What are the Citation (s) to Payday Loan or Small Loan Laws in Nevada?
A: The relevant citation regarding Payday Loans in the Nevada State Jurisdiction is
2005 Nev. Stat. 414 (A.B. 384)
Nevada State Payday Loan FAQs:
Q: Are Payday Loans legal in Nevada?
A: Yes Payday Loans are legal in Nevada.
Q: What is the Maximum Cash Advance Loan Amount in Nevada?
A: The Maximum Cash Advance or Payday Loan amount is 25% of your expected gross monthly income. So if you earn a gross salary of $1000 per month, you can take a payday loan up to $250.
Q: What is the Maximum Payday Loan Term in Nevada State?
A: The Maximum Payday Loan Term in Nevada is 60 days.
Q: What is the Maximum Fee for Cash Advance Loans in Nevada?
A: The Maximum Finance Rate and Fees for Cash advance loans in Nevada is Not Specified. (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Q: What is the Finance charge for 14-day $100 payday loan in Nevada State?
A: There is no limit on the finance charge for a 14-day $100 loan in Nevada.
Q: What is the APR for 14-day $100 payday loan in Nevada?
A: There is no limit on APR for 14-day $100 payday loan in Nevada.
Q: Is there a limit on the number of payday loans I can take at one time?
A: The number of payday loans you can take at one time is not specified.
Q: How many times can the lender rollover my payday loan in Nevada?
A: The number of times you can extend (rollover, refinance) a loan is not specified. However, Lenders cannot extend payment period beyond 60 days after expiration of initial loan period.
Q: Am I entitled to a repayment plan for a payday loan in Nevada?
A: Yes you are entitled to a repayment plan for a payday loan.
Q: Can I be charged a collection fee for a payday loan?
A: Yes, the collection fee in Nevada is: $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account) Court Costs; Reasonable Attorney's Fees; Service of process costs.
Q: If I cannot repay my payday loan can the lender initiate a criminal action?
A: No, In Nevada a payday loan lender cannot initiate a criminal action if the borrower is unable to pay the loan, unless the borrower acted with criminal intent.
Contact the Department Of Financial Institutions
If you have questions about payday loans please contact the Nevada Department of Financial Institutions at:
Nevada Financial Institutions Division
Address: 2785 E. Desert Inn Rd., Suite 180 Las Vegas, NV 89121
Phone: (702) 486-4120
Fax: (702) 486-4563
Regulatory Contact: , Supervisory Examiner
Website: http://www.fid.state.nv.us/
Where can I find a payday loan store in Nevada?
You can find the store nearest to your location by simply clicking on this link loc: Nevada
