MP-07-0035 - Nye County

Transcription

AGENDA ITEM #17 a, b, c, d
PARRUMP REGIONAL PLANNING COMMISSION
STAFF REPORT
Meeting Date: September 12, 2007
Prepared By: Beth Lee Planner I
GENERAL INFORMATION SUMMARY
Agenda Item:
a.
MP-07-0035: (Minor) Master Plan Amendment application to change approximately 0.27-acres
from the Light Industrial Land Use Category to the General Commercial Land Use Category, for
property located at 321 S. Frontage Road, situated on Frontage Road north of Oxbow Avenue,
Calvada Valley Unit 11, Block 1, Lot 21. AP# 38-234-10.
b.
ZC-07-0091: (Non-Conforming) Zone Change application to change approximately 0.27-acres
from the Light Industrial (Li) Zone to the General Commercial (GC) Zone for property Master
Planned as Light Industrial, located at 321 S. Frontage Road, situated on Frontage Road north of
Oxbow Avenue, Calvada Valley Unit 11, Block 1, Lot 21. AP# 38-234-10.
c.
CU-07-OO1 1: Conditional Use Permit application to allow a Dollar Loan Center within the
General Commercial (GC) Zone (the GC Zone requires a conditional use permit for check
cashing, payday loans or similar uses), located at 321 S. Frontage Road, situated on Frontage
Road north of Oxbow Avenue, Calvada Valley Unit 11, Block 1, Lot 21. AP# 3 8-234-10.
d.
WV-07-OO1 1: Waiver application from NCC 1 7.04.700.9.b (Conditions and Safeguards for
Check Cashing, Payday Loans, and Similar Uses) to allow approximately one-hundred feet (100’)
between similar uses where one-thousand five-hundred feet (1,500’) is required, located at 321 S.
Frontage Road, situated on Frontage Road north of Oxbow Avenue, Calvada Valley Unit 11,
Block 1, Lot 21. AP# 38-234-10
Property Owner(s): SV Holdings, LLC
Applicant(s): Dollar Loan Center, LLC
Agent: David Galyeen and Kjeldon Cundiff
Project Description: Refurbish existing building for use as Dollar Loan Center.
Case History: None.
Staff Recommendation: Approval of all applications.
Required Vote to Pass:
Master Plan Amendments require a 2/3 vote (minimum of 5) of the total membership of the RPC to
approve adopt. Any vote that is less than 2/3 is considered a failure to pass.
The BOCC may affirm a Master Plan Amendment approved or denied by the RPC with a simple majority vote of
the total membership of the Board.
The BOCC may change or add to a Master Plan Amendment adopted by the RPC, but any proposed change or
addition must be referred to the RPC for a report thereon. The RPC then has 40 days to file an attested copy of
the report with the BOCC. Failure of the RPC so to report within 40 days shall be deemed approval. The BOCC
may also designate a longer time period for the report. (see NRS 27 8.220)
Zone Changes require a simple majority vote of the RPC members present to approve or deny.
RECOMMENDED MOTION/FINDINGS
Master Plan Amendment Required Considerations (NCC 17.04.930.1). The Planning Commission shall
approve, modif’ and approve, or deny a Master Plan Amendment Application based on the following
considerations:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Whether or not the proposed Master Plan amendment promotes the adopted policies related to housing,
safety, streets & highways, and adequate public facilities; and not adversely affects the policies and action
programs of the Master Plan. Staff Findings: The requested Master Plan amendment does promote
the adopted policies related to land use.
Whether or not the proposed Master Plan amendment addresses oversights, inconsistencies, scrivener’s
errors or land use related inequities in the plan without adversely impacting the public health, safety or
welfare. Staff Findings: The requested Master Plan amendment may be viewed to address
oversights, inconsistencies land use inequities or scrivener’s errors.
Whether or not the proposed Master Plan amendment addresses significant changes that have occurred in
a particular area since the adoption of the Master Plan, and represents a more desirable utilization of land.
Staff Findings: The requested Master Plan amendment may be viewed to address significant
changes that have occurred since the adoption of the Master Plan, with respect to development in
the surrounding area.
Whether or not the proposed Master Plan amendment provides for land uses compatible with existing and
planned adjacent land uses and promotes the desired pattern of orderly physical growth of the Planning
District based on projected population growth with the least amount of impairment to the natural
resources, and provides for the efficient expenditure of funds for public services. Staff Findings: The
requested Master Plan amendment may be viewed to provide compatible land uses with adiacent.,
existing land uses, and promotes an orderly desired pattern of development along Frontage Road.
This area has developed into a General Commercial area, not a Light Industrial area.
Whether or not the proposed Master Plan amendment constitutes an overall improvement to the Master
Plan not solely for the good or benefit of a particular landowner or owners at a particular point in time.
Staff Findings: The requested Master Plan amendment may be viewed as an overall improvement
to the Master Plan.
Whether or not the proposed Master Plan amendment adversely impacts all or a portion of the planning
area by: altering acceptable land use patterns to the detriment of the Master Plan; or requiring public
expenditures for larger and more expensive infrastructure, such as street improvements, sewer, or water
systems than are needed to support the proposed land uses. Staff Findings: The requested Master Plan
amendment does not adversely impact the planning area.
Whether or not the proposed Master Plan amendment adversely impacts planned uses because of
increased traffic. Staff Findings: The requested Master Plan amendment may not be viewed to
adversely impaGt planned uses because of significant traffic.
Whether or not the proposed Master Plan amendment affects the livability of the area or the health or
safety of present and future residents. Staff Findings: The requested Master Plan amendment does not
affect the livability, health or safety of residents as the surrounding area has developed into a
commercial corridor.
Whether or not the proposed Master Plan amendment adversely impacts the natural environment or scenic
quality of the area in contradiction to the Master Plan. Staff Findings: The requested Master Plan
amendment would not be expected to adversely impact the natural environment or scenic quality of
the area, through the use of design guidelines, landscaping and lighting standards.
Whether or not the proposed Master Plan amendment will be consistent with the specific goals and
policies contained within the Master Plan. Staff Findings: The requested Master Plan amendment
may be viewed to be consistent with goals and policies contained in the Master Plan.
___________
______________________
_________________
_____
11.
12.
13.
Whether or not the proposed Master Plan amendment would be better addressed through an amendment
of the Zoning Ordinance. Staff Findings: The requested Master Plan amendment would not be
better addressed throuah an amendment of the Zonina Ordinance.
Whether or not the proposed Master Plan amendment would cause potential conflicts with any other
policies or action programs of the Master Plan. Staff Findings: The requested Master Plan amendment
should not be expected to cause conflict with the Master Plan policies related to land use
compatibifities. Throu2h proper site development the impacts of the proposed development on the
adjacent or planned residential uses may be mitigated.
Whether or not the proposed Master Plan amendment would require amendment of the Zoning Ordinance
or other planning, zoning or building related ordinance (if so, approval shall be conditioned upon the
applicant’s submittal of an application for a Master Plan or ordinance Text Amendment, providing how
the new language of the Master Plan or ordinance should read, and noting other places in the Master Plan
or ordinance that may require amendment or different cross-referencing as a result of the amendment).
Staff Findings: The requested Master Plan amendment would not require an amendment of the
Zoning Ordinance or other ordinance(s.
Recommended Motion to Approve (NCC 17.04.930.3): I move to approve this Master Plan Amendment
application based on the findings as outlined in the staff report.
Recommended Motion to Deny (NCC 17.04.930.3): I move to deny this Master Plan Amendment based on the
following findings (as provided by the Planning Commission):
(NOTE: If additional findings or conditions are made to support the motion, or stafffindings or if
conditions are modified, the RPC must clearly state the modflcations for the record using
considerations 1 through 13 outlined above).
Zone Change Required Considerations (NCC 17.04.895.1). Tn determining whether to approve, conditionally
approve, or deny an application for a Zone Change, the Planning Commission shall consider:
1.
2.
3.
4.
5.
Whether or not the proposed zone change conforms to the Master Plan, the Zoning Reference Map and
this Chapter (Chapter 17.04, the Zoning Ordinance).
Staff Findings: The requested zoning district does not conform to the Master Plan, however if the
Master Plan Amendment is approved the zoning will conform.
Whether or not the uses, which would be allowed on the subject property by approving the zone change,
will be compatible with the surrounding land uses and zoning districts. Staff Findings: The proposed
GC zone allows for land uses which would be compatible with the surrounding land uses and
zonina.
Whether or not growth and development factors in the community indicate the need for or
appropriateness of the zone change. Staff Findings: Growth factors in the community and patterns
of development in this area indicate the need for the zone chan2e at this particular location.
Whether or not street or highway facilities providing access to the property are, or will be, adequate in
size to meet the requirements of the proposed zone change.
Staff Findings: Access to the subject property is via Fronta2e Road (50-foot wide ROW). which is a
paved, county-maintained road.
Whether or not public facilities are adequate to meet the requirements of the proposed zone change.
Staff Findings: Property owner shall be required to provide and/or participate in the provision of
adequate public facffities incIudin adjacent street improvements.
Recommended Motion to Approve (NCC 17.04.930.3): I move to approve this Zone Change application based
on the findings and subject to the standard and special conditions of approval as outlined in the staff report
Recommended Motion to Deny (NCC 17.04.930.3): I move to deny this Zone Change application based on the
following findings (as provided by the Planning Commission):
(NOTE: If additional findings or conditions are made to support the motion, or stafffindings or if
conditions are modfled, the RPC must clearly state the modflcations for the record using
considerations 1 through 13 outlined above).
Required Conditional Use Permit (CUP) Considerations (NCC 17.04.920.L): Should the Planning
Commission elect to approve or disapprove this application based upon the analysis provided by staff, comments
received, and the site inspection, the following findings and motions are provided for your consideration:
1.
2.
3.
4.
5.
6.
7.
8.
Will be harmonious with and in accordance with the general objectives or with any specific objectives of
the Master Plan of current adoption the Zoning Reference Map and this Title.
Staff Findings: The use proposed by the Conditional Use Permit is allowed within the General
Commercial zone upon approval of the CUP.
Will be designed, constructed, operated, and maintained so as to be harmonious and appropriate in
appearance with the existing or intended character of the general vicinity and that such a use will not
change the essential character of the same area. Staff Findings: A Site Development Plan Review
application has been submitted by the proponents indicating the plan of development wifi be
harmonious with surrounding uses.
Will not be hazardous or disturbing to existing or future neighboring uses. Staff Findings: Should the
RPC find that the proposed use is disturbin2 to existing or future nei2hborin2 property owners due
to noise, vibrations, traffic, lihtin, etc.. the RPC may impose operational restrictions on the
business in order to minimize neiahborhood disturbances.
Will be a substantial improvement to property in the immediate vicinity and to the community as a whole.
Staff Findings: The RPC may find that the proposed development would be an improvement to the
community.
Will be served adequately by essential public facilities and services, such as highways, streets, police and
fire protection, drainage structures, refuse disposal, or schools; or that the persons or agencies responsible
for the establishment of the proposed use shall be able to provide adequately any such service.
Staff Findings: Property owner/developer shall be required to provide and/or participate in the
provision of adequate public facilities and access for development of the site.
Will not create excessive additional requirements at public cost for public facilities and services and will
not be detrimental to the economic welfare of the community.
Staff Findings: It is not expected that the proposed use would create excessive requirements or public
costs for facifities and services.
Will not involve uses, activities, processes, materials and equipment, and conditions of operation that will
be detrimental to any persons, property, or the general welfare by reason of excessive production of traffic,
noise, smoke, fumes, glares or odors.
Staff Findings: The proposed development is not likely to be detrimental to the public. Throuah the
use of proper site development plannin, such as the use of adequate screenina, landscaping,
buffering and paving may mitigate any potential problems.
Will be consistent with the intent and purposes of this Chapter.
Staff Findings: The RPC may find that this application for a Conditional Use Permit meets the
objectives of ensuring that this use is appropriate based on the particular site location, design of
buildings, compatibifity with existing uses, and proposed safeguards.
Recommended Motion for Approval: I move to Approve this Conditional Use Permit application based on the
findings and subject to all conditions as outlined in the staff report.
Recommended Motion to Deny (NCC 17.04.895.1): I move to Deny this Conditional Use Permit application,
based on the following findings:_______________________________________
(NOTE: Ifadditionalfindings or conditions are made to support the motion, or stafffindings or f conditions are
modfied, the RPC must clearly state the modflcations for the record using considerations 1 through 13 outlined
above).
Required Waiver Considerations (NCC 17.04.915 .H). In determining whether to grant or deny an application,
the Planning Commission shall consider:
1.
2.
3.
4.
That there are special circumstances or conditions applying to the property under consideration which
makes compliance with the provisions of this Chapter difficult and a cause of hardship to, and
abridgement of, a property right of the owner of said property. Staff Findings: There are no special
circumstances or conditions applying to the property
1 special circumstances exist in the
1 however
way this business is licensed and operates with respect to other payday loan and check cashing
businesses.
That such circumstances or conditions do not apply generally to other properties in the same land use
district. Staff Findings: The circumstances for this waiver do not apply to other properties in the
same land use district, as the proposed business and similar uses are substantially different based
upon licensure, business operations, auideines and requirements per NRS statutes.
That the granting of the waiver or exception is necessary to substantiate justice to the applicant or owner
of the property. Staff Findings: Waivers should not be granted unless there is some unusual
circumstance applying to this property
1 and then only if that circumstance causes extraordinary
difficulty in complying with the reuIations.
That the granting of the waiver will not result in material damage or prejudice to other properties in the
vicinity nor be detrimental to public health, safety, and general welfare. That relief would provide an
opportunity for improved zoning and planning that would benefit the community. Staff Findings:
Should the RPC decide to approve the waiver application, it does not appear that the waiver
would result in a detriment to the community.
Recommended Motion to Approve (NCC 17.04.915.H): I move to approve the requested Waiver based on the
findings and subject to the conditions as outlined in the staff report.
Recommended Motion to Deny (NCC 17.04.915.H): I move to deny this Waiver application based on the
findings:
SITE PLAN/PROJECT/ZONING ANALYSIS
The subject parcel is currently developed with an existing 2,208 square-foot building including a garage area,
formerly used as an automotive detailing business. Site development plan indicates extensive improvements to the
building, both interior and exterior, developing it into approximately 1,545 square feet of office space and turning
the garage area into a drive-thru, exiting to the alley. Patterns of growth and development in this area indicate a
tendency towards general commercial development, not light industrial development.
Staff feels General Commercial (GC) with a Conditional Use Permit, is the correct zone for this business, as the
proposed business is not a bank, it is a similar use to a check cashing or payday loan business. Applicant
disagrees, stating there are substantial differences between Dollar Loan Center and check-cashing or payday loan
businesses, based upon the licensing, guidelines and requirements between NRS 675 and NRS 604A. During
research of both NRS 675 and 604A, the following differences were found which staff feels support applicant’s
claim of substantial differences. Some of these differences are listed as follows:
NRS 675 is titled “Installment Loans”, with short title “Nevada Installment Loans and Finance Act”; NRS
675.040 specifically excludes persons licensed to do business pursuant to chapter 604A; NRS 675.180 requires
licensee to maintain minimum assets in the amount of $50,000; NRS 675.250 requires licensee to use standard
and accepted accounting practices and maintain accounting records for at least 2 years after making final entries;
NRS 675.260 requires licensee to file an annual report with the Commissioner; NRS 675.300 states licensee may
provide, obtain or take a form of security for a loan, but does not include personal property as an acceptable form
of security; NRS 675.361 allows licensee to make a loan for an indefinite term; and NRS 675.369 requires
licensee to provide to a borrower a written statement showing any activity during a billing cycle and any
remaining, unpaid balance at the end of a billing cycle.
NRS 604A is titled “Deferred Deposit Loans, Short Term Loans, Title Loans and Check-Cashing Services”; NRS
604A.030 permits check cashing for a fee; NRS 604A.055 permits deferred deposit loans for a fee; NRS
604A.250 specifically excludes persons who do not hold themselves out as a check-cashing service; NRS
604A.400 states any person licensed pursuant to chapter 675 shall not operate a check cashing service, deferred
deposit loan service, short term loan service or title loan service unless the person is licensed pursuant to chapter
604A; NRS 604A.41 5 provides collection of a defaulted loan; NRS 604A.435 states licensee can not accept
collateral for a loan unless it is a title to a vehicle, an assignment of wages, salary or commission, earned or to be
earned; NRS 604A.445 restricts the duration or term of title loans not exceed 30 days; NRS 604A.610 requires
licensees at time of application for license to submit and to maintain after licensing, a surety bond payable to the
State of Nevada in the amount of $50,000 plus an additional $5,000 for each branch location; NRS 604A.700
requires licensee to use standard and accepted accounting practices and maintain accounting records for at least 2
years; NRS 604A.730 requires Commissioner or authorized representative make an examination of the place of
business, including, but not limited to, books, accounts, papers, etc. so far as they pertain to the business for
which they are licensed; and NRS 604A.750 requires licensee to file an annual report with the Commissioner.
The subject property is located within flood zone X (unshaded). Zone X (unshaded) is the flood insurance rate
zone that corresponds to areas within the 100-year flood zone as indicated by the Flood Insurance Rate Map
(FIRM).
APPLICABLE REGULATIONS
Nye County Code 17.04 (the Zoning Regulations).
AGENCY/PUBLIC COMMENT AND/OR PROTEST
Adjacent Property Owners: None.
Public Works Department:
General Comments:
•
We recommend that approval of all parcel maps, waivers, conditional use, zone changes and other related
applications be conditional upon the owner and subsequent owners agreeing to pay for public road
improvement, including curb and gutter as required.
