Nevada Online Payday Loans

NRS 604.010  Definitions.  As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 604.020 to 604.080, inclusive, have the meanings ascribed to them in those sections.

NRS 604.020  “Cashing” defined.  “Cashing” means providing currency or a negotiable instrument in exchange for a check.

NRS 604.030  “Check” defined.  “Check” means a check, draft or money order, but does not include a traveler’s check or an instrument of payment drawn on a foreign account in foreign money. 

NRS 604.040  “Check-cashing service” defined.  “Check-cashing service” means any person engaged in the business of cashing checks for a fee, service charge or other consideration.

NRS 604.050  “Commissioner” defined.  “Commissioner” means the Commissioner of Financial Institutions.

NRS 604.060  “Deferred deposit” defined.  “Deferred deposit” means a transaction in which, pursuant to a written agreement:
1.  A customer tenders to a person a personal check drawn upon the account of the customer; and

2.  The person:
(a) Provides to the customer an amount of money that is equal to the face value of the check, less any fee charged for the transaction; and
(b) Agrees not to cash the check for a specified period.

NRS 604.070  “Deferred deposit service” defined.  “Deferred deposit service” means any person engaged in the business of deferring deposits for a fee, service charge or other consideration.

NRS 604.080  “Registrant” defined.  “Registrant” means a person who has been issued a certificate of registration to operate a check-cashing or deferred deposit service pursuant to this chapter.

NRS 604.090  Registration required; applicability of chapter.
1.  Except as otherwise provided in subsection 2, it is unlawful to operate a check-cashing or deferred deposit service without being registered with the Commissioner.

2.  The provisions of this chapter do not apply to:
(a) A person doing business pursuant to the authority of any law of this state or of the United States relating to banks, savings banks, trust companies, savings and loan associations, credit unions, development corporations, mortgage brokers, mortgage bankers, thrift companies, pawnbrokers or insurance companies.
(b) A person licensed to make installment loans pursuant to chapter 675 of NRS.
(c) A person who is primarily engaged in the retail sale of goods or services who:

(1) As an incident to or independently of a retail sale or service from time to time cashes checks for a fee or other consideration of not more than $2; and
(2) Does not hold himself out as a check-cashing service.
(d) A person while performing any act authorized by a license issued pursuant to chapter 671 of NRS. 
(e) A person who holds a nonrestricted gaming license issued pursuant to chapter 463 of NRS while performing any act in the course of that licensed operation.
(f) A person who is exclusively engaged in a check-cashing service relating to out-of-state checks.
(g) A corporation organized pursuant to the laws of this state that has been continuously and exclusively engaged in a check-cashing service in this state since July 1, 1973.

NRS 604.160  Registrant to post and give written notice of fees charged; signature of customer required on notice.  A registrant shall:

1.  Post in a conspicuous place in every location at which he conducts business under his certificate of registration a notice that states the fees charged for cashing checks or entering into a deferred deposit transaction.

2.  Give written notice to each customer of the fees charged for cashing checks. The notice must be signed by the customer before the service is provided.

NRS 604.162  Limitations on fees for check not paid upon presentment because of insufficient funds.  If a check is not paid upon presentment because of insufficient funds, the registrant may collect a fee of not more than $25. Only two such fees may be charged regardless of the number of times the check is presented for payment.

NRS 604.164  Registrant deferring deposits to provide each borrower with written agreement; contents.  A registrant, before deferring a deposit, shall provide each borrower with a written agreement, approved by the Commissioner, which the borrower may keep and which contains the following information, in English:

1.  The identity of the registrant deferring the deposit and the name of the registrant and the name and title of the employee who signs the agreement;
2.  An itemization of the fees and interest to be paid by the borrower;
3.  Disclosures required for a similar transaction by the federal Truth in Lending Act;
4.  Disclosures required under any applicable state statute or regulation; and
5.  A clear description of the borrower’s obligations under the deferred deposit.

NRS 604.166  Registrant may pursue collection proceedings upon default on loan made in form of deferred deposit; charges and interest.  If the borrower defaults on the original loan made in the form of a deferred deposit, or on any extension thereof, whichever is later, the registrant may immediately pursue any available collection proceedings on the amount of the loan made in the form of a deferred deposit and all accrued charges and interest that are then due. The interest charged from the date of the default on the loan made in the form of a deferred deposit, or on any extension thereof, must not exceed a rate equal to or less than the prime rate at the largest bank in the State of Nevada, as ascertained by the Commissioner on January 1 or July 1, as the case may be, immediately preceding the date of default, plus 10 percent.

NRS 604.170  Regulations.

1.  The Commissioner may establish by regulation:
(a) The fees that may be imposed by a check-cashing service for cashing checks; and
(b) The penalties that may be imposed by the Commissioner for a violation of the provisions of this chapter or the regulations adopted pursuant thereto.

2.  The Commissioner shall adopt such other regulations as are necessary to carry out the provisions of this chapter.

NRS 604.180  Prohibited acts by registrant relating to deferred deposit.  It is unlawful for a registrant to:
1.  Use or threaten to use the criminal process in this or any other state, or any civil process not available to creditors generally, to collect on a deferred deposit.     

2.  Make a loan made in the form of a deferred deposit that exceeds one-third of the borrower’s expected monthly net income during the term of the deferred deposit unless justified by particular circumstances. A registrant is not in violation of the provisions of this subsection if the borrower presents evidence of monthly net income to the registrant and represents to the registrant in writing that the deferred deposit does not exceed one-third of the borrower’s expected monthly net income during the term of the deferred deposit.

3.  Charge to cash a check representing the proceeds of a deferred deposit.

4.  Make more than one loan in the form of a deferred deposit to the same borrower at one time unless the borrower is seeking multiple loans in the form of a deferred deposit that do not exceed the limit set forth in subsection 2.

5.  Establish or extend the period for the repayment, renewal, refinancing or consolidation of an outstanding loan made in the form of a deferred deposit to the same borrower beyond 10 weeks after the expiration of the initial loan period.

6.  Accept any collateral for a loan made in the form of a deferred deposit.

7.  Include in the written agreement required by NRS 604.164 for a loan made in the form of a deferred deposit:
(a) A promise by the borrower to hold the lender harmless;
(b) A confession of judgment by the borrower;
(c) An assignment or order for payment of wages or other compensation due the borrower; or
(d) A waiver of any claim or defense arising out of the agreement or a waiver of any provision of this chapter.

NRS 604.190  Commissioner to charge registrant fee for supervision, examination, audit, investigation or hearing; billing and payment; penalty for late payment; failure to pay grounds for revocation of certificate of registration.

1.  The Commissioner shall charge and collect from each registrant a fee of $40 per hour for any supervision, examination, audit, investigation or hearing conducted pursuant to this chapter or any regulations adopted pursuant to this chapter.

2.  The Commissioner shall bill each registrant upon the completion of the activity for the fee established pursuant to subsection 1. The fee must be paid within 30 days after the date the bill is received. Except as otherwise provided in this subsection, any payment received after the date due must include a penalty of 10 percent of the fee plus an additional 1 percent of the fee for each month, or portion of a month, that the fee is not paid. The Commissioner may waive the penalty for good cause.

3.  The failure of a registrant to pay the fee required pursuant to subsection 1 as provided in this section constitutes grounds for revocation of the certificate of registration of the registrant.