A licensee shall not make a loan that constitutes consumer credit to a covered service member or a dependent of a covered service member with respect to which:
1. The licensee extends, rolls over, renews, repays, refinances or consolidates any consumer credit extended to the customer by the same licensee with the proceeds of the other consumer credit extended to the same covered service member or dependent;
2. The customer is required to waive the customer’s right to legal recourse under any otherwise applicable provision of state or federal law, including, without limitation, any provision of the Servicemembers Civil Relief Act, 50 U.S.C. §§ 3901 et seq.;
3. The licensee imposes onerous legal notice provisions in the case of a dispute or demands unreasonable notice from the customer as a condition for legal action;
4. The licensee uses a check or other method of access to a deposit, savings or other financial account maintained by the customer, or the title of a vehicle as security for the obligation;
5. The licensee requires as a condition for the extension of consumer credit that the customer establish an allotment to repay an obligation; or
6. The customer is prohibited from prepaying the loan or is charged a penalty or fee for prepaying all or part of the loan.
(Added to NRS by 2019, 942)
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.