•
If road improvement can be deferred as deemed by this Department, the proponent must agree not to
object to any current and future local or district public improvements that are supported by the County
Commission including but not necessary projects that are funded under NRS 271. Where appropriate
under current or future county’s ordinances, rules and regulation, such agreement should be recorded on
the title of the lands.
•
The department also reserves its right to require the proponent to be responsible and/or pay for its share of
reconstruction, rehabilitation or resurfacing of roads fronting and flanking onto the proponent’s property.
This requirement shall be based on existing road conditions, and/or pavement condition indexes, which
shall be determined by the Department upon confirmation that the conditional approval of the subject
development application(s) has been given by the Planning Department.
Specific Comments:
•
•
This department reserves its right to provide further comments on all development servicing issues upon
review of sanitary, geotechnical, technical drainage studies, and traffic impact analysis.
No subdivision plan, site plan, land use plan for a Planned Unit Development, conditional use or zone
change may be approved unless on the date of such approval there exists Adequate Public Facilities
(APF) applicable to the project for which such approval is sought.
•
Developers shall make APF submittals containing the following information:
i. Background information that describes the proposed development, its location, and the
adequacy and conditions of all surrounding public facilities.
ii. Identification and analysis of development impacts to public facilities in accordance with this
Policy.
iii. Proposed program for mitigating impacts to public facilities.
iv. A submittal must address the impacts of each phase of project development and must submit
a schedule for each phase of construction.
Town of Pahrump: None.
Public Comments: None.
APPEAL
Any applicant or other person aggrieved by a decision of the Planning Commission may appeal to the Board of
County Commissioners within thirty (30) days of the decision. The appeal must be in writing and be
accompanied by the required $100.00 fee and clearly specify what part of the decision is being appealed.
STAFF RECOMMENDED CONDITIONS
Zone Change Standard Conditions of Approval
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Unless otherwise specified, all conditions must be met or financial assurances must be provided to satisfy
the conditions prior to submittal for a building permit. The Nye County Planning Department and/or
Public Works Department is responsible for determining compliance with a specific condition and shall
determine whether the condition must be fully completed or whether the applicant shall be offered the
option of providing financial assurances. All agreements, easements, or other documentation required by
these conditions shall have a copy filed with the Public Works and the Planning Departments.
Compliance with the conditions of this approval is the responsibility of the applicant, its successor(s) in
interest, and all owners, assignees, and occupants of the property and their successors in interest. Failure
to comply with any conditions imposed in the approval of this application may result in the
implementation of revocation procedures.
Development of the property must conform to any and all plans approved and/or recommended changes
approved as part of this application. The Nye County Planning Department shall determine compliance
with this condition.
Nye County reserves the right to review and revise the conditions of this approval should it determine that
a subsequent license or permit issued by Nye County violates the intent of this approval.
For the purposes of conditions imposed by Nye County, “may” is permissive and “shall” or “must” is
mandatory.
Approval of this application does not constitute approval of a liquor, gaming, brothel or fireworks
license/permit or any other County issued permit, license, or approval.
Unless expressly authorized through a waiver or another approved method, development of the property
shall comply with all applicable codes and ordinances.
If required, drainage study, construction plans and/or traffic studies must be submitted and approved and
all improvements must comply with the approved plans.
Should any off-premise signs--other than a billboard super structure--exist on the subject property, any
such sign shall be removed within thirty-five (35) days after the date of final action. No other off-premise
signs shall be erected on the subject property unless permitted through the Nye County Planning
Department.
No construction of public improvements shall occur until any required construction plans are submitted
and approved in accordance with the Guidelines for Design & Review of Development Engineering
11.
12.
Submissions along with the calculations of the construction valuation, and plans check and inspection fees
shall be borne by the Developer(s).
Should any billboard super structure(s) exist on any of the subject properties, any such sign shall be
removed at the time of development or within ten-years from the date of this approval, whichever occurs
first.
Approval of a Site Development Plan shall be required prior to application for building or other
construction permits.
Conditional Use Permit Standard Conditions of Approval
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
Unless otherwise specified, all conditions must be met or financial assurances must be provided to satisfy
the conditions prior to submittal for any required building permits. The Nye County Planning
Department and/or Public Works Department is responsible for determining compliance with a specific
condition and shall determine whether the condition must be fully completed or whether the applicant
shall be offered the option of providing financial assurances. All agreements, easements, or other
documentation required by these conditions shall have a copy filed with the Public Works- and PlanningDepartments.
Compliance with the conditions of this approval is the responsibility of the applicant, its successor(s) in
interest, and all owners, assignees, and occupants of the property and their successors in interest. Failure
to comply with any conditions imposed may result in the implementation of revocation procedures.
Development of the property must conform to the plans approved as part of this application. The Nye
County Planning Department shall determine compliance with this condition.
Nye County reserves the right to review and revise the conditions of this approval should it determine that
a subsequent license or permit issued by Nye County violates the intent of this approval.
For the purposes of conditions imposed by Nye County, “may” is permissive and “shall” or “must” is
mandatory.
The Conditional Use Permit will expire in three (3) years unless construction is completed within the
three (3) years, unless the Pahrump Regional Planning Commission grants a different time period. Any
extension of time must be applied for prior to the date of expiration.
Approval of this application does not constitute approval of a liquor, gaming, sexually-oriented business
or fireworks license/permit or any other County issued permit, license, or approval.
Upon approval of a Conditional Use Permit for which a Site Plan is required, the signed and stamped
approved Plan must be submitted to the Planning Department with the required application and review fee
for final approval before proceeding to Building Permit.
The applicant and any successors shall direct any potential purchaser operator of the conditional use
permit to meet with the Nye County Planning Department to review conditions of approval prior to the
final sale of the conditional use permit. The subsequent purchaser/operator of the conditional use permit
shall notify the Nye County Planning Department of the name, address, telephone number, and contact
person of the new purchaser/operator within 30 days of the final sale.
and approved in accordance with the Guidelines for Design & Review of Development Engineering
Submissions along with the calculations of the construction valuation, and plans check and inspection fees
shall be borne by the Developer(s).
Conditional Use Permit Special Conditions of Approval
24.
25.
26.
27.
Street improvements adjacent to the property and all work (onsite & offsite) shall conform to the 1996
Standard Specifications for Public Works Construction manual.
Parking lot, loading/service areas and driveways shall be paved and maintained in a dust-free manner and
shall comply with ADA regulations.
Commercial driveways to accommodate 2-way traffic shall not exceed 40’ in width; one-way driveways
shall not exceed 14’ in width.
Driveway aprons shall extend from the edge of pavement within the street ROW to the private property
and shall conform to the Standard Details for Public Improvements (Drawing No. 3.1 & 3.2) to include:
a.
28.
29.
30.
31.
32.
33.
The developer shall obtain encroachment permits from Nye County Road Department for any
work within the ROW.
b. Developer shall maintain the drainage swales and shall not obstruct flows adjacent to the
subject property.
Applicant shall have proof of commercial water rights prior to the issuance of a Certificate of Occupancy.
(Filing an application to appropriate the Waters of the State of Nevada will not meet these criteria).
Developer shall maintain appropriate sight triangle easements at all driveway intersections.
Refuse service areas shall be designed in a manner so as to screen the receptacles from view by adjacent
properties and prevent wind-generated trash.
Night lighting of the property shall be directed downward, and shielded in order to prevent glare onto
adjacent properties.
There shall be no parking allowed along Frontage Road or within the alley.
The developer shall construct necessary improvements for the purpose of providing adequate public
facilities, as required by the Adequate Public Facilities Policy.
‘1”
34.
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35.
thc
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or Granted Waiver
‘met or financial assurances must be provided to satisfy
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rmit. The Nye County Planning Department and/or
[nning compliance with a specific condition and shall
rpleted or whether the applicant shall be offered the
ments, easements, or other documentation required by
blic Works and the Planning Departments.
the responsibility of the applicant, its successor(s) in
the property and their successors in interest. Failure
p approval of this application may result in the
d Ic?èr!’.rmI— jocttttc’n..
36.
md all plans approved as part of this application. The
mpliance with this condition.
he conditions of this approval should it determine that
y violates the intent of this approval.
onaitions imposed by Nye County, “may” is permissive and “shall” or “must” is
37.
Ny
38.
For
upv 01
mandatory.
Approval of this application does not constitute approval of a liquor, gaming, brothel or fireworks
license/permit or any other County issued permit, license, or approval.
Developer(s) shall, at their own cost, perform and complete all work and improvements required by state
and county statutes, codes, regulations, etc.
and approved in accordance with the Document Submittal Requirements along with the calculations of
the construction valuation, and plans check and inspection fees shall be borne by the Developer(s).
39.
40.
41.
42.
a
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I-’
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MASTER PLAN AMENDMENT (MP-07-0035), ZONE CHANGE (ZC-07-0091), WAIVER (WV-07-0011), AND
CONDITIONAL USE PERMIT (CU-07-0011) APPLICATIONS FOR APPROXIMATELY .27 ACRES FROM THE LIGHT
INDUSTRIAL (LI) DISTRICT TO THE GENERAL COMMERCIAL (GC) DISTRICT FOR PROPERTY MASTER
PLANNED AS LIGHT INDUSTRIAL, LOCATED AT 321 S. FRONTAGE RD, SV HOLDINGS, LLC PROPERTY
OWNER, DOLLAR LOAN CENTER, LLC APPLICANT, DAVID GALYEN & KJELDEN CUNDIFF AGENTS.
AP# 38-234-10
-
-
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2.03
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I Parcels within 400 feet of the Subject Property
V/i Subject Property
Properties subject to notification of these Applications
I
CF Community Facilities
-
GC General Commercial
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LI
-
Light Industrial
125
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250
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Thursday, August 02, 2007
Justification letter for Dollar Loan Center
Dollar Loan Center, LLC, a Nevada limited liability company (the “Applicant”) is
requesting a zoning change. SV Holdings, LLC, a Nevada limited liability company,
purchased the office building located at 321 S. Frontage Road in Pahrump, Nevada (APN
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038-234-10)(the “Property”) on May 24
2007. The Property had been vacant for
numerous months and, unfortunately, had fallen into disrepair. As described below, SV
Holdings intends to engage in extensive improvements to the Property, which will
increase surrounding property values and establish an attractive and professional standard
for other businesses along the Frontage corridor. SV Holdings intended to do these
improvements with the intent to lease the property to Dollar Loan Center.
Dollar Loan Center, LLC a Nevada limited liability (“DLC”) is an installment
loan finance company licensed and regulated by the State of Nevada Financial
Institutions Division under Nevada Revised Statutes Chapter 675 since 1998. DLC
currently maintains “Dollar Loan Center” offices throughout Nevada, including 13
located in each of the following municipalities: Clark County, Washoe County, and
Douglas County. DLC intends to establish and operate a Dollar Loan Center finance
company at the purchased property. DLC is not a Payday Loan Company or Check
Cashing Company (collectively, “Payday Lenders”), who are regulated under NRS
Chapter 604A. Accordingly, in most local jurisdictions, Dollar Loan Center operates as
“Finance Companies” under applicable County ordinances, separate and apart from the
Payday Lender Check Cashing definition. There are many distinctions between a Payday
Lender and a Finance company including but not limited to: no collateral necessary, no
personal checks required, loan contracts with terms of 1 year, credit reporting, distinct
collection procedures for each which vary greatly, etc.
Dollar Loan Centers provide financial services for a specific clientele to whom
traditional banks or credit unions will not extend credit. These individuals are those who
either do not qualify for or are not interested in going to a Check Cashing/Payday Loan
Company (the “Payday Lenders”). Typically, DLC’s clients are a mixture of blueworking class people and professionals whose credit history does not meet a b.
union’s rigid credit requirements, or are not able to provide a car title or oth
required by the Payday Lenders.
Dollar Loan Center offers a unique credit and financing product that is an unsecured
“signature” loan. Dollar Loan Center will also offer an installment loan finance company
to persons who would otherwise not qualify for a traditional credit line. Dollar Loan
Center also is able to provide emergency cash loans to individuals without checking
accounts or car titles required by the Payday Lenders. Unlike conventional banks, a
decision on a credit line of up to $2,000.00 often is made within 15 to 30 minutes. Dollar
Loan Center will report credit information to the National credit bureaus, thereby
assisting customers in strengthening their credit score.
Pabrump offers a desirable location for a Dollar Loan Center office and a great
opportunity for Pahrump. Applicant believes that many residents in Pahrump will
welcome the opportunity to become clients customers. Initially, DLC will employ 3 fulltime professionals, each of whom will be provided with extensive training, and will enjoy
full medical, dental, vision, profit sharing and 401K plan benefits. In addition Dollar
Loan Center has intentionally been exclusively working with local, Pahrump based
contractors in their effort to keep the money spent on the project within the local
economy.
The Property is located along Highway 160 frontage, which is presently subject to
considerable commercial activity. Many of the commercial properties along Frontage
Road are in need of renovation. Applicant’s Property, due to its age and lack of recent
business, also is vacant and in disrepair. SV Holdings intends to completely refurbish the
Property, both inside and out. Although the structure will remain, a new, attractive
façade will be constructed, malcing the building look modern and new. The interiors also
will be completely redone. As commercial activity increases, the Property will serve as a
model for other property owners seeking to improve their properties along Frontage
Road.
It is expected that this project will help to revitalize the Frontage Road area, and
provide a valuable financial service to a growing and diverse population. The
appearance of the refurbished Property and new business will aid in improving local
buyers and investors’ confidence in Pabrump. In addition, this project will promote the
momentum for additional commercial development in the area, and will attract residents
to other businesses in the vicinity. Additionally, because of its location along Highway
160, it is easily accessible. The Applicant’s proposed amendment will enhance the
perception of this area and promote further economic redevelopment. Applicant
therefore contends that the desired site amendment will allow it to construct a project that
meets and supports Pahrump’ s existing policies, promotes long term attractiveness,
improves the economic vitality of the area, and endorses Pahrump s revitalization goals
by improving the general health and welfare of the population in the area surrounding the
project.
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dontbebroke corn
By Kjelden Cundiff, National Director of Compliance
What makes Dollar Loan Center different from check cashing, payday loan
companies and similar usages?
Dollar Loan Center has been operating in the State of Nevada for 9 years.
During that time millions of dollars have been spent on radio, print and
television advertising that has branded our company as an alternative to the
payday loan industry.
We currently have 13 offices licensed under NRS 675. This is a specific set
of laws written by the Nevada legislature that governs how we conduct
ourselves as a Financial Institution. We have an additional 14 offices that
are pending construction and licensure in the state of Nevada including the
proposed Pahrump, NV office.
This is an important fact because the state of Nevada and every municipality
that we conduct business in within the State of Nevada either classifies us as
an Installment Lender, a Finance Company or a Professional Service!
Finance Company. This includes the City of Las Vegas (see attached
definition of a Finance Company, exhibit 1), Washoe County, Douglas
County, Lyon County and City of Reno. In these other jurisdictions we are
categorized as either a Finance Company or a Professional Services
company NOT a check casher, payday lender or similar use company.
The problem that we have encountered in Pahrump is that the zoning and
planning department has no clearly defined category of Finance Company
listed. The Town of Pahrump has a clearly defined “Class A” business
license category for a Finance Company (see attached, exhibit 2), which
would be parallel to many of the other jurisdictions we operate 1uthis
category is not in the planning and zoning codes of Nyc Co t’ and i only
in the Town of Pahrump Business License office codes.
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If we were categorized as a professional service we could then operate as a
“Finance Company”.
The planning department in the absence of other options has classified
Dollar Loan Center as a “similar usage” company as a payday lender or
check casher. Again we have spent 9 years branding ourselves as
something other than that. We differ from that category of business
operation in a number of ways some of which I have enumerated below.
1. We do not cash payroll checks or checks of any type.
2. We are licensed under NRS 675 as an installment lender (see attached
exhibit 3).
3. Check cashers and payday lenders are licensed under a completely
separate NRS, NRS 604A (see attached, exhibit 4).
4. We do NOT hold any personal checks as collateral.
5. We offer only 1 product, signature loans or lines of credit.
6. A “Title Loan Company” would be a similar usage to a payday loan,
check cashing company. They hold collateral and they are also
licensed under NRS 604A. This would be the type of business that
should be classified as a “similar use company” as they are governed
under the same set of Nevada State Laws.
7. Dollar Loan Center offers loans that are 1 year written contracts with
only a signature required. Payday loan and check cashers offer 2week note or 30-day note terms.
8. Our customers are not required to have a checking account, as we do
not hold collateral checks or cash post dated checks to pay loans.
9. Payday lenders and similar use companies charge a “fee” for the
money that is borrowed by the customer. Dollar Loan Center charges
interest on a daily basis and our customers only pay interest for the
actual days that the money is borrowed. Payday lenders charge a flat
rate fee regardless of whether the customer needs the money for 2
days or 14 days. Payday lenders charge the same “fee” regardless of
the timeframe that the money is needed. This timeframe determines
the interest rate that is charged to the customer.
10.We charge a fixed rate of interest and our interest rate is NZ22.
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determined by the number of days that a loan is outst.
breditbbureau.
11. Effective 10/1/07 Dollar Loan Center will report to t
Payday lender, check cashers and auto title loan corn i$
report to a credit bureau to increase a customers cred core
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12. We have professional office settings more akin to a bank or credit
union with open seating, accessible employees and customer seating
while payday loan companies often operate behind bulletproof glass
with a small lobby area for its customers (see attached exhibit 5
interior photos of a typical Dollar Loan Center). I have also attached
exterior photos of our new office in Sioux Falls, SD to give you an
idea of the quality and building appearance that we wish to bring to
Pahrump. See attached exhibit 6.
