Payday loan laws in Nevada
Status: Legal (Nev. Rev. Stat. 604A.010 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: 25% of approx. gross monthly income
- Loan tenure: 35 days
- Fees and finance charges: Not Specified
- Finance charge on a 14-day $100 loan: No limit
- APR on 14-day $100 loan: No limit
Collection restrictions:
- Collection fees: $25 dishonored check fee (up to two fees for insufficient funds & one fee for closed account); court costs & attorney fees
- Criminal procedures: Prohibited
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: Not specified
- Rollovers allowed: Not specified (Lenders cannot stretch payment period beyond 60 days)
- Repayment plan: Yes
Complaint cell:
- Regulator: Nevada Financial Institutions Division
- Address: 2785 E. Desert Inn Rd. Suite 180 . Las Vegas, Nevada 89121
- Phone: (702) 486-4120
- Fax: (702) 486-4563
- Regulatory contact: Paul Ashworth, Supervisory Examiner
- Website: http://www.fid.state.nv.us/
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File complaint: http://fid.state.nv.us/Forms/
FID-Complaint-Interactive.pdf
Updated on:
