NRS97.245. Retail charge agreements: Finance charge; contents of monthly statements; notice of change in terms.

      1.  The amount of the finance charge in any retail charge agreement may be any amount, and the agreement may provide for the imposition of any fee, expense or charge, agreed upon by the parties.

      2.  At or before the time a retail charge agreement is made the seller shall advise the buyer in writing, on the application form or otherwise, or orally, that the finance charge will be computed on the outstanding balance for each month, which need not be a calendar month, or other regular period agreed upon, the schedule or rate by which the finance charge will be computed, and that the buyer may at any time pay the total unpaid balance. If the information is given orally, the seller shall, upon approval of the buyer’s credit, deliver or mail to the buyer and the buyer’s address a memorandum setting forth the information.

      3.  The seller or holder of a retail charge agreement shall promptly supply the buyer with a statement as of the end of each monthly period, which need not be a calendar month, or other regular period agreed upon, in which there is any unpaid balance thereunder. The statement must set forth the following:

      (a) The unpaid balance under the retail charge agreement at the beginning and end of the period;

      (b) Unless otherwise furnished by the seller to the buyer by sales slip, memorandum or otherwise, a description or identification of the goods or services purchased during the period, the cash sale price and the date of each purchase;

      (c) The payments made by the buyer to the seller and any other credits to the buyer during the period; and

      (d) The amount, if any, of any finance charge, fee, expense or charge for the period.

      4.  If a change is to be made in the terms of a retail charge agreement previously disclosed to the buyer, the seller shall mail or deliver to the buyer a written disclosure of the proposed change not less than 15 days before the effective date of the change. No notice is required if the change involves:

      (a) Charges for late payment, documentary evidence or exceeding an agreed limit;

      (b) A reduction of any component of a finance or other charge;

      (c) Suspension of future credit or termination of an account or plan; or

      (d) The result of an agreement involving a court proceeding or of the consumer’s default or delinquency, unless an increase is made in the periodic rate or other finance charge.

      (Added to NRS by 1965, 662; A 1981, 1593; 1984, 5; 1993, 2758; 1995, 1804)