13. Our customer’s credit line operates like a credit card and can be paid
down and borrowed back to its maximum credit at the customer’s
leisure. Payday lenders require a new postdated check with each
transaction and each postdated check includes a built in “fee”.
14. We employ highly trained and compensated Store Managers, Team
Leaders and Loan Processors. Our largest office in Nevada Currently
staffs 14 full-time employees. Payday lenders generally employ 2
staff members at much lower wage scales because the job doesn’t
require the skills that our jobs demand in terms of loan underwriting,
ability to read credit reports, etc.
In closing, the State of Nevada licenses and regulates payday lenders and
finance companies such as Dollar Loan Center under 2 separate and distinct
sets of NRS. I have enclosed a copy of each NRS as exhibits.
NRS 604A Gives the license holder the right to grant short term payday
loans, cashier checks for individuals, give loans using automobile titles as
collateral and mandates the period of time for each of these loans as well as
how these files must be maintained.
—
NRS 675 Gives the license holder the right to make a signature loan with
no collateral, no personal checks, no car titles, etc. so long as the loan is for
a length of 365 days or more.
I have attached a document that details the vision that Dollar Loan Center
has for its Nye County Corporate Office. See exhibit 7.
And finally I have attached a screen print that lists all of our current
locations that are open and operating under NRS 675 in Nevada. This does
iing
not include those mentioned above that are in a construction an. .
phase that is not yet final. See attached exhibit 8.
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EXHIBIT 1
Page 1 of2
Untitled Document
City of Las Vegas
Department of Finance & Business Services
Business Services Division
400 Stewart Avenue, 3rd Floor
Las Vegas, Nevada 89101
(702) 229-6281
(702) 386-9108 TDD
Ci
of Las Ve as Business License Instructions
Finance Company
A finance company is any enterprise in the business of loaning money to others for profit and who
holds himself out to the general public and falls under the jurisdiction of NRS 675. Banks,
mortgage companies, savings & loans, trust companies, and pawnbrokers are not licensed as
finance companies.
1. Confirm the proposed business location is within the Las Vegas city limits and properly zoned
for this activity. For information on planning, zoning, and building requirements, call (702) 2296301 or visit our Development Services Center at 731 South 4th Street.
2. Make application for a Nevada sales/use tax permit and state business license from the Nevada
Department of Taxation located at 555 East Washington Avenue, Las Vegas, Nevada 89101. For
additional information call (702) 486-2300 or visit their website at http://tax.state.nv.us/.
3. Apply with the Nevada Financial Institutions Division at 2785 E Desert Inn Road #180, Las
Vegas, Nevada, 89121. Call (702) 486-4120 or visit their website at http://fid.state.nv.us/ for
additional information.
4. 30 days prior to commencing business, bring a completed license application and all applicable
items listed above to the Business Services Division, 400 Stewart Avenue, 3rd Floor (City Hall).
5. Total fees due with the application are $830.00. ($800.00 license fee + $30.00 processing fee).
Make checks payable to CITY OF LAS VEGAS.
6. Business license applications are sent to the Planning Department and Fire Department for
review and inspection. Upon approval from these agencies and completion of all items listed
above, the Business Services Division will issue your business license.
Here are the required forms (in PDF):
Las Vegas Business License Application
Child Support Supplement
Please print these forms. Forms are in PDF format. What is PDF? How can I view PDF
Completed forms may be returned by mail or in person at the following address:
City of Las Vegas
Business Services Division
d Floor
400 Stewart Avenue, 3
Las Vegas, Nevada 89101
Applications can be returned in person Monday-Friday from 8:00 a.m. to 4:30 p.m.
If you have any questions please email or call us at 702-229-6281.
2222
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OL 68
http: www.lasvegasnevada.gov/bus-license descriptions/49 1 4.htm
8/20/2007
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22.04.180: CLASS A DEFINED:
Page 1 of 1
22.04.180: CLASS A DEFINED:
Businesses, professions, trades and callings to be classified as class A are persons,
partnerships or corporations whose activities or services require a high degree of skill or
training, including, but not limited to:
Appraisers.
Architects.
Attorneys.
Chiropractors.
Consultants, not otherwise specifically classified.
Dental laboratories.
Dentists.
Doctors, medical.
Engineers, professional.
Finance companies.
Loan offices or agencies.
Medical laboratories.
Opticians and optometrists.
Osteopaths.
Public accountants.
Real estate brokers and salespersons.
Undertakers and funeral homes.
Veterinarians. (Ord. 94-01, 1994)
http: 66.113.195.234/NVfNye%20County 23002003000003000.htm
8 20 2007
EXHIBIT 3
Page 1 of 10
Nevada Revised Statutes: Chapter 675
CHAPTER 675 - INSTALLMENT LOANS
GENERAL PROVISIONS
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NRS 675.030
NR
5.II
NRS 675.045
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NRS 675.055
Short title.
Definitions.
Legislative declaration.
Applicability.
Certain relationships between employees of Division of Financial Institutions and licensees prohibited;
termination of prohibited relationship.
Effect of amendment or repeal of chapter on preexisting lawful contracts.
Exemption from provisions governing making of loans: Application to Commissioner; grounds; powers and
duties of Commissioner; regulations; fees set by regulation.
LICENSING
5.0
NR
NRS 675.070
NRS 675.090
NRS 675.095
NRS 675.100
NRS 675.110
NRS 675.120
NRS 675.130
NRS 675.140
5.
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NRS 675.160
Unlicensed dealing in loans prohibited; license required for each office or other place of business.
to persons who seek to evade.
Application of NR
Application for license: Form; contents; requirements when applying for license for office or other place of
business located outside State; withdrawal of application.
Application for license: Additional requirements; fingerprints; grounds for refusal to issue license.
Fees for application and investigation; regulations.
Investigation by Commissioner; notice; hearing; order.
Issuance of license subsequent to findings by Commissioner.
Required statements on license.
Expiration, renewal and reinstatement of license; fees; regulations.
Procedure for denial of license.
Disposition of money collected pursuant to chapter.
GENERAL REGULATIONS
NRS 675.170
NRS 675.190
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NRS 675.210
NRS 675.220
NRS 675.240
NRS 675.250
NRS 675.260
Regulations and orders of Commissioner.
Licensee to maintain minimum assets.
Posting of licenses.
Transferability or assignability of license.
Places of business maintainable by licensee under license; issuance of more than one license to licensee.
Change of address by licensee: Notice; approval by Commissioner; penalty for failure to provide required
notice.
Restriction on location of business of making loans.
Name under which business transactable by licensee; loans by mail.
Use or change of business name; prohibitions.
Books and accounting records: Practices; preservation; requirements regarding office or other place of
business located outside State.
Annual report by licensee; composite reports.
False, misleading or deceptive advertising prohibited.
LOANS
5
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NRS 675.330
NRS 675.340
53
NRS 675.360
Insurance as security for loans: Conditions; limitations.
Collection of loans made outside State.
Payment in money, credit, goods or things in action, as consideration for sale,
compensation, deemed loan of money; transaction
Assignment of wages as security invalid.
Prohibited practices by licensees.
Duties of licensee.
of
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LOANS FOR INDEFINITE TERM
NRS 675.361
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NRS 675.369
Terms of written agreement.
Calculation of interest; billing cycle.
Fees and charges.
Borrower must be given description of rate and computation of interest; notice of i
change in terms.
Written statement to borrower; copy of draft or order for payment.
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REVOCATION AND SUSPENSION OF LICENSES
http://leg.state.nv.us/NRS/NRS-675.html
8 20 2007
Page 2 of 10
R
NRS 675.380
.4
NRS 675.410
NRS 675.420
NRS 675.430
R
.44
NRS 675.450
License remains effective until expiration, surrender, revocation or suspension.
Authority of Commissioner to investigate business; free access required.
Authority of Commissioner to require attendance of witnesses and production of documents.
Commissioner to examine licensee’s business annually; fee.
Temporary suspension of license: Conditions; notice; hearing; term of suspension.
Surrender of license by licensee; surrender as affecting licensee’s liability.
Order to desist and refrain; action to enjoin violation; appointment and powers of receiver.
Revocation or suspension of license: Grounds; notice; hearing; order.
Revocation or suspension of license: Additional grounds.
Preexisting contracts unaffected by revocation, suspension, expiration or surrender of license.
PENALTIES
NRS 675.490
Unlicensed dealing in loans.
Administrative fmes.
GENERAL PROVISIONS
NRS 675.010 Short title. ‘This chapter shall be known and may be cited as the Nevada Installment Loan and Finance
Act.
(Added to NRS by 1959, 226)
NRS 675.020 Definitions. As used in this chapter, unless the context otherwise requires:
1. “Amount of cash advance” means the amount of cash or its equivalent actually received by a borrower or paid out at
his direction or on his behalf.
2. “Amount of loan obligation” means the amount of cash advance plus the aggregate of charges added thereto pursuant
to authority of this chapter.
3. “Commissioner” means the Commissioner of Financial Institutions.
4. “Community” means a contiguous area of the same economic unit or metropolitan area as determined by the
Commissioner, and may include all or part of a city or several towns or cities.
5. “License” means a license, issued under the authority of this chapter, to make loans in accordance with the provisions
of this chapter, at a single place of business.
6. “Licensee” means a person to whom one or more licenses have been issued.
(Added to NRS by 1959, 226; A 1977, 193; 1983, 1805; 1985, 537; 1987, 1987)
NRS 675.030 Legislative declaration. The legislature fmds as facts and determines that:
1. There exists in this state a widespread demand for loans repayable in installments, which loans may or may not be
made on substantial security. This demand has been steadily increased by many social and economic factors.
2. The expenses of making and collecting installment loans are necessarily high in relation to the amounts lent.
3. It is the purpose of this chapter to:
(a) Bring under public supervision those engaged in the business of making loans;
(b) Attract adequate commercial capital to the business, so that the demand for such loans may be satisfied; and
(c) Ensure the availability in this state of adequate, efficient and competitive fmancial services.
(Added to NRS by 1959, 227; A 1971, 1365; 1973, 1515; 1983, 1312; 1987, 178)
NRS 675.040 Applicability. This chapter does not apply to:
1. A person doing business under the authority of any law of this State or of the United States relating to banks, savings
banks, trust companies, savings and loan associations, credit unions, development corporations, mortgage brokers, mortgage
bankers, thrift companies, pawnbrokers or insurance companies.
2. A real estate investment trust, as defmed in 26 U.S.C. § 856.
3. An employee benefit plan, as defmed in 29 U.S.C. § 1002(3), if the loan is made directly from money in the plan by
the plan’s trustee.
9324
4. An attorney at law rendering services in the performance of his duties as an attorney at law i e’ioan is s
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real property.
5. A real estate broker rendering services in the performance of his duties as a real estate bro i the loan is scured b3\
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real property.
6. Except as otherwise provided in this subsection, any firm or corporation:
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(c) Approved by the Department of Housing and Urban Development and the Department of Verans AffairsS’
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7. A person who provides money for investment in loans secured by a lien on real property, onhi,own accbunt.
8. A seller of real property who offers credit secured by a mortgage of the property sold.
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9. A person holding a nonrestricted state gaming license issued pursuant to the provisions of chapterr463 9
10. A person licensed to do business pursuant to chapter 604A of NRS with regard to those services regu14pjirsuant to
chapter 604A of NRS.
(Added to NRS by 1959, 227; A 1983, 153, 1313; 1989, 1064; 1991, 818; 1995, 1100; 1999. 3810; 2003. 3578; 2Q
1713)
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NRS 675.045 Certain relationships between employees of Division of Financial Institutions and licensees
prohibited; termination of prohibited relationship.
1. Except as provided in subsection 3, an officer or employee of the Division of Financial Institutions shall not:
(a) Be directly or indirectly interested in or act on behalf of any licensee;
http://leg.state.nv.usINRS/NRS-675 .html
8/20/2007
Nevada Revised Statutes: Chapter
675
Page 3 of 10
(b) Receive, directly or indirectly, any payment from any licensee;
(c) Be indebted to any licensee;
(d) Engage in the negotiation of loans for others with any licensee; or
(e) Obtain credit or services from a licensee conditioned upon a fraudulent practice or undue or unfair preference over
other customers.
2. An employee of the Division in the unclassified service of the State shall not obtain new extensions of credit from a
licensee while in office.
3. Any officer or employee of the Division of Financial Institutions may be indebted to a licensee on the same terms as
are available to the public generally upon a secured installment debt or an unsecured debt.
4. If an officer or employee of the Division of Financial Institutions has a service, a preferred consideration, an interest or
a relationship prohibited by this section at the time of his appointment or employment, or obtains it during his employment,
he shall terminate it within 120 days after the date of his appointment or employment or the discovery of the prohibited act.
NRS 675.050 Effect of amendment or repeal of chapter on preexisting lawful contracts. This chapter or any part
thereof may be modified, amended or repealed so as to effect a cancellation or alteration of any license or right of a licensee
under this chapter, provided that such cancellation or alteration shall not impair or affect the obligation of any preexisting
lawful contract between any licensee and any borrower.
NRS 675.055 Exemption from provisions governing making of loans: Application to Commissioner; grounds;
powers and duties of Commissioner; regulations; fees set by regulation.
1. A person may apply to the Commissioner for an exemption from the provisions of this chapter governing the making
of a loan of money.
2. The Commissioner may grant the exemption if he fmds that:
(a) The making of the loan would not be detrimental to the fmancial condition of the lender, borrower or person who is
providing the money for the loan;
(b) The lender, borrower or person who is providing the money for the loan has established a record of sound
performance, efficient management, fmancial responsibility and integrity;
(c) The making of the loan is likely to increase the availability of capital for a sector of the state economy; and
(d) The malcing of the loan is not detrimental to the public interest.
3. The Commissioner:
(a) May revoke an exemption unless the loan for which the exemption was granted has been made;
(b) Shall issue a written statement setting forth the reasons for his decision to grant, deny or revoke an exemption; and
(c) Shall adopt regulations which provide the application forms to be used to apply for an exemption and the fees to be
paid along with the application.
LICENSING
NRS 675.060 Unlicensed dealing in loans prohibited; license required for each office or other place of business.
1. No person may engage in the business of lending in this State without first having obtained a license from the
Commissioner pursuant to this chapter for each office or other place of business at which the person engages in such
business, except that if a person intends to engage in the business of lending in this State as a deferred deposit loan service,
short-term loan service or title loan service, as those terms are defmed in chapter 604A of NRS, the person must obtain a
license from the Commissioner pursuant to chapter 604A of NRS before the person may engage in any such business.
2. For the purpose of this section, a person engages in the business of lending in this State if he:
(a) Solicits loans in this State or makes loans to persons in this State, unless these are isolated, incidental or occasional
transactions; or
(b) Is located in this State and solicits loans outside of this State or makes loans to persons located outside of this State,
unless these are isolated, incidental or occasional transactions.
(Added to NRS by 1959, 228; A 1971, 1366; 1973, 1515; 1983, 1313, 1806; 1987, 178, 1987; 1993, 2045; 2001. 2047;
2005. 1714)
NRS 675.070 Application of
S 675.060 to persons who seek to evade. The provisions of NRS 67 5.060 shall apply
to any person who seeks to evade its application by any device, subterfuge or pretense whatever, including, but not thereby
limiting the generality of the foregoing:
1. The loan, forbearance, use or sale of credit (as guarantor, surety, endorser, comaker or otherwise), money, goods, or
things in action.
2. The use of collateral or related sales or purchases of goods or services, or agreements to se l1 9srhase?Wh er real
or pretended.
c
3. Receiving or charging compensation for goods or services, whether or not sold, deliver
dc9r provided.
9
4. The real or pretended negotiation, arrangement or procurement of a loan through any
or activity,&f a third pefson,
whether real or fictitious.
(AddedtoNRSbyl9S9,228)
.
.
.
NRS 675.090 Application for license: Form; contents; requirements when applying for license forffice or oher
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place of business located outside State; withdrawal of application.
1. Application for a license must be in writing, under oath, and in the form prescribed by the Qommissioner.
,/
2. The application must:
(a) Provide the address of the office or other place of business for which the application is submittedO 6
(b) Contain such further relevant information as the Commissioner may require, including the names andiddresses of the
partners, officers, directors or trustees, and of such of the principal owners or members as will provide the basis for the
investigations and fmdings contemplated by NRS 675.110 and 675.120.
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3. A person may apply for a license for an office or other place of business located outside this State from which the
applicant will conduct business in this State if the applicant or a subsidiary or affiliate of the applicant has a license issued
pursuant to this chapter for an office or other place of business located in this State and if the applicant submits with the
application for a license a statement signed by the applicant which states that the applicant agrees to:
(a) Make available at a location within this State the books, accounts, papers, records and files of the office or place of
business located outside this State to the Commissioner or a representative of the Commissioner; or
(b) Pay the reasonable expenses for travel, meals and lodging of the Commissioner or a representative of the
Commissioner incurred during any investigation or examination made at the office or place of business located outside this
State.
The person must be allowed to choose between paragraph (a) or (b) in complying with the provisions of this subsection.
4. The Commissioner shall consider an application to be withdrawn if the Commissioner has not received all information
and fees required to complete the application within 6 months after the date the application is first submitted to the
Commissioner or within such later period as the Commissioner determines in accordance with any existing policies of joint
regulatory partners. If an application is deemed to be withdrawn pursuant to this subsection or if an applicant otherwise
withdraws an application, the Commissioner may not issue a license to the applicant unless the applicant submits a new
application and pays any required fees.
