NAC604A.180. Documentation of compliance with limitations on amounts of deferred deposit loans and short-term loans.

     1. A licensee shall maintain written documentation to establish that, except as otherwise provided in NRS 604A.425 and 604A.430, he has not made a:

     (a) Deferred deposit loan that exceeds 25 percent of the expected gross monthly income of the customer when the loan is made; or

     (b) Short-term loan that, under the terms of the loan agreement, requires any monthly payment that exceeds 25 percent of the expected gross monthly income of the customer.

     2. A licensee shall maintain separate written documentation for each deferred deposit loan or short-term loan the licensee makes to a customer.

     3. A licensee who fails to provide the Commissioner with the documentation required by this section is presumed to have violated NRS 604A.425.

     (Added to NAC by Comm’r of Financial Institutions by R150-05, eff. 12-29-2005)