Nevada payday loan laws

Legal Status:  Legal

Citation:  Nev. Rev. Stat. 604A.010 et seq.

Loan Terms:

Maximum Loan Amount:  25% of expected gross monthly income
Loan Term:  35 days
Maximum Finance Rate and Fees:  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 %)
Finance Charge for 14-day $100 loan:  No Limit
APR for 14-day $100 loan:  No Limit

Debt Limits:

Maximum Number of Outstanding Loans at One Time:  Not Specified
Rollovers Permitted:  Yes, with proceeds of a new loan. (Lenders cannot extend payment period beyond 60 days after the expiration of initial loan period)
Cooling-off Period:
Repayment Plan:  Yes

Collection Limits:

Collection Fees:  $25 dishonored check fee (max. two fees for insufficient funds; max. one fee for a closed account); court costs; reasonable attorney’s fees; service of process costs
Criminal Action:  Prohibited (Unless customer acted with criminal intent)

Where to Complain, Get Information:
Regulator: Nevada Financial Institutions Division
Address: 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121
Phone: (702) 486-4120
Fax: (702) 486-4563

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