(AddedtoNRS by 1959, 228; A 1983, 1806; 1987, 1987; 2001. 2047; 2005. 1881)
NRS 675.095 Application for license: Additional requirements; fingerprints; grounds for refusal to issue license.
1. In addition to any other requirements set forth in this chapter, each applicant must submit:
(a) Proof satisfactory to the Commissioner that the applicant:
(1) Has a good reputation for honesty, trustworthiness and integrity and is competent to transact the business for
which the applicant seeks to be licensed in a manner which protects the interests of the general public.
(2) Has not made a false statement of material fact on the application for the license.
(3) Has not committed any of the acts specified in subsection 2.
(4) Has not had a license issued pursuant to this chapter suspended or revoked within the 10 years immediately
preceding the date of the application.
(5) Has not been convicted of, or entered a plea of nob contendere to, a felony or any crime involving fraud,
misrepresentation or moral turpitude.
(6) If the applicant is a natural person:
(I) Is at least 21 years of age; and
(II) Is a citizen of the United States or lawfully entitled to remain and work in the United States.
(b) A complete set of his fmgerprints and written permission authorizing the Division of Financial Institutions of the
Department of Business and Industry to forward the fingerprints to the Central Repository for Nevada Records of Criminal
History for submission to the Federal Bureau of Investigation for its report.
2. In addition to any other lawful reasons, the Commissioner may refuse to issue a license to an applicant if the applicant:
(a) Has committed or participated in any act which, if committed or done by a holder of a license, would be grounds for
the suspension or revocation of the license.
(b) Has previously been refused a license pursuant to this chapter or has had such a license suspended or revoked.
(c) Has participated in any act which was a basis for the refusal or revocation of a license pursuant to this chapter.
(d) Has falsified any of the information submitted to the Commissioner in support of the application for the license.
(Added to NRS by 2005 1880)
NRS 675.100 Fees for application and investigation; regulations.
1. At the time of making the application, the applicant shall pay to the Commissioner:
(a) A nonrefundable fee of not more than $1,000 for the application and survey;
(b) Any additional expenses incurred in the process of investigation as the Commissioner deems necessary; and
(c) A fee of not less than $200 or more than $1,000, prorated on the basis of the licensing year as provided by the
Commissioner.
2. The Conmtissioner shall adopt regulations establishing the amount of the fees required pursuant to this section. All
money received by the Commissioner pursuant to this section must be placed in the Investigative Account created by NRS
232.545.
(AddedtoNRSby 1959, 228;A 1981, 757; 1983, 1326, 1807; 1987, 1988; 1991, 1814; 2005 1882)
NRS 675.110 Investigation by Commissioner; notice; hearing; order.
1. Upon the filing of the application and the payment of the fees, the Commissioner shall investig. t i 1htn e g
q’s
the application and the requirements provided for in NRS 675.120.
2. The Commissioner may hold a hearing on the application at a time not less than 30 days a, ethe date the applicatjo i
was filed nor more than 60 days after that date. The hearing must be held in the Office of the
misnersbch oth\
place as he may designate. Notice in writing of the hearing must be sent to the applicant and to licensee whcl a noti6\
of the application has been given and to such other persons as the Commissioner may see fit, at ast 10 dys’before thé)date
set for the hearing.
0-’
3. The Commissioner shall make his order granting or denying the application within 10 da after the date qthe closing /
of the hearing, unless the period is extended by written agreement between the applicant and the Ccmissionr-’
(Added to NRS by 1959, 229;A 1981, 104; 1983, 1807; 1987, 1988; 2001. 2048)
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NRS 675.120 Issuance of license subsequent to findings by Commissioner. If the Commissioner-flds:
L.’JZ
1. That the fmancial responsibility, experience, character and general fitness of the applicant are such as-to-command the
confidence of the public and to warrant belief that the business will be operated lawfully, honestly, fairly and efficiently,
within the purposes of this chapter; and
2. That the applicant, unless he will function solely as a loan broker, has available for the operation of the business at the
specified location liquid assets of at least $50,000,
he shall thereupon enter an order granting the application, and file his findings of fact together with the transcript of any
hearing held under this chapter, and forthwith issue and deliver a license to the applicant.
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(Added to NRS by 1959, 229; A 1971, 1366; 1983, 1807; 1987, 178, 1988; 2001. 2048)
NRS 675.130 Required statements on license. Each license shall:
1. State the address at which the business is to be conducted; and
2. State fully the name of the licensee, and if the licensee is a copartnership or association, the names of its members, and
if a corporation, the date and place of its incorporation.
NRS 675.140 Expiration, renewal and reinstatement of license; fees; regulations.
1. A license expires on December 31 of each year unless renewed by the licensee through the payment, on or before that
date, of an annual fee of not more than $1,000 for each license held by him. The Commissioner may reinstate an expired
license upon receipt of the annual fee and a fee of not more than $400 for reinstatement.
2. The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section.
(Added to NRS by 1959, 229; A 1981, 757; 1983, 1807; 1987, 1989; 1989, 922; 2005. 1882)
NRS 675.150 Procedure for denial of license.
1. If the Commissioner fmds that any applicant does not possess the requirements specified in this chapter, he shall enter
an order denying the application and forthwith notil’ the applicant of the denial.
2. Within 10 days after the entry of such an order, he shall file his findings and a summary of the evidence supporting
them and shall forthwith deliver a copy thereof to the applicant.
(AddedtoNRSby 1959, 229;A 1983, 1326, 1808; 1987, 1989)
NRS 675.160 Disposition of money collected pursuant to chapter. Except as otherwise provided in NRS 675.100, all
fees and charges collected under the provisions of this chapter must be deposited in the State Treasury pursuant to the
provisions of NRS 658.091.
(Added to NRS by 1959, 230; A 1983, 1326; 2003. 3234)
GENERAL REGULATIONS
NRS 675.170 Regulations and orders of Commissioner.
1. The Commissioner may adopt regulations and make orders for the administration and enforcement of this chapter, in
addition hereto and not inconsistent herewith.
2. Every regulation must be promulgated by an order, and any ruling, demand, requirement or similar administrative act
may be promulgated by an order.
3. Every order must be in writing, must state its effective date and the date of its promulgation, and must be entered in an
indexed pennsnent book which is a public record.
4. A copy of every order promulgating a regulation and of every other order containing a requirement of general
application must be mailed to each licensee at least 20 days before the effective date thereof.
(Added to NRS by 1959, 230; A 1983, 1808; 1987, 1989)
NRS 675.180 Licensee to maintain minimum assets. Every licensee shall maintain assets of at least $50,000 either
used or readily available for use in the conduct of the business of each licensed office.
(Added to NRS by 1959, 230; A 1971, 1366)
NRS 675.190 Posting of licenses. Each license shall be kept conspicuously posted in the licensed place of business.
NRS 675.200 Transferability or assignability of license. Licenses shall not be transferable or assignable.
NRS 675.210 Places of business maintainable by licensee under license; issuance of more than one license to
licensee. Not more than one place of business may be maintained under the same license. The Commissioner may issue
additional licenses to the same licensee for other business locations upon compliance with all the provisions of this chapter
governing issuance of a single license. Nothing herein requires a license for any place of business devoted to accounting,
recordkeeping or administrative purposes only.
(Added to NRS by 1959, 230; A 1983, 1808; 1987, 1989)
NRS 675.220 Change of address by licensee: Notice; approval by Commissioner; p lty for fail re to rovide
required notice.
i nse ursuant
1. A licensee who wishes to change the address of an office or other place of business fos iich i i.
i aj tthe
to this chapter must, at least 10 days before changing the address, give written notice f the pr. :.
,
r’.
Commissioner.
2. Upon receipt of the proposed change of address pursuant to subsection 1, the Commissi’. r .11 .vide wri!tten
approval of the change and the date of the approval.
3. If a licensee fails to provide notice as required pursuant to subsection 1, the Commissi6ner ma .. pose a finein an
amount not to exceed $500.
(Added to NRS by 1959, 230; A 1983, 1808; 1987, 1989; 2001. 2049)
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NRS 675.230 Restriction on location of business of making loans.
1. Except as otherwise provided in subsection 2, a licensee may not conduct the business of making loans under this
chapter within any office, suite, room or place of business in which any other business is solicited or engaged in, except an
insurance agency or notary public, or in association or conjunction with any other business, unless authority to do so is given
by the Commissioner.
2. A licensee may conduct the business of making loans pursuant to this chapter in the same office or place of business
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(a) A mortgage broker if:
(1) The licensee and the mortgage broker:
(I) Operate as separate legal entities;
(II) Maintain separate accounts, books and records;
(III) Are subsidiaries of the same parent corporation; and
(IV) Maintain separate licenses; and
(2) The mortgage broker is licensed by this state pursuant to chapter 645B of NRS and does not receive money to
acquire or repay loans or maintain trust accounts as provided by NRS 645B.175.
(b) A mortgage banker if:
(1) The licensee and the mortgage banker:
(I) Operate as separate legal entities;
(II) Maintain separate accounts, books and records;
(III) Are subsidiaries of the same parent corporation; and
(IV) Maintain separate licenses; and
(2) The mortgage banker is licensed by this state pursuant to chapter 645E of NRS and, if the mortgage banker is also
licensed as a mortgage broker pursuant to chapter 645B of NRS, does not receive money to acquire or repay loans or
maintain trust accounts as provided by NRS 645 B. 175.
(Added to NRS by 1959, 230; A 1983, 1809; 1987, 1990; 1991, 884; 1999. 3810; 2003, 3579)
NRS 675.240 Name under which business transactable by licensee; loans by mail. No licensee shall conduct the
business of making loans provided for by this chapter under any name or at any place other than that stated in the license.
Nothing herein shall prevent the making of loans by mail nor prohibit accommodations to individual borrowers when
necessitated by hours of employment, sickness or other emergency situations.
NRS 675.245 Use or change of business name; prohibitions.
1. A licensee must obtain the approval of the Commissioner before using or changing a business name.
2. A licensee shall not:
(a) Use any business name which is identical or similar to a business name used by another licensee under this chapter or
which may mislead or confuse the public.
(b) Use any printed forms which may mislead or confuse the public.
(Added to NRS by 2005. 1881)
NRS 675.250 Books and accounting records: Practices; preservation; requirements regarding office or other place
of business located outside State.
1. Each licensee shall keep and use in his business such books and accounting records as are in accord with sound and
accepted accounting practices.
2. Each licensee shall maintain a separate record or ledger card for the account of each borrower and shall set forth
separately the amount of cash advance and the total amount of interest and charges, but such a record may set forth
precomputed declining balances based on the scheduled payments, without a separation of principal and charges.
3. Each licensee shall preserve all such books and accounting records for at least 2 years after making the fmal entry
therein.
4. Each licensee who operates outside this state an office or other place of business that is licensed pursuant to this
chapter shall:
(a) Make available at a location within this state the books, accounts, papers, records and files of the office or place of
business located outside this state to the Commissioner or a representative of the Commissioner; or
state.
The licensee must be allowed to choose between paragraph (a) or (b) in complying with the provisions of this subsection.
(Added to NRS by 1959, 231; A 2001. 2049)
NRS 675.260 Annual report by licensee; composite reports.
1. Annually, on or before April 15, each licensee shall file with the Commissioner a report of operations of the licensed
business for the preceding calendar year.
2. The report must be made under oath and must be in the form and contain information prescribed-b,y-theCommissioner.
3. If any person or affiliated group holds more than one license in the state, it may file a
/L.’
?>\
(Added to NRS by 1959, 231;A 1981, 753; 1983, 1809; 1987, 1990)
7r.9
\
NRS 675.280 False, misleading or deceptive advertising prohibited. A licensee shall not -i ye
or perifdjto be
advertised in any manner whatsoever any false, misleading or deceptive statement or representation ‘h rd t. therates,
terms or conditions for loans.
I
r.’ ct”
(AddedtoNRSby 1959, 231;A 1971, 1366; 1973, 1516; 1987, 179)
LOANS
NRS 675.300 Insurance as security for loans: Conditions; limitations.
1. A licensee may request that a borrower insure tangible property when offered as security for aál iupdertffis chapter
against any substantial risk of loss, damage or destruction for an amount not to exceed the actual val of-thepfperty and for
a term and upon conditions which are reasonable and appropriate considering the nature of the property and the maturity and
other circumstances of the loan.
2. A licensee may require that a borrower provide title insurance on real property offered as security for a loan under this
chapter. The title insurance must be placed through a title insurance company authorized to do business in this state.
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Nevada Revised Statutes: Chapter
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3. A licensee may provide, obtain or take as security for a loan:
(a) Insurance on the life and on the health or disability, or both, of one or more parties obligated on the loan;
(b) Involuntaiy unemployment insurance;
(c) Insurance which protects his interest in the collateral pledged for the loan;
(d) Single interest nonfiling insurance; or
(e) Any other credit-related insurance approved by the Commissioner,
if the insurance complies with the applicable provisions of chapter 690A of NRS.
4. In accepting any insurance provided by this section as security for a loan, the licensee may include the premiums or
identifiable charge as part of the principal or may deduct the premiums or identifiable charge therefor from the proceeds of
the loan, which premium or identifiable charge must not exceed those filed with and approved by the Commissioner of
Insurance, and remit those premiums to the insurance company writing the insurance, and any gain or advantage to the
licensee, any employee, officer, director, agent, affiliate or associate from the insurance or its sale may not be considered as
additional or further charge in connection with any loan made under this chapter. Not more than one policy of life insurance
and one policy providing accident and health coverage may be written by a licensee in connection with any loan transaction
under this chapter, and a licensee shall not require the borrower to be insured as a condition of any loan. If the unpaid balance
of the loan is prepaid in full by cash or other thing of value, refinancing, renewal, a new loan or otherwise, the charge for any
credit life insurance and any credit accident and health insurance must be refunded or credited as prescribed in chapter 690A
of NRS. The insurance must be written by a company authorized to conduct business in this state, and the licensee shall not
require the purchase of the insurance from any agent or broker designated by the licensee.
5. The amount charged to a debtor by a licensee for any type of coverage under a policy of insurance provided by this
section as security for a loan must not exceed the amount of the premium. In the case of a single interest nonfiling policy of
insurance, the amount charged to a debtor by a licensee must not exceed the amount charged by a county recorder for filing
and releasing documents pursuant to NRS 104.9525.
6. As used in this section, “single interest nonfiling insurance” means a contract of insurance for which a lender pays a
predetermined fee, which affords coverage to a lender in connection with a specific loan, and which is obtained by the lender
in lieu of perfecting a security interest pursuant to chapter 104 of NRS.
(Added to NRS by 1959, 233; A 1967, 976; 1971, 226, 1369, 1927, 1960; 1973, 1519; 1979, 828; 1987, 2303; 1993,
2045; 1999. 393)
NRS 675.310 Collection of loans made outside State. Any loan made outside this state lawfully made as permitted by
the laws of the state in which the loan was made may be collected or otherwise enforced in this state in accordance with its
terms.
(Added to NRS by 1959, 234; A 1971, 1370)
NRS 675.330 Payment in money, credit, goods or things in action, as consideration for sale, assignment, or order
of compensation, deemed loan of money; transaction subject to provisions of chapter. The payment of money, credit,
goods or things in action, as consideration for any sale, assignment or order for the payment of wages, salaiy, commissions or
other compensation for services earned or to be earned, shall, for the purposes of regulation under this chapter, be deemed a
loan of money secured by the sale, assignment or order. The amount by which the compensation so sold, assigned or ordered
paid exceeds the amount of the consideration actually paid shall, for the purposes of regulation under this chapter, be deemed
interest or charges on the loan from the date of the payment to the date the compensation is payable. Such a transaction is
subject to the provisions of this chapter.
(Added to NRS by 1959, 235; A 1971, 1371; 1973, 1520; 1987, 179)
NRS 675.340 Assignment of wages as security invalid. No assignment of wages, salary, commissions or other
compensation for services, whether earned or to be earned, given to a licensee as security for a loan under this chapter, shall
be valid.
NRS 675.350 Prohibited practices by licensees. No licensee may:
1. Take any confession of judgment or any power of attorney running to himself or to any third person to confess
judgment or to appear for the borrower in a judicial proceeding.
2. Take any note or promise to pay which does not disclose the date and amount of the lo. ‘Øbligation ç1iedule or
description of the payments to be made thereon and the rate or aggregate amount of the agreed cha
3. Take any instrument in which blanks are left to be filled in after the loan is made.
•
4. Take a lien upon real property as security for any loan made under this chapter exce,p real p . çrei . on whi s
situated a mobile home or factory-built housing that also secures the loan, and except such lie?as is cred . aw ‘ ouh
the rendition or recording of a judgment.
Q
Jh
(AddedtoNRSbyl9S9,235;A1959,783;l979,829;1991,884)
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II
NRS 675.360 Duties of licensee. Every licensee shall:
1. Deliver to the borrower, or if more than one, to one of them, at the time of making a loan\ñ4r . s chapter a copy of
the loan obligation or, in lieu thereof, a statement showing in clear and distinct terms the date of thjoan, the amouñ 4f the
obligation, the date of its maturity, if there is one, the nature of the security, if any, for the loan, thena’áda&
1 of the
borrower and of the licensee, and the description or schedule of payments on that loan.
2. Except as otherwise provided for loans for an indefinite term in NRS 675.369, give to the person making any cash
payment on account of any loan a receipt at the time that payment is made, showing the balance due, if any, after application
of that payment. A receipt showing the amount of the payment only may be given temporarily and must be replaced within a
reasonable time with a receipt as prescribed in this subsection.
3. Permit payment in advance in an amount equal to one or more full installments at any time during the regular business
hours of the licensee.
