by the customer to the licensee to initiate the title loan.
(Added to NRS by 2005, 1693; A 2007, 937) — (Substituted in revision for part of NRS 604A.460)
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