NRS604A.440. Prohibited acts by licensee: Improper lending and collection practices; deceptive trade practices; false, misleading and deceptive advertising; using agent, affiliate or subsidiary to avoid requirements or prohibitions of chapter.

  A licensee shall not:

      1.  Use or threaten to use the criminal process in this State or any other state, or any civil process not available to creditors generally, to collect on a loan made to a customer.

      2.  Commence a civil action or any process of alternative dispute resolution or repossess a vehicle before the customer defaults under the original term of a loan agreement or before the customer defaults under any repayment plan, extension or grace period negotiated and agreed to by the licensee and customer, unless otherwise authorized pursuant to this chapter.

      3.  Take any confession of judgment or any power of attorney running to the licensee or to any third person to confess judgment or to appear for the customer in a judicial proceeding.

      4.  Include in any written agreement:

      (a) A promise by the customer to hold the licensee harmless;

      (b) A confession of judgment by the customer;

      (c) An assignment or order for the payment of wages or other compensation due the customer; or

      (d) A waiver of any claim or defense arising out of the loan agreement or a waiver of any provision of this chapter. The provisions of this paragraph do not apply to the extent preempted by federal law.

      5.  Engage in any deceptive trade practice, as defined in chapter 598 of NRS, including, without limitation, making a false representation.

      6.  Advertise or permit to be advertised in any manner any false, misleading or deceptive statement or representation with regard to the rates, terms or conditions for loans.

      7.  Use or attempt to use any agent, affiliate or subsidiary to avoid the requirements or prohibitions of this chapter.

      (Added to NRS by 2005, 1691)