4. Upon repayment of a loan in full, mark plainly every note or other evidence of the indebtedness or assignment signed
by any obligor, or a copy thereof, with the word “paid” or “cancelled,” and release or provide the borrower evidence to
release any mortgage or security instrument no longer securing any indebtedness to the licensee.
.
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(Added to NRS by 1959, 235; A 1985, 1679; 1995, 137)
LOANS FOR INDEFINITE TERM
NRS 675.361 Terms of written agreement. A licensee may make a loan for an indefinite term under a written
agreement between the licensee and the borrower. Pursuant to this agreement:
1. The borrower may obtain cash advances from the licensee periodically by a check, draft, credit card or any other
means or the licensee may pay out money at the borrower’s direction or on his behalf;
2. An open-end account must be established for the borrower and the amount of each cash advance made to the borrower
and any interest, charges and other costs must be debited to that account and any payments on the loan or other credits must
be credited to that account;
3. The interest and other charges must be computed periodically on the unpaid balance in the borrower’s account; and
4. The borrower may pay his account in full at any time without a penalty for prepayment, or if the account is not in
default, in monthly installments of fixed or determinable amounts as provided in the agreement.
NRS 675.363 Calculation of interest; billing cycle.
1. Under an agreement for a loan for an indefinite term, the licensee may receive interest in any amount or at any annual
rate provided in the agreement. This interest must be calculated for each billing cycle in either of the following ways:
(a) By multiplying the daily rate by the daily unpaid balance in the account. The daily rate is determined by dividing the
annual rate of interest fixed by the agreement by 365. The daily unpaid balance is determined by adding to any balance
remaining unpaid as of the beginning of each day any advances and any appropriate charges, including interest, and by
deducting therefrom any payments or other credits made or received on that day.
(b) By multiplying the monthly rate by the average unpaid daily balance in the account for that billing cycle. The monthly
rate is determined by dividing the annual rate of interest by 12. The average unpaid daily balance is determined by dividing
the sum of all of the daily unpaid balances during the billing cycle by the number of days in the cycle.
2. Unless otherwise provided in the agreement, the billing cycle must be monthly. A billing cycle is monthly if the
closing date of the cycle is the same date each month or does not vary by more than 4 days from that date.
NRS 675.365 Fees and charges. In addition to the interest allowed pursuant to NRS 675.363, a licensee may, pursuant
to the agreement for a loan for an indefinite term, receive from the borrower or add to the unpaid balance in that borrower’s
account:
1. Any fees imposed on the licensee pursuant to this chapter;
2. Any charge for insurance under NRS 675.300;
3. A charge not exceeding 25 cents for each transaction in which a loan or advance is made pursuant to the agreement or
an annual fee for the use of an open-end account in an amount not to exceed $20;
4. If the interest calculated for any billing cycle pursuant to NRS 675.363 is less than 50 cents:
(a) For a billing cycle which is monthly or longer, a charge in an amount not exceeding 50 cents; or
(b) For a billing cycle less than monthly, a charge in an amount equal to that portion of 50 cents which bears the same
relation to 50 cents as the number of days in the billing cycle bear to 365 divided by 12;
5. For any check written by the borrower to the licensee which is returned for insufficient funds, a charge of $10 or in an
amount equal to the charges imposed on the licensee because of his reliance on that check, whichever amount is greater; and
6. Any charge assessed the licensee by a third party for the printing and distribution of any checks, drafts or other
instruments to be used by the borrower in obtaining advances pursuant to the agreement.
(Added to NRS by 1985, 1678;A 1987, 1516)
NRS 675.367 Borrower must be given description of rate and computation of interest; notice of increase in rate of
interest or change in terms.
1. In addition to the information required in subsection 1 of NRS 675.360, a borrower under an agreement for a loan for
an indefinite term must be given a description of the agreed annual interest rate, stated as a percentage, the conditions under
which interest will be charged and the method used to compute the interest for each billing cycle.
2. The licensee shall notif’ a borrower of any increase in the rate of interest to be charged or any other change in the
terms of the agreement for a loan for an indefinite term:
(a) No later than the date of the first billing after the effective date of the change, if the change in the rate of interest is
pursuant to an agreement for the loan which is signed by the borrower and specifies the formula for computation of the
adjustment in the rate; or
(b) At least 30 days before the change is to take place for all other loans for an indefinite term.
The change applies only to a debt incurred by the borrower after the effective date of the change, unless otherwise agreed
by the borrower. In determining the balance to which an increase in the rate of interest applies, any payment received or other
credit made to the borrower’s account applies to the balance existing before the date of that increase until that balance is paid
in full.
(Added to NRS by 1985, 1678; A 1987, 1516)
NRS 675.369 Written statement to borrower; copy of draft or order for payment.
1. If the account of a borrower on a loan for an indefinite term shows a balance due ‘or if
entered on that account during a billing cycle, the licensee shall furnish to the borrower,
end of the billing cycle, a written statement setting forth:
(a) The unpaid balance in his account at the beginning of the billing cycle;
(b) The date and amount of any loans or advances made on the account during the
(c) Any payments or other credits made or received on the account during the billing
(d) The amount of interest and other charges, if any, made on the account during the•
(e) The amount of the installment due and the date on which that payment must be r
(f) The total amount remaining unpaid in the account at the end of that billing cycle.
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8 20 2007
Page 9 of 10
2. The licensee shall also, upon written request of the borrower, furnish to the borrower a copy of any draft or order for
payment received on the account of the borrower during the billing cycle.
(Added to NRS by 1985, 1678;A 1989, 1065)
REVOCATION AND SUSPENSION OF LICENSES
NRS 675.370 License remains effective until expiration, surrender, revocation or suspension. Each license shall
remain in full force and effect until it expires or is surrendered, revoked or suspended as provided in this chapter.
(Added to NRS by 1959, 236; A 1989, 922)
NRS 675.380 Authority of Commissioner to investigate business; free access required.
1. For the purpose of discovering violations of this chapter or of securing information lawfully required under this
chapter, the Commissioner or his duly authorized representatives may at any time investigate the business and examine the
books, accounts, papers and records used therein of:
(a) Any licensee;
(b) Any other person engaged in the business described in NRS 675.060 or participating in such business as principal,
agent, broker or otherwise; and
(c) Any person who the Commissioner has reasonable cause to believe is violating or is about to violate any provision of
this chapter, whether or not the person claims to be within the authority or beyond the scope of this chapter.
2. For the purpose of examination the Commissioner or his authorized representatives shall have and be given free access
to the offices and places of business, files, safes and vaults of such persons.
3. For the purposes of this section, any person who advertises for, solicits or holds himself out as willing to make loan
transactions is presumed to be engaged in the business described in NRS 675.060.
(Added to NRS by 1959, 236; A 1971, 1371; 1973, 1520; 1983, 1809; 1987, 179, 1990)
NRS 675.390 Authority of Commissioner to require attendance of witnesses and production of documents. The
Commissioner may require the attendance of any person and examine him under oath relative to loans or business regulated
by this chapter or to the subject matter of any examination, investigation or hearing, and may require the production of books,
accounts, papers and records.
(Added to NRS by 1959, 236; A 1983, 1810; 1987, 1991)
NRS 675.400 Commissioner to examine licensee’s business annually; fee.
1. At least once each year, the Commissioner or his authorized representatives shall make an examination of the place of
business of each licensee and of the loans, transactions, books, papers and records of the licensee so far as they pertain to the
business licensed under this chapter.
2. For each examination the Commissioner shall charge and collect from the licensee a fee for conducting the
examination and preparing and typing the report of the examination at the rate established pursuant to NRS 658.101.
3. All money collected by the Commissioner pursuant to subsection 2 must be deposited in the State Treasury pursuant to
the provisions of NRS 658.09 1.
(Added to NRS by 1959, 236; A 1967, 977; 1979, 956; 1983, 1810; 1987, 1991, 2226; 2003. 3234)
NRS 675.410 Temporary suspension of license: Conditions; notice; hearing; term of suspension. If the
Commissioner finds that probable cause for revocation of any license exists and that enforcement of this chapter requires
immediate suspension of a license pending investigation, he may, upon 5 days’ written notice and a hearing, enter an order
suspending a license for a period not exceeding 20 days, pending a hearing upon the revocation.
(Added to NRS by 1959, 236; A 1971, 1371; 1977, 96; 1983, 1810; 1987, 1991)
NRS 675.420 Surrender of license by licensee; surrender as affecting licensee’s liability. Any licensee may
surrender any license by delivering it to the Commissioner with written notice of its surrender, but a surrender does not affect
his civil or criminal liability for acts committed prior thereto.
(Added to NRS by 1959, 236; A 1983, 1810; 1987, 1991)
NRS 675.430 Order to desist and refrain; action to enjoin violation; appointment and powers of receiver.
1. Whenever the Commissioner has reasonable cause to believe that any person is violating or is threatening to or intends
to violate any provision of this chapter, he may, in addition to all actions provided for in this chap erad7iIhout prejudice
6\
thereto, enter an order requiring a person to desist or to refrain from such violation.
n\from
9
2. An action may be brought on the relation of the Attorney General and the Commiss,itce to enjoin a pers.
an der or
engaging in or continuing a violation or from doing any act or acts in furtherance thereof. Jiflany. h ac
judgment may be entered awarding a preliminary or final injunction as may be deemed proper
A
coht\in
3. In addition to all other means provided by law for the enforcement of a restraining/order or
inching
which an action is brought may impound, and appoint a receiver for, the property and busiEess e’ . ef&f..
books, papers, documents and records pertaining thereto, or so much thereof as the court nadeêr-. ona ‘necessary/to
prevent violations of this chapter through or by means of the use of property and business. \receive w1i appointe and
of such pi’o.rty
qualified, has such powers and duties as to custody, collection, administration, winding up liqui.
and business as may from time to time be conferred upon him by the court.
(Added to NRS by 1959, 236; A 1983, 1810; 1987, 1991)
tOL6gl
.,
,
NRS 675.440 Revocation or suspension of license: Grounds; notice; hearing; order.
1. If the Commissioner has reason to believe that grounds for revocation or suspension of a license exist, he shall give 20
days’ written notice to the licensee stating the contemplated action and, in general, the grounds therefor and set a date for a
hearing.
2. At the conclusion of a hearing, the Commissioner shall:
(a) Enter a written order either dismissing the charges, revoking the license, or suspending the license for a period of not
more than 60 days, which period must include any prior temporary suspension. A copy of the order must be sent by
8/20/2007
Page 10 of 10
registered or certified mail to the licensee.
(b) Impose upon the licensee an administrative fine of not more than $10,000 for each violation by the licensee of any
provision of this chapter or any lawful regulation adopted under it.
(c) If a fme is imposed pursuant to this section, enter such order as is necessary to recover the costs of the proceeding,
including his investigative costs and attorney’s fees.
3. The grounds for revocation or suspension of a license are that:
(a) The licensee has failed to pay the annual license fee;
(b) The licensee, either knowingly or without any exercise of due care to prevent it, has violated any provision of this
chapter or any lawful regulation adopted under it;
(c) The licensee has failed to pay a tax as required pursuant to the provisions of chapter 363A of NRS;
(d) Any fact or condition exists which would have justified the Commissioner in denying the licensee’s original
application for a license hereunder; or
(e) The applicant failed to open an office for the conduct of the business authorized under this chapter within 120 days
after the date the license was issued, or has failed to remain open for the conduct of the business for a period of 120 days
without good cause therefor.
4. Any revocation or suspension applies only to the license granted to a person for the particular office for which grounds
for revocation or suspension exist.
5. An order suspending or revoking a license becomes effective 5 days after being entered unless the order specifies
otherwise or a stay is granted.
(Added to NRS by 1959, 237; A 1983, 1811; 1987, 1992; 1993, 901; 2003. 20th Special Session. 226; 2005. 1882)
NRS 675.445 Revocation or suspension of license: Additional grounds. In addition to any other lawful reasons, the
Commissioner may suspend or revoke a license if the licensee has engaged in any act that would be grounds for denying a
license pursuant this chapter.
NRS 675.450 Preexisting contracts unaffected by revocation, suspension, expiration or surrender of license. No
revocation, suspension, expiration or surrender of any license impairs or affects the obligation of any preexisting lawful
contract between the licensee and any obligors. Such a contract and all lawful charges thereon may be collected by the
licensee, its successors or assigns.
(Added to NRS by 1959, 237; A 1989, 922)
PENALTiES
NRS 675.470 Unlicensed dealing in loans. Any person and the several members, officers, directors, agents and
employees thereof who violate or participate in the violation of any provision of NRS 675.060 are guilty of a misdemeanor.
(Added to NRS by 1959, 238; A 1967, 649; 1989, 1065)
NRS 675.490 Administrative fines. In addition to any other remedy or penalty, the Commissioner may impose an
administrative fme of not more than $10,000 upon a person who, without a license, conducts any business or activity for
which a license is required pursuant to the provisions of this chapter.
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Nevada Revised Statutes: Chapter 604A
Page 1 ofl9
CHAPTER 604A DEFERRED DEPOSIT LOANS, SHORT-TERM LOANS, TITLE LOANS AND
CHECK-CASHING SERVICES
-
GENERAL PROVISIONS
NRS 604A.O1O
NRS 604A.015
NRS 604A.020
NRS 604A.025
NRS 604A.030
NRS 604A.035
NRS 604A.040
NRS 604A.045
NRS 604A.050
NRS 604A.055
NRS 604A.060
NRS 604A.065
NRS 604A.070
NRS 604A.075
NRS 604A.080
NRS 604A.085
NRS 604A.090
NRS 604A.095
NRS 604A.100
NRS 604A.105
NRS 604A.11O
NRS 604A.115
NRS 604A.120
NRS 604A.125
NRS 604A.150
Definitions.
“Automated loan machine” defined.
“Cashing” defined.
“Check” defined.
“Check-cashing service” defined.
“Commissioner” defined.
“Customer” defined.
“Default” defined.
“Deferred deposit loan” defined.
“Deferred deposit loan service” defined.
“Electronic transfer of money” defined.
“Extension” defined.
“Grace period” defined.
“Licensee” defined.
“Loan” defined.
“Refund anticipation loan” defined.
“Regulation Z” defined.
“Short-term loan” defined.
“Short-term loan service” defined.
“Title Joan” defined.
“Title loan service” defined.
“Title to a vehicle” or “title” defined.
“Truth in Lending Act” defined.
“Vehicle” defined.
Additional terms defined under federal law; calculation of amount financed, annual percentage rate and
finance charge.
SCOPE AND APPLICABILITY
NRS
NRS
NRS
NRS
NRS
NRS
604A.200
604A.210
604A.220
604A.230
604A.240
604A.250
Application of chapter to persons who seek to evade its provisions.
Chapter does not prohibit licensee from offering customer grace period.
Uniformity of application and construction; resolution of conflicts.
Effect of amendment or repeal of chapter on preexisting lawful contracts.
Collection of loans made outside State.
Exemptions from chapter.
ADMINISTRATION
NRS 604A.300
NRS 604A.310
Regulations.
Certain relationships between employees of Division of Financial Institutions and
terminate prohibited relationships.
REGULATION OF BUSINESS PRACTICES
NRS
NRS
NRS
NRS
NRS
NRS
NRS
NRS
604A.400
604A.405
604A.410
604A.415
604A.420
604A.425
604A.430
604A.435
NRS 604A.440
NRS 604A.445
NRS 604A.450
NRS 604A.455
NRS 604A.460
NRS 604A.465
NRS 604A.470
NRS 604A.475
NRS 604A.480
NRS 604A.485
Unlawful acts; criminal penalties.
Required notices and disclosures.
Written loan agreement required; contents.
Collection of defaulted loan; civil action to collect debt; venue.
Practices regarding customers called to active duty in military.
Prohibited acts by licensee regarding amount of loan.
Prohibited acts by licensee regarding multiple loans to same customer.
L6S
Prohibited acts by licensee: Accepting certain collateral or other types of security; failing-to-mike certain
disclosures; taking incomplete instruments; requiring the purchase of insurance or other goods or
services; failing to comply with payment plan; charging fee to cash certain checks.
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.
Title loans: Restrictions on duration of loan and periods of extension.
Title loans: Prohibited acts by licensee regarding amount of loan and customer’s ability to repay loan.
Title loans: Applicability of Uniform Commercial Code; repossession of vehicle; civil action.
Rescission of loan by customer.
Payment of loan in full.
Partial payment on loan.
Repayment plan.
Limitations on using proceeds of new loan to pay balance of outstanding loan; exceptions.
Limitations on amounts licensee may collect after default.
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8 20 2007
NRS 604A.490
NRS 604A.495
NRS 604A.500
Page 2 of 19
Limitations on fees licensee may collect for check not paid upon presentment; standards for civil liability and
criminal prosecution.
Receipt required for each payment by customer; contents.
Requirements regarding person acting as agent or assisting in making loan.
LICENSING
NRS 604A.600
NRS 604A.605
NRS 604A.610
NRS 604A.615
NRS 604A.620
NRS 604A.625
NRS 604A.630
NRS 604A.635
NRS 604A.640
NRS 604A.645
NRS 604A.650
NRS 604A.655
NRS 604A.660
Application for license.
Additional materials to be submitted with application; grounds for denial of license.
Surety bond.
Deposit of securities in lieu of surety bond.
Application for license for office or other place of business located outside State.
Investigation of applicant; notice; hearing; order.
Procedure upon denial of license.
Issuance of license; display of license; issuance of additional licenses for branch locations; contents of license;
license not transferable or assignable.
Expiration, renewal and reinstatement of license; fees.
Change of control of licensee: Notice; application to Commissioner.
