NRS604A.408. Limitations on original term of deferred deposit and high-interest loans.

      1.  Except as otherwise provided in this chapter, the original term of a deferred deposit loan or high-interest loan must not exceed 35 days.

      2.  The original term of a high-interest loan may be up to 90 days if:

      (a) The loan provides for payments in installments;

      (b) The payments are calculated to ratably and fully amortize the entire amount of principal and interest payable on the loan;

      (c) The loan is not subject to any extension; and

      (d) The loan does not require a balloon payment of any kind.

      3.  Notwithstanding the provisions of NRS 604A.480, a licensee shall not agree to establish or extend the period for the repayment, renewal, refinancing or consolidation of an outstanding deferred deposit loan or high-interest loan for a period that exceeds 90 days after the date of origination of the loan.

      (Added to NRS by 2007, 931)