1. If the plaintiff is the prevailing party in any action to collect a consumer debt, the plaintiff is entitled to collect attorney’s fees only if the consumer form contract or other document evidencing the indebtedness sets forth an obligation of the consumer to pay such attorney’s fees and subject to the following conditions:
(a) If a consumer form contract or other document evidencing indebtedness provides for attorney’s fees in some specific percentage, such provision and obligation is valid and enforceable for an amount not to exceed 15 percent of the amount of the debt, excluding attorney’s fees and collection costs.
(b) If a consumer form contract or other document evidencing indebtedness provides for the payment of reasonable attorney’s fees by the debtor, without specifying any specific percentage, such provision must be construed to mean the lesser of 15 percent of the amount of the debt, excluding attorney’s fees and collection costs, or the amount of attorney’s fees calculated by a reasonable rate for such cases multiplied by the amount of time reasonably expended to obtain the judgment.
2. The documentation setting forth a party’s obligation to pay attorney’s fees must be provided to the court before a court may enforce those provisions.
(Added to NRS by 2019, 2310)
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