Licensee must conduct business in accordance with license; approval of business name; prohibition against
using misleading or confusing business name or printed forms.
Restrictions on location where licensee may conduct business; requirements to conduct business at same
location as mortgage broker, mortgage banker or pawnbroker.
Change of address by licensee: Notice; approval by Commissioner; penalty for failure to provide required
notice.
RECORDS, REPORTS AND EXAMINATIONS
NRS
NRS
NRS
NRS
NRS
NRS
NRS
604A.700
604A.710
604A.720
604A.730
604A.740
604A.750
604A.760
Required books and records.
Investigation of businesses; examination of books and records by Commissioner.
Authority of Commissioner to require attendance of witnesses and production of books and records.
Annual examinations by Commissioner; exceptions.
Fees for regulatory activities; penalties for failure to pay fees.
Annual report by licensee; composite reports.
Fees for failure to submit reports.
DISCIPLINARY ACTION
NRS
NRS
NRS
NRS
NRS
NRS
604A.800
604A.8I0
604A.820
604A.830
604A.840
604A.850
Temporary suspension of license: Conditions; notice; hearing; terms of suspension.
Order to desist and refrain; action to enjoin violation; appointment of receiver.
Procedure for taking disciplinary action; authorized disciplinary action; grounds.
Additional grounds for disciplinary action.
Surrender of license by licensee; effect of surrender.
Preexisting contracts unaffected by revocation, suspension, expiration or surrender of license.
,2.232
REMEDIES AND PENALTIES
NRS 604A.900
NRS 604A.910
NRS 604A.920
NRS 604A.930
NRS 604A.940
Remedies for certain willful violations.
Administrative fines for unlicensed activity.
Other remedies for unlicensed activity.
Civil action.
Exercise of jurisdiction over party to civil action; service of summons to confer
1%
GENERAL PROVISIONS
NRS 604A.O1O Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defmed
in NRS 604A.015 to 604A. 125, inclusive, have the meanings ascribed to them in those sections.
NRS 604A.015 “Automated loan machine” defined.
1. “Automated loan machine” means any machine or other device, regardless of the name given to it or the technology
used, that:
(a) Is automated;
(b) Is designed or intended to allow a customer, without any additional assistance from another person, to receive or
attempt to receive a deferred deposit loan or short-term loan through the machine or other device; and
(c) Is set up, installed, operated or maintained by or on behalf of the person making the loan or any agent, affiliate or
subsidiary of the person.
2. The term does not include any machine or other device used directly by a customer to access the Internet unless the
machine or other device is made available to the customer by the person making the loan or any agent, affiliate or subsidiary
of the person.
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NRS 604A.020 “Cashing” defined. “Cashing” means providing currency or a negotiable instrument in exchange for a
check.
NRS 604A.025 “Check” defined.
1. “Check” means:
(a) A draft, other than a documentary draft, payable on demand and drawn on a bank; or
(b) A cashier’s check or teller’s check.
2. An instrument may be a check even though it is described on its face by another term, such as “money order.”
(Added to NRS by 2005 1684
NRS 604A.030 “Check-cashing service” defined. “Check-cashing service” means any person engaged in the business
of cashing checks for a fee, service charge or other consideration.
NRS 604A.035 “Commissioner” defined. “Commissioner” means the Commissioner of Financial Institutions.
NRS 604A.040 “Customer” defined. “Customer” means any person who receives or attempts to receive check-cashing
services, deferred deposit loan services, short-term loan services or title loan services from another person.
NRS 604A.045 “Default” defined.
1. “Default” means the failure of a customer to:
(a) Make a scheduled payment on a loan on or before the due date for the payment under the terms of a lawful loan
agreement and any grace period that complies with the provisions of NRS 604A.210 or under the terms of any lawful
extension or repayment plan relating to the loan and any grace period that complies with the provisions of NRS 604A.2 10; or
(b) Pay a loan in full on or before:
(1) The expiration of the initial loan period as set forth in a lawful loan agreement and any grace period that complies
with the provisions of NRS 604A.2 10; or
(2) The due date of any lawful extension or repayment plan relating to the loan and any grace period that complies
with the provisions of NRS 604A.2 10, provided that the due date of the extension or repayment plan does not violate the
provisions of this chapter.
2. A default occurs on the day immediately following the date of the customer’s failure to perform as described in
subsection 1.
NRS 604A.050 “Deferred deposit loan” defined. “Deferred deposit loan” means a transaction in which, pursuant to a
loan agreement:
1. A customer tenders to another person:
(a) A personal check drawn upon the account of the customer; or
(b) Written authorization for an electronic transfer of money for a specified amount from the account of the customer; and
2. The other person:
(a) Provides to the customer an amount of money that is equal to the face value of the check or the amount specified in
the written authorization for an electronic transfer of money, less any fee charged for the transaction; and
(b) Agrees, for a specified period, not to cash the check or execute an electronic transfer of money for the amount
specified in the written authorization.
NRS 604A.055 “Deferred deposit loan service” defined. “Deferred deposit loan service” means any person engaged
in the business of making deferred deposit loans for a fee, service charge or other consideration.
NRS 604A.060 “Electronic transfer of money” defined. “Electronic transfer of money” means any transfer of money,
other than a transaction initiated by a check or other similar instrument, that is initiated through an electronic terminal,
telephone, computer or magnetic tape for the purpose of ordering, instructing or authorizing a fmancial institution to debit or
credit an account.
NRS 604A.065 “Extension” defined.
1. “Extension” means any extension or rollover of a loan beyond the date on which the loan’ilrequired to be pid-in full
under the original terms of the loan agreement, regardless of the name given to the extension orIbllover.
2. The term does not include a grace period.
‘
(
NRS 604A.070 “Grace period” defined. “Grace period” means any period of defeent graitusly l5)a
“
licensee to a customer if the licensee complies with the provisions of NRS 604A.2 10.
I
(AddedtoNRSby200S. 1685)
o’ø’
._
NRS 604A.075 “Licensee” defined. “Licensee” means any person who has been issued on’or.ore licensetb operate
a check-cashing service, deferred deposit loan service, short-term loan service or title loan service
of this chapter.
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8 20 2007
Page 4 of 19
NRS 604A.080 “Loan” defined. “Loan” means any deferred deposit loan, short-term loan or title loan, or any extension
or repayment plan relating to such a loan, made at any location or through any method, including, without limitation, at a
kiosk, through the Internet, through any telephone, facsimile machine or other telecommunication device or through any
other machine, network, system, device or means.
NRS 604A.085 “Refund anticipation loan” defined. “Refund anticipation loan” means a loan offered or made to a
taxpayer by a lender or through a facilitator based on the taxpayer’s anticipated federal income tax refund.
NRS 604A.090 “Regulation Z” defined. “Regulation Z” means the federal regulations, as amended, 12 C.F.R. Part
226, adopted pursuant to the Truth in Lending Act and commonly known as Regulation Z.
NRS 604A.095 “Short-term loan” defined.
1. “Short-term loan” means a loan made to a customer pursuant to a loan agreement which, under its original terms:
(a) Charges an annual percentage rate of more than 40 percent; and
(b) Requires the loan to be paid in full in less than 1 year.
2. The term does not include:
(a) A deferred deposit loan;
(b) A title loan; or
(c) A refund anticipation loan.
NRS 604A.100 “Short-term loan service” defined. “Short-term loan service” means any person engaged in the
business of providing short-term loans for a fee, service charge or other consideration.
NRS 604A.105 “Title loan” defined.
1. “Title loan” means a loan made to a customer pursuant to a loan agreement which, under its original terms:
(a) Charges an annual percentage rate of more than 35 percent; and
(b) Requires the customer to secure the loan by giving possession of the title to a vehicle legally owned by the customer
to the person making the loan, or to any agent, affiliate or subsidiary of the person, whether or not the person making the loan
or taking possession of the title perfects a security interest in the vehicle by having the person’s name noted on the title as a
lienholder.
(a) A loan which creates a purchase-money security interest in a vehicle or the refmancing of any such loan; or
(b) Any other loan for which a vehicle is used as security or collateral if the person making the loan, or any agent,
affiliate or subsidiary of the person, does not take possession of the title.
NRS 604A.11O “Title loan service” defined. “Title loan service” means any person engaged in the business of
providing title loans for a fee, service charge or other consideration.
NRS 604A.115 “Title to a vehicle” or “title” defined. “Title to a vehicle” or “title” means a certificate of title or
ownership issued pursuant to the laws of this State that identifies the legal owner of a vehicle or any similar document issued
pursuant to the laws of another jurisdiction.
NRS 604A.120 “Truth in Lending Act” defined. “Truth in Lending Act” means the federal Truth in Lending Act, as
amended, 15 U.S.C. § 1601 et seq.
NRS 604A.125 “Vehicle” defined.
1. “Vehicle” means any vehicle, whether or not self-propelled, that is designed or intended
legal owner of the vehicle is required to have a title.
2. The term includes, without limitation:
(a) Passenger vehicles;
(b) Recreational vehicles; and
(c) House trailers and travel trailers.
(a) Farm vehicles;
(b) Vehicles of a common or contract carrier;
(c) Commercial vehicles;
(d) Construction vehicles;
(e) Military vehicles;
(I) Vehicles used exclusively upon stationary rails or tracks; or
(g) Any other vehicles which are similar in nature to the vehicles listed in paragraphs (a) to (I), inclusive, and which the
Commissioner, by regulation, excludes from the definition of “vehicle.”
NRS 604A.150 Additional terms defined under federal law; calculation of amount financed, annual percentage
rate and finance charge.
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8 20 2007
Page 5 of 19
1. As used in this chapter, unless the context otherwise requires, the following terms have the meanings ascribed to them
in the Truth in Lending Act and Regulation Z:
(a) “Amount financed.”
(b) “Annual percentage rate.”
(c) “Finance charge.”
(d) “Payment schedule.”
(e) “Total of payments.”
2. For the purposes of this chapter, proper calculation of the amount fmanced, annual percentage rate and finance charge
for a loan must be made in accordance with the Truth in Lending Act and Regulation Z.
SCOPE AND APPLICABILITY
NRS 604A.200 Application of chapter to persons who seek to evade its provisions. The provisions of this chapter
apply to any person who seeks to evade its application by any device, subterfuge or pretense, including, without limitation,
calling a loan by any other name or using any agents, affiliates or subsidiaries in an attempt to avoid the application of the
NRS 604A.210 Chapter does not prohibit licensee from offering customer grace period. The provisions of this
chapter do not prohibit a licensee from offering a customer a grace period on the repayment of a loan or an extension of a
loan, except that the licensee shall not charge the customer:
1. Any fees for granting such a grace period; or
2. Any additional fees or additional interest on the outstanding loan during such a grace period.
NRS 604A.220 Uniformity of application and construction; resolution of conflicts.
1. The provisions of this chapter must be interpreted so as to effectuate their general purpose to provide for, to the extent
practicable, uniform regulation of the loans and transactions that are subject to the provisions of this chapter.
2. If there is a conflict between the provisions of this chapter and the provisions of any other general law regulating loans
and similar transactions, the provisions of this chapter control.
NRS 604A.230 Effect of amendment or repeal of chapter on preexisting lawful contracts. This chapter or any part
thereof may be modified, amended or repealed by the Legislature so as to effect a cancellation or alteration of any license or
right of a licensee under this chapter, provided that such cancellation or alteration shall not impair or affect the obligation of
any preexisting lawful loan agreement between any licensee and any customer.
NRS 604A.240 Collection of loans made outside State. Any loan lawfully made outside this State as permitted by the
laws of the state in which the loan was made may be collected or otherwise enforced in this State in accordance with its
terms.
NRS 604A.250 Exemptions from chapter. The provisions of this chapter do not apply to:
1. A person doing business pursuant to the authority of any law of this State or of the United States relating to banks,
savings banks, trust companies, savings and loan associations, credit unions, development corporations, mortgage brokers,
mortgage bankers, thrift companies or insurance companies.
2. A person who is primarily engaged in the retail sale of goods or services who:
(a) As an incident to or independently of a retail sale or service, from time to time cashes checks for a fee or other
consideration of not more than $2; and
(b) Does not hold himself out as a check-cashing service.
3. A person while performing any act authorized by a license issued pursuant to chapter 671 of NRS.
4. A person who holds a nonrestricted gaming license issued pursuant to chapter 463 of NRS while performing any act in
the course of that licensed operation.
3 2s,.\
5. A person who is exclusively engaged in a check-cashing service relating to out-of-statçchepi
and exclusively engaged in a
7
6. A corporation organized pursuant to the laws of this State that has been continuously)’
check-cashing service in this State since July 1, 1973.
/&v
cc, short-term loan
7. A pawnbroker, unless the pawnbroker operates a check-cashing service, deferred de’osit 1 ‘an s
\ c5
service or title loan service.
8. A real estate investment trust, as defmed in 26 U.S.C. § 856.
‘
,i m
’ in theplan by
4
9. An employee benefit plan, as defined in 29 U.S.C. § 1002(3), if the loan is made Cdirec
the plan’s trustee.
/
10. An attorney at law rendering services in the performance of his duties as an attomy at la’f’the loan is ,secured by
real property.
11. A real estate broker rendering services in the performance of his duties as a real estatebrqcer if the loa is’secured by
real property.
12. Any firm or corporation:
(a) Whose principal purpose or activity is lending money on real property which is secured by a mortgage;
(b) Approved by the Federal National Mortgage Association as a seller or servicer; and
(c) Approved by the Department of Housing and Urban Development and the Department of Veterans Affairs.
13. A person who provides money for investment in loans secured by a lien on real property, on his own account.
14. A seller of real property who offers credit secured by a mortgage of the property sold.
15. A person who makes a refund anticipation loan, unless the person operates a check-cashing service, deferred deposit
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loan service, short-term loan service or title loan service.
ADMINISTRATION
NRS 604A.300 Regulations.
1. The Commissioner may establish by regulation the fees that a licensee who provides check-cashing services may
impose for cashing checks.
2. The Commissioner shall adopt any other regulations as are necessary to carry out the provisions of this chapter.
NRS 604A.310 Certain relationships between employees of Division of Financial Institutions and licensees
prohibited; duty to terminate prohibited relationships.
1. Except as otherwise provided in subsection 3, an officer or employee of the Division of Financial Institutions of the
Department of Business and Industry shall not:
(a) Be directly or indirectly interested in or act on behalf of any licensee;
(b) Receive, directly or indirectly, any payment from any licensee;
(c) Be indebted to any licensee;
(d) Engage in the negotiation of loans for others with any licensee; or
(e) Obtain credit or services from a licensee conditioned upon a fraudulent practice or undue or unfair preference over
other customers.
2. An employee of the Division of Financial Institutions in the unclassified service of the State shall not obtain new
extensions of credit from a licensee while in office.
3. Any officer or employee of the Division of Financial Institutions may be indebted to a licensee on the same terms as
are available to the public generally.
4. If an officer or employee of the Division of Financial Institutions has a service, a preferred consideration, an interest or
a relationship prohibited by this section at the time of his appointment or employment, or obtains it during his employment,
he shall terminate it within 120 days after the date of his appointment or employment or the discovery of the prohibited act.
REGULATION OF BUSINESS PRACTICES
NRS 604A.400 Unlawful acts; criminal penalties.
1. A person, including, without limitation, a person licensed pursuant to chapter 675 of NRS, shall not operate a checkcashing service, deferred deposit loan service, short-term loan service or title loan service unless the person is licensed with
the Commissioner pursuant to the provisions of this chapter.
2. A person must have a license regardless of the location or method that the person uses to operate such a service,
including, without limitation, at a kiosk, through the Internet, through any telephone, facsimile machine or other
telecommunication device or through any other machine, network, system, device or means, except that the person shall not
operate such a service through any automated loan machine in violation of the provisions of subsection 3.
3. A person shall not operate a deferred deposit loan service or short-term loan service through any automated loan
machine, and the Commissioner shall not issue a license that authorizes the licensee to conduct business through any
automated loan machine.
4. Any person, and any member, officer, director, agent or employee thereof, who violates or participates in the violation
of any provision of this section is guil of a misdemeanor.
(Added to NRS by 2005. 1688; A 005. 22nd Special Session. 97)
NRS 604A.405 Required notices and disclosures.
1. A licensee shall post in a conspicuous place in every location at which he conducts business under his license:
(a) A notice that states the fees he charges for providing check-cashing services, deferred deposit loan services, shortterm loan services or title loan services.
(b) A notice that states a toll-free telephone number to the Office of the Commissioner to handle concerns or complaints
of customers.
The Commissioner shall adopt regulations prescribing the form and size of the notices required by this subsection.
2. If a licensee offers loans to customers at a kiosk, through the Internet, through any telephone, facsimile machine or
other telecommunication device or through any other machine, network, system, device or means, excepfoai-automated
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loan machine prohibited by NRS 604A.400. the licensee shall, as appropriate to the location or meth
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post in a conspicuous place where customers will see it before they enter into a loan, or disclose
manner to customers before they enter into a loan, a notice that states:
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(a) The types of loans the licensee offers and the fees he charges for making each type of loan;,ad
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(b) A list of the states where the licensee is licensed or authorized to conduct business from outsideffis ‘gte with \
customers located in this State.
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3. A licensee who provides check-cashing services shall give written notice to each custometof
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cashing checks. The customer must sign the notice before the licensee provides the check-cashing\srvice.
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NRS 604A.410 Written loan agreement required; contents.
1. Before making any loan to a customer, a licensee shall provide to the customer a written loan agreemdiit iôlmay be
kept by the customer and which must be written in:
(a) English, if the transaction is conducted in English; or
(b) Spanish, if the transaction is conducted in Spanish.
2. The loan agreement must include, without limitation, the following information:
(a) The name and address of the licensee and the customer;
(b) The nature of the security for the loan, if any;
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(c) The date and amount of the loan, amount fmanced, annual percentage rate, fmance charge, total of payments, payment
schedule and a description and the amount of every fee charged, regardless of the name given to the fee and regardless of
whether the fee is required to be included in the fmance charge under the Truth in Lending Act and Regulation Z;
(d) A disclosure of the right of the customer to rescind a loan pursuant to the provisions of this chapter;
(e) A disclosure of the right of the customer to pay his loan in full or in part with no additional charge pursuant to the
provisions of this chapter;
(f) A disclosure stating that, if the customer defaults on the loan, the customer has the opportunity within 30 days of the
date of default to enter into a repayment plan with a term of at least 90 days, and that the licensee must offer the repayment
plan to the customer before the licensee commences any civil action or process of alternative dispute resolution or, if
appropriate for the loan, before the licensee repossesses a vehicle; and
(g) Any other disclosures required under the Truth in Lending Act and Regulation Z or under any other applicable federal
or state statute or regulation.
NRS 604A.415 Collection of defaulted loan; civil action to collect debt; venue.
1. If a customer defaults on a loan, the licensee may collect the debt owed to the licensee only in a professional, fair and
lawful manner. When collecting such a debt, the licensee must act in accordance with and must not violate sections 803 to
812, inclusive, of the federal Fair Debt Collection Practices Act, as amended, 15 U.S.C. § 1 692a to 1 692j, inclusive, even if
the licensee is not otherwise subject to the provisions of that Act.
2. If a licensee commences a civil action against a customer to collect a debt, the court may award:
(a) Court costs;
(b) Costs of service of process, except that the costs must not exceed the amount of the fees charged by the sheriff or
constable for service of process in the county where the action was brought or, if the customer was not served in that county,
in the county where the customer was served; and
(c) Reasonable attorney’s fees. In determining the amount of the attorney’s fees and whether they are reasonable, the
court shall consider the complexity of the case, the amount of the debt and whether the licensee could have used less costly
means to collect the debt.
3. Notwithstanding any provision of NRS 66.010 to the contrary, if:
(a) A licensee intends to commence a civil action in a Justice Court against a customer to collect a debt; and
(b) The customer resides in the county where the loan was made,
the licensee is required to commence the civil action in the Justice Court for the township where the loan was made unless,
after the date of default and before the licensee commences the civil action, the customer signs an affidavit agreeing to try the
action in another Justice Court having jurisdiction over the subject matter and the parties. A licensee shall not, directly or
indirectly, require, intimidate, threaten or coerce a customer to sign such an affidavit.
NRS 604A.420 Practices regarding customers called to active duty in military.
1. If a customer is called to active duty in the military, a licensee shall:
(a) Defer for the duration of the active duty all collection activity against the customer and his property, including,
without limitation, any community property in which the customer has an interest; and
(b) Honor the terms of any repayment plan between the licensee and customer, including, without limitation, any
repayment plan negotiated through military counselors or third-party credit counselors.
2. When collecting any defaulted loan, a licensee shall not:
(a) Garnish or threaten to garnish any wages or salary paid to a customer for active service in the military; or
(b) Contact or threaten to contact the military chain of command of a customer in an effort to collect the defaulted loan.
3. As used in this section, “military” means the Armed Forces of the United States, a reserve component thereof or the
National Guard.
NRS 604A.425 Prohibited acts by licensee regarding amount of loan.
(a) Make a deferred deposit loan that exceeds 25 percent of the expected gross monthly income of the customer when the
loan is made; or
(b) Make a short-term loan which, under the terms of the loan agreement, requires any monthly-payjentthItexceeds 25
percent of the expected gross monthly income of the customer.
2. A licensee is not in violation of the provisions of this section if the customer presents/eyidence of his ,gross.fnonthly
income to the licensee and represents to the licensee in writing that:
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(a) For a deferred deposit loan, the loan does not exceed 25 percent of his expected gross?fnonth1y incdn?e when th’1oan
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(b) For a short-term loan, the monthly payment required under the terms of the loangr$en
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percent of his expected gross monthly income.
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NRS 604A.430 Prohibited acts by licensee regarding multiple loans to same customer<A, licensee shall 9
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more than one deferred deposit loan or short-term loan to the same customer at one time or
is
paid in full on an existing loan made by that licensee to the customer unless:
1. The customer is seeking multiple loans that do not exceed the limits set forth in NRS 604A.425;
2. The licensee charges the same or a lower annual percentage rate for any additional loans as he charged for the initial
loan;
3. Except for that part of the fmance charge which consists of interest only, the licensee does not impose any other
charge or fee to initiate any additional loans, except that a licensee who makes deferred deposit loans or short-term loans in
accordance with the provisions of subsection 2 of NRS 604A.480 may charge a reasonable fee for preparing documents in an
amount that does not exceed $50; and
4. If the additional loans are deferred deposit loans and the customer provides one or more additional checks that are not
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paid upon presentment, the licensee does not charge any fees to the customer pursuant to NRS 604A.490, except for the fees
allowed pursuant to that section for the first check that is not paid upon presentment.
NRS 604A.435 Prohibited acts by licensee: Accepting certain collateral or other types of security; failing to make
certain disclosures; taking incomplete instruments; requiring the purchase of insurance or other goods or services;
failing to comply with payment plan; charging fee to cash certain checks. A licensee shall not:
1. Accept:
(a) Collateral as security for a loan, except that a title to a vehicle may be accepted as security for a title loan.
(b) An assignment of wages, salary, commissions or other compensation for services, whether earned or to be earned, as
security for a loan.
(c) A check as security for a short-term loan or title loan.
(d) More than one check or written authorization for an electronic transfer of money for each deferred deposit loan.
(e) A check or written authorization for an electronic transfer of money for any deferred deposit loan in an amount which
exceeds the total of payments set forth in the disclosure statement required by the Truth in Lending Act and Regulation Z that
is provided to the customer.
2. Take any note or promise to pay which does not disclose the date and amount of the loan, amount fmanced, annual
percentage rate, finance charge, total of payments, payment schedule and a description and the amount of every fee charged,
regardless of the name given to the fee and regardless of whether the fee is required to be included in the fmance charge
under the Truth in Lending Act and Regulation Z.
3. Take any instrument, including a check or written authorization for an electronic transfer of money, in which blanks
are left to be filled in after the loan is made.
4. Make any transaction contingent on the purchase of insurance or any other goods or services or sell any insurance to
the customer with the loan.
5. Fail to comply with a payment plan which is negotiated and agreed to by the licensee and customer.
6. Charge any fee to cash a check representing the proceeds of a loan made by the licensee or any agent, affiliate or
subsidiary of the licensee.
Notwithstanding certain definitions in the provisions of former NRS ch. 604 (cf. NRS ch. 604A), a deferred deposit transaction is an extension
of credit, and such a transaction is subject to Regulation Z of the federal Truth in Lending Act if the transaction is entered into primarily for
personal, family or household purposes. (See also NRS 604A 150. 604A.4 10 604A.435 and 604A.485.) (N.B., in 2005, the provisions of NRS
ch. 6 4 were repealed and replaced by the provisions of NRS ch 604A.) AGO 99-04 (2-1-1999)
NRS 604A.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 himself 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 ofjudgment 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 defmed in chanter 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 statementorrepresentätionvith
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 ofthis ch • er.
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NRS 604A.445 Title loans: Restrictions on duration of loan and periods of extensions N
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other
provision of this chapter to the contrary:
1. The original term of a title loan must not exceed 30 days.
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2. The title loan may be extended for not more than six additional periods of extension, with eac.: ch period i ,to
exceed 30 days, if:
(a) Any interest or charges accrued during the original term of the title loan or any period of extensionof the title)loan are
not capitalized or added to the principal amount of the title loan during any subsequent period of
(b) The annual percentage rate charged on the title loan during any period of extension is not more than the annual
percentage rate charged on the title loan during the original term; and
(c) No additional origination fees, set-up fees, collection fees, transaction fees, negotiation fees, handling fees, processing
fees, late fees, default fees or any other fees, regardless of the name given to the fees, are charged in connection with any
extension of the title loan.
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NRS 604A.450 Title loans: Prohibited acts by licensee regarding amount of loan and customer’s ability to repay
loan. A licensee who makes title loans shall not:
1. Make a title loan that exceeds the fair market value of the vehicle securing the title loan.
2. Make a title loan without regard to the ability of the customer seeking the title loan to repay the title loan, including
the customer’s current and expected income, obligations and employment.
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3. Make a title loan without requiring the customer to sign an affidavit which states that:
(a) The customer has provided the licensee with true and correct information concerning the customer’s income,
obligations, employment and ownership of the vehicle; and
(b) The customer has the ability to repay the title loan.
NRS 604A.455 Title loans: Applicability of Uniform Commercial Code; repossession of vehicle; civil action.
1. Except where in conflict with the provisions of this section, the provisions of chapter 104 of NRS apply to any title
loan between a licensee and a customer.
2. Except as otherwise provided in this section, if a customer defaults on a title loan, or on any extension or repayment
plan relating to the title loan, the sole remedy of the licensee who made the title loan is to seek repossession and sale of the
vehicle which the customer used to secure the title loan. The licensee may not pursue the customer personally for:
(a) Payment of the loan, unless the licensee proves the customer prevented the repossession and sale of the vehicle by any
means, including, without limitation, hiding the vehicle; or
(b) Any deficiency afler repossession and sale of the vehicle which the customer used to secure the title loan, unless the
licensee proves the customer damaged or otherwise committed or permitted waste on the vehicle. For the purposes of this
paragraph, it shall not be deemed waste for the customer to continue to use the vehicle in the same manner it was used before
he entered into the title loan.
3. If a vehicle is repossessed pursuant to this section:
(a) By the licensee or his employees, the licensee shall make reasonably available to the customer any personal property
in or upon the vehicle; or
(b) By a third party acting on behalf of the licensee, the licensee shall instruct the third party to make reasonably available
to the customer any personal property in or upon the vehicle.
4. If a customer uses fraud to secure a title loan or if the customer wrongfully transfers any interest in the vehicle to a
third party before the title loan is repaid, the licensee may bring a civil action against the customer for any or all of the
following relief:
(a) The amount of the loan obligation, including, without limitation, the aggregate amount of the interest, charges and
fees negotiated and agreed to by the licensee and customer as permitted under this chapter, less any prior payments made by
the customer;
(b) Reasonable attorney’s fees and costs; and
(c) Any other legal or equitable relief that the court deems appropriate.
5. As used in this section, “fraud” means an intentional misrepresentation, deception or concealment of a material fact
known to the customer with the intent to deprive the licensee of his rights or property or to otherwise injure the licensee. The
term includes, without limitation, giving to a licensee as security for a title loan the title to a vehicle which does not belong to
the customer.
NRS 604A.460 Rescission of loan by customer.
1. A customer may rescind a loan on or before the close of business on the next day of business at the location where the
loan was initiated. To rescind the loan, the customer must deliver to the licensee:
(a) A sum of money equal to the face value of the loan, less any fee charged to the customer to initiate the loan; or
(b) The original check, if any, which the licensee gave to the customer pursuant to the loan. Upon receipt of the original
check, the licensee shall refund any fee charged to the customer to initiate the loan.
2. If a customer rescinds a loan pursuant to this section, the licensee:
(a) Shall not charge the customer any fee for rescinding the loan; and
(b) Upon receipt of the sum of money or check pursuant to subsection 1, shall give to the customer a receipt showing the
account paid in full and:
(1) If the customer gave to the licensee a check or a written authorization for an electronic transfer of money to
initiate a deferred deposit loan, the check or written authorization stamped “void”;
(2) If the customer gave to the licensee a promissory note to initiate a short-term loan, a copy of the promissory note
stamped “void” or the receipt stamped “paid in full”; or
(3) If the customer gave to the licensee a title to a vehicle to initiate the title loan, the title.
NRS 604A.465 Payment of loan in full.
1. A customer may pay a loan, or any extension thereof, in full at any time, without an
the date his fmal payment on the loan, or any extension thereof, is due.
2. If a customer pays the loan in full, including all interest, charges and fees negotiated
customer as permitted under this chapter, the licensee shall:
(a) Give to the customer:
(1) If the customer gave to the licensee a check or a written authorization for
initiate a deferred deposit loan, the check or the written authorization stamped “void”;
(2) If the customer gave to the licensee a promissory note to initiate a short-term
“void” or a receipt stamped “paid in full”; or
(3) If the customer gave to the licensee a title to a vehicle to initiate a title loan, the
(b) Give to the customer a receipt with the following information:
(1) The name and address of the licensee;
(2) The identification number assigned to the loan agreement or other information that identifies the loan;
(3) The date of the payment;
(4) The amount paid;
(5) An itemization of interest, charges and fees;
(6) A statement that the loan is paid in full; and
(7) If more than one loan made by the licensee to the customer was outstanding at the time the payment was made, a
statement indicating to which loan the payment was applied.
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NRS 604A.470 Partial payment on loan.
1. A customer may make a partial payment on a loan, or any extension thereof, at any time without an additional charge
or fee.
2. If a customer makes such a partial payment, the licensee shall give to the customer a receipt with the following
information:
(a) The name and address of the licensee;
(b) The identification number assigned to the loan agreement or other information that identifies the loan;
(c) The date of the payment;
(d) The amount paid;
(e) An itemization of interest, charges and fees;
(f) The balance due on the loan; and
(g) If more than one loan made by the licensee to the customer was outstanding at the time the payment was made, a
NRS 604A.475 Repayment plan.
1. Before a licensee attempts to collect the outstanding balance on a loan in default by commencing any civil action or
process of alternative dispute resolution or by repossessing a vehicle, the licensee shall offer the customer an opportunity to
enter into a repayment plan. The licensee:
(a) Is required to make the offer available to the customer for a period of at least 30 days after the date of default; and
(b) Is not required to make such an offer more than once for each loan.
2. Not later than 15 days after the date of default, the licensee shall provide to the customer written notice of the
opportunity to enter into a repayment plan. The written notice must:
(a) Be in English, if the initial transaction was conducted in English, or in Spanish, if the initial transaction was conducted
in Spanish;
(b) State the date by which the customer must act to enter into a repayment plan;
(c) Explain the procedures the customer must follow to enter into a repayment plan;
(d) If the licensee requires the customer to make an initial payment to enter into a repayment plan, explain the
requirement and state the amount of the initial payment and the date the initial payment must be made;
(e) State that the customer has the opportunity to enter into a repayment plan with a term of at least 90 days after the date
of default; and
(f) Include the following amounts:
(1) The total of payments or the remaining balance on the original loan;
(2) Any payments made on the loan;
(3) Any charges added to the loan amount allowed pursuant to the provisions of this chapter; and
(4) The total amount due if the customer enters into a repayment plan.
3. Under the terms of any repayment plan pursuant to this section:
(a) The customer must enter into the repayment plan not later than 30 days after the date of default, unless the licensee
allows a longer period;
(b) The licensee must allow the period for repayment to extend at least 90 days after the date of default, unless the
customer agrees to a shorter term;
(c) The licensee may require the customer to make an initial payment of not more than 20 percent of the total amount due
under the terms of the repayment plan;
(d) For a deferred deposit loan:
(1) The licensee may require a customer to provide, as security, one or more checks or written authorizations for an
electronic transfer of money which equal the total amount due under the terms of the repayment plan;
(2) The licensee shall, if the customer makes a payment in the amount of a check or written authorization taken as
security for that payment, return to the customer the check or written authorization stamped “void” or destroy the check or
written authorization; and
(3) The licensee shall not charge any fee to the customer pursuant to NRS 604A.490 for a check which is provided as
security during the repayment plan and which is not paid upon presentment if, in connection with that loan, the licensee has
previously charged at least one such fee.
4. If the licensee and customer enter into a repayment plan pursuant to this section, the licensee shall honor the terms of
the repayment plan, and the licensee shall not:
(a) Except as otherwise provided by this chapter, charge any other amount to a customer, including,_withoutjmitation,
any amount or charge payable directly or indirectly by the customer and imposed directly or indir,ctl )? theliënsee as an
incident to or as a condition of entering into a repayment plan. Such an amount includes, without limitafion:
(1) Any interest, regardless of the name given to the interest, other than the interest chared p suant t.. e e oiiginal
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loan agreement at a rate which does not exceed the annual percentage rate charged during
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agreement; or
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(2) Any origination fees, set-up fees, collection fees, transaction fees, negotiation feesJ handlin
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late fees, default fees or any other fees, regardless of the name given to the fee;
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(b) Except as otherwise provided in this section, accept any additional security or collateral from
into the repayment plan;
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(c) Sell to the customer any insurance or require the customer to purchase insurance or anyother ‘goods or servic
enter into the repayment plan;
(d) Make any other loan to the customer, unless the customer is seeking multiple loans that do not exceedLffilimit set
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forth in NRS 604A.425;
(e) During the term of the repayment plan, attempt to collect the outstanding balance by commencing any civil action or
process of alternative dispute resolution or by repossessing a vehicle, unless the customer defaults on the repayment plan; or
(f) Attempt to collect an amount that is greater than the amount owed under the terms of the repayment plan.
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5. If the licensee and customer enter into a repayment plan pursuant to this section, the licensee shall:
(a) Prepare a written agreement establishing the repayment plan; and
(b) Give the customer a copy of the written agreement. The written agreement must:
(1) Be signed by the licensee and customer; and
(2) Contain all of the terms of the repayment plan, including, without limitation, the total amount due under the terms
of the repayment plan.
6. Each time a customer makes a payment pursuant to a repayment plan, the licensee shall give to the customer a receipt
with the following information:
(a) The name and address of the licensee;
(b) The identification number assigned to the loan agreement or other information that identifies the loan;
(c) The date of the payment;
(d) The amount paid;
(e) The balance due on the loan or, when the customer makes the final payment, a statement that the loan is paid in full;
and
(f) If more than one loan made by the licensee to the customer was outstanding at the time the payment was made, a
7. If the customer defaults on the repayment plan, the licensee may, to collect the outstanding balance, commence any
civil action or process of alternative dispute resolution or repossess a vehicle as otherwise authorized pursuant to this chapter.
NRS 604A.480 Limitations on using proceeds of new loan to pay balance of outstanding loan; exceptions.
1. Except as otherwise provided in subsection 2, if a customer agrees to establish or extend the period for the repayment,
renewal, refinancing or consolidation of an outstanding loan by using the proceeds of a new deferred deposit loan or shortterm loan to pay the balance of the outstanding loan, the licensee shall not establish or extend such a period beyond 60 days
after the expiration of the initial loan period.
2. This section does not apply to a deferred deposit loan or short-term loan if the licensee:
(a) Makes the deferred deposit loan or short-term loan to a customer pursuant to a loan agreement which, under its
original terms:
(1) Charges an annual percentage rate of less than 200 percent;
(2) Requires the customer to make a payment on the loan at least once every 30 days;
(3) Requires the loan to be paid in full in not less than 150 days; and
(4) Provides that interest does not accrue on the loan at the annual percentage rate set forth in the loan agreement
after the date of maturity of the loan;
(b) Performs a credit check of the customer with a major consumer reporting agency before making the loan;
(c) Reports information relating to the loan experience of the customer to a major consumer reporting agency;
(d) Gives the customer the right to rescind the deferred deposit loan or short-term loan within 5 days after the loan is
made without charging the customer any fee for rescinding the loan;
(e) Participates in good faith with a counseling agency that is:
(1) Accredited by the Council on Accreditation for Services for Families and Children, Inc., or its successor
organization; and
(2) A member of the National Foundation for Credit Counseling, or its successor organization; and
(f) Does not commence any civil action or process of alternative dispute resolution on a defaulted loan or any extension
or repayment plan thereof.
NRS 604A.485 Limitations on amounts licensee may collect after default.
1. Except as otherwise provided in • S 604A.445, if a customer defaults on a loan or on any extension or repayment
plan relating to the loan, whichever is later, the licensee may collect only the following amounts from the customer, less all
payments made before and after default:
(a) The principal amount of the loan.
(b) The interest accrued before the expiration of the initial loan period at the annual percentage rate set forth in the
disclosure statement required by the Truth in Lending Act and Regulation Z that is provided to the customer. If there is an
extension relating to the loan, the licensee may charge and collect interest pursuant to this paragraph for a period not to
exceed 60 days after the expiration of the initial loan period, unless otherwise allowed by NRS 604A.480.
(c) The interest accrued after the expiration of the initial loan period or after any extension or repayment plan that is
allowed pursuant to this chapter, whichever is later, at an annual percentage rate not to exceed the prime rate at the largest
bank in Nevada, as ascertained by the Commissioner, on January 1 or July 1, as the case may be, immediately preceding the
expiration of the initial loan period, plus 10 percent. The licensee may charge and collect interest pursuant to this paragraph
ln.
for a period not to exceed 90 days. After that period, the licensee shall not charge or collect any interest on.the;
(d) Any fees allowed pursuant to NRS 604A.490 for a check that is not paid upon presentment becausthe âccoáiit:ofthe
customer contains insufficient funds or has been closed.
tted ursuaiIt\
2. Except for the interest and fees permitted pursuant to subsection 1 and any other charges exp,essly .
to NRS 604A.430. 604A.445 and 604A.475. the licensee shall not charge any other amount to a c.istomer cl . •;‘ ithoii) \
limitation, any amount or charge payable directly or indirectly by the customer and imposed çli?ectly or,ij c% by th
licensee as an incident to or as a condition of the extension of the period for the payment of tI lo.ii 1ae ‘ -nsi of”3
credit. Such an amount includes, without limitation:
74)
(a) Any interest, other than the interest charged pursuant to subsection 1, regardless of the namegiven to thterest; or
late
fees,
/
(b) Any origination fees, set-up fees, collection fees, transaction fees, negotiation fees, handlin’g’fees, pssing
\c>
fees, default fees or any other fees, regardless of the name given to the fee.
Ø)
3:-/
is an extension
Notwithstanding certain definitions in the provisions of former NRS ch. 604 (cf. NRS ch. 604A), a deferred deposit transaction
for
of credit, and such a transaction is subject to Regulation Z of the federal Truth in Lending Act if the transaction is entered into primarily
provisions of JB
personal, family or household purposes. (See also NRS 604A. 150. 604A.4 10. 604A.435 and 604A .485.) (NB., in 2005, the
ch. 604 were repealed and replaced by the provisions of NRS ch. 604A.) AGO 99-04 (2-1-1999)
http://www.leg.state.nv.usINRS/NRS-604A.html
8/20/2007
Page 12 of 19
NRS 604A.490 Limitations on fees licensee may collect for check not paid upon presentment; standards for civil
liability and criminal prosecution.
1. A licensee may collect a fee of not more than $25 if a check is not paid upon presentment because the account of the
customer contains insufficient funds or has been closed.
2. If the account of the customer contains insufficient funds, the licensee may collect only two fees of $25 each
regardless of the number of times the check is presented for payment.
3. If the account of the customer has been closed, the licensee may collect only one fee of $25 regardless of the number
of times the check is presented for payment.
4. A customer is not liable for damages pursuant to NRS 41.620 or to criminal prosecution for a violation of chapter 205
of NRS unless the customer acted with criminal intent.
NRS 604A.495 Receipt required for each payment by customer; contents. In addition to any other provision in this
chapter, each time a customer makes a payment to a licensee, the licensee shall give to the customer a receipt with the
following information:
1. The name and address of the licensee;
2. The identification number assigned to the loan agreement or other information that identifies the loan;
3. The date of the payment;
4. The amount paid;
5. The balance due on the loan or, when the customer makes a fmal payment, a statement that the loan is paid in full; and
6. If more than one loan made by the licensee to the customer was outstanding at the time the payment was made, a
NRS 604A.500 Requirements regarding person acting as agent or assisting in making loan.
1. A person shall not act as an agent for or assist a licensee in the making of a loan unless the licensee complies with all
applicable federal and state laws, regulations and guidelines.
2. The provisions of this section do not apply to the agent or assistant to a state or federally chartered banlc, thrift
company, savings and loan association or industrial loan company if the state or federally chartered bank, thrift company,
savings and loan association or industrial loan company:
(a) Initially advances the loan proceeds to the customer; and
(b) Does not sell, assign or transfer a preponderant economic interest in the loan to the agent or assistant or an affiliate or
subsidiaay of the state or federally chartered bank, thrift company, savings and loan association or industrial loan company,
unless selling, assigning or transferring a preponderant economic interest is expressly permitted by the primary regulator of
the state or federally chartered bank, thrift company, savings and loan association or industrial loan company.
3. If a licensee acts as an agent for or assists a state or federally chartered bank, thrift company, savings and loan
association or industrial loan company in the making of a loan and the licensee can show that the standards set forth in
subsection 2 are satisfied, the licensee must comply with all other provisions in this chapter to the extent they are not
preempted by other state or federal law.
LICENSING
NRS 604A.600 Application for license.
1. An application for a license pursuant to the provisions of this chapter must be made in writing, under oath and on a
form prescribed by the Commissioner. The application must include:
(a) If the applicant is a natural person, the name and address of the applicant.
(b) If the applicant is a business entity, the name and address of each:
(1) Partner;
(2) Officer;
(3) Director;
(4) Manager or member who acts in a managerial capacity; and
(5) Registered agent,
of the business entity.
(c) Such other information, as the Commissioner determines necessary,
background, experience and activities of the applicant and its:
(1) Partners;
(2) Officers;
(3) Directors; and
(4) Managers or members who act in a managerial capacity.
(d) The address of each location at which the applicant proposes to do business under
limitation, each location where the applicant will operate at a kiosk, through the Internet,
machine or other telecommunication device or through any other machine, network, system,
applicant shall not propose to do business through any automated loan machine prohibited by
(e) If the applicant is or intends to be licensed to provide more than one type of service pursuant to the provisions of this
chapter, a statement of that intent and which services he provides or intends to provide.
2. Each application for a license must be accompanied by:
(a) A nonrefundable application fee;
(b) Such additional expenses incurred in the process of investigation as the Commissioner deems necessary; and
(c) A fee of not less than $100 or more than $500, prorated on the basis of the licensing year.
All money received by the Commissioner pursuant to this subsection must be placed in the Investigative Account for
Financial Institutions created by NRS 232.545.
4. The Commissioner shall consider an application to be withdrawn if the Commissioner has not received all information
8 20 2007
Page 13 of 19
and fees required to complete the application within 6 months after the date the application is first submitted to the
Commissioner or within such later period as the Commissioner determines in accordance with any existing policies of joint
regulatory partners. If an application is deemed to be withdrawn pursuant to this subsection or if an applicant otherwise
withdraws an application, the Commissioner may not issue a license to the applicant unless the applicant submits a new
application and pays an required fees.
NRS 604A.605 Additional materials to be submitted with application; grounds for denial of license.
1. In addition to any other requirements set forth in this chapter, each applicant must submit:
(a) Proof satisfactory to the Commissioner that the applicant:
(1) Has a good reputation for honesty, trustworthiness and integrity and is competent to transact the business for
which the applicant seeks to be licensed in a manner which protects the interests of the general public.
(2) Has not made a false statement of material fact on the application for the license.
(3) Has not committed any of the acts specified in subsection 2.
(4) Has not had a license issued pursuant to this chapter suspended or revoked within the 10 years immediately
preceding the date of the application.
(5) Has not been convicted of, or entered a plea of nob contendere to, a felony or any crime involving fraud,
misrepresentation or moral turpitude.
(6) If the applicant is a natural person:
(I) Is at least 21 years of age; and
(ll)Is a citizen of the United States or lawfully entitled to remain and work in the United States.
(b) A complete set of his fmgerprints and written permission authorizing the Division of Financial Institutions of the
Department of Business and Industry to forward the fmgerprints to the Central Repository for Nevada Records of Criminal
History for submission to the Federal Bureau of Investigation for its report.
2. In addition to any other lawful reasons, the Commissioner may refuse to issue a license to an applicant if the applicant:
(a) Has committed or participated in any act which, if committed or done by a holder of a license, would be grounds for
the suspension or revocation of the license.
(b) Has previously been refused a license pursuant to this chapter or has had such a license suspended or revoked.
(c) Has participated in any act which was a basis for the refusal or revocation of a license pursuant to this chapter.
(d) Has falsified any of the information submitted to the Commissioner in support of the application for the license.
(Added to NRS by 2005. 1702; A 2005, 22nd Special Session, 99)
NRS 604A.610 Surety bond.
1. Except as otherwise provided in NRS 604A.6 15, each application for a license pursuant to the provisions of this
chapter must be accompanied by a surety bond payable to the State of Nevada in the amount of $50,000 plus an additional
$5,000 for each branch location at which the applicant proposes to do business under the license. Thereafter, each licensee
shall maintain the surety bond so that the amount of the surety bond is $50,000 plus an additional $5,000 for each branch
location at which the licensee does business under the license. The surety bond required by this section is for the use and
benefit of any customer receiving the services of the licensee at any location at which the licensee does business under the
license.
2. Each bond must be in a form satisfactory to the Commissioner, issued by a bonding company authorized to do
business in this State and must secure the faithful performance of the obligations of the licensee respecting the provision of
the services.
3. A licensee shall, within 10 days after the commencement of any action or notice of entry of any judgment against him
by any creditor or claimant arising out of business regulated by this chapter give notice thereof to the Commissioner by
certified mail with details sufficient to identify the action or judgment. The surety shall, within 10 days after it pays any claim
or judgment to a creditor or claimant, give notice thereof to the Commissioner by certified mail with details sufficient to
identify the creditor or claimant and the claim or judgment so paid.
4. Whenever the principal sum of any bond is reduced by recoveries or payments thereon, the licensee shall furnish:
(a) A new or additional bond so that the total or aggregate principal sum of the bonds equals the sum required pursuant to
subsection 1; or
(b) An endorsement, duly executed by the surety, reinstating the bond to the required principal sum.
5. The liability of the surety on a bond to a creditor or claimant is not affected by any mirepritation, breach of
warranty, failure to pay a premium or other act or omission of the licensee, or by any insolven or bankruptcy of the
/r9
licensee.
A
6. The liability of the surety continues as to all transactions entered into in good faith by theredito’ an ‘Iaimants with
the agents of the licensee within 30 days after:
0
(j” r
(a) The death of the licensee or the dissolution or liquidation of his business; or
(b) The termination of the bond,
whichever event occurs first.
cs
/
fied mail.sThe
7. A licensee or his surety shall not cancel or alter a bond except after notice to the Commiioner b
or
7
cancellation or alteration is not effective until 10 days after receipt of the notice by the Con\ission A cancellatith
alteration does not affect any liability incurred or accrued on the bond before the expiration of the-day period desih’ated
in subsection 6.
(3.
.
NRS 604A.615 Deposit of securities in lieu of surety bond.
1. In lieu of any surety bond, or any portion of the principal sum thereof as required pursuant to the provisions of this
chapter, a licensee may deposit with the State Treasurer or with any bank, credit union or trust company authorized to do
business in this State as the licensee may select, with the approval of the Commissioner:
(a) Interest-bearing stocks;
(b) Bills, bonds, notes, debentures or other obligations of the United States or any agency or instrumentality thereof, or
guaranteed by the United States; or
(c) Any obligation of this State or any city, county, town, township, school district or other instrumentality of this State or
8/20/2007
Page 14 of 19
guaranteed by this State,
in an aggregate amount, based upon principal amount or market value, whichever is lower, of not less than the amount of
any required surety bond or portion thereof.
2. The securities must be held to secure the same obligation as would any surety bond, but the depositor may receive any
interest or dividends and, with the approval of the Commissioner, substitute other suitable securities for those deposited.
NRS 604A.620 Application for license for office or other place of business located outside State.
1. A person may apply for a license for an office or other place of business located outside this State from which the
applicant will conduct business in this State if the applicant or a subsidiary or affiliate of the applicant has a license issued
pursuant to this chapter for an office or other place of business located in this State and if the applicant submits with the
application for a license a statement signed by the applicant which states that the applicant agrees to:
State.
The person must be allowed to choose between the provisions of paragraph (a) or (b) in complying with the provisions of
this subsection.
2. This section applies, without limitation, to any office or other place of business located outside this State from which
the applicant will conduct business in this State at a kiosk, through the Internet, through any telephone, facsimile machine or
other telecommunication device or through any other machine, network, system, device or means, exce t that the applicant
shall not conduct business in this State through any automated loan machine prohibited by NRS 604A.40
NRS 604A.625 Investigation of applicant; notice; hearing; order.
1. Upon the filing of the application and the payment of the fees required pursuant to NRS 604A.600, the Commissioner
shall investigate the facts concerning the application and the requirements provided for in NRS 604A.605 and 604A.635.
2. The Commissioner may hold a hearing on the application at a time not less than 30 days after the date the application
was filed or not more than 60 days after that date. The hearing must be held in the Office of the Commissioner or such other
place as he may designate. Notice in writing of the hearing must be sent to the applicant and to any licensee to which a notice
of the application has been given and to such other persons as the Commissioner may see fit, at least 10 days before the date
set for the hearing.
3. The Commissioner shall make his order granting or denying the application within 10 days after the date of the closing
of the hearing, unless the period is extended by written agreement between the applicant and the Commissioner.
NRS 604A.630 Procedure upon denial of license. If the Commissioner finds that any applicant does not possess the
requirements specified in this chapter, he shall:
1. Enter an order denying the application and notify the applicant of the denial.
2. Within 10 days after the entry of such an order, file his fmdings and a sununary of the evidence supporting those
findings and deliver a copy thereof to the applicant
NRS 604A.635 Issuance of license; display of license; issuance of additional licenses for branch locations; contents
of license; license not transferable or assignable.
1. The Commissioner shall enter an order granting an application if he fmds that:
(a) The fmancial responsibility, experience, character and general fitness of the applicant are such as to command the
confidence of the public and to warrant belief that the business will be o erated lawfully, honestly, fairly and efficiently; and
(b) The applicant has satisfied the requirements set forth in NRS 60 A.605.
2. If the Commissioner grants an application, the Commissioner shall:
(a) File his fmdings of fact together with the transcript of any hearing held pursuant to the provisions of this chapter; and
(b) Issue to the licensee a license in such form and size as is prescribed by the Commissioner for each location at which
the licensee proposes to do business.
3. Each licensee shall prominently display his license at the location where he does business. The Commissioner may
issue additional licenses to the same licensee for each branch location at which the licensee is authorized to operate under the
license, including, without limitation, each branch location where the licensee is authorized to operate at a kiosk, through the
Internet, through any telephone, facsimile machine or other telecommunication device or through any other machine,
network, system, device or means, except that the Commissioner shall not issue any license that would authorize the licensee
a license
to operate through any automated loan machine prohibited by NRS 604A.400. Nothing in this
for any place of business devoted to accounting, recordkeeping or administrative purposes only.
4. Each license must:
(a) State the address at which the business is to be conducted; and
(b) State fully:
(1) The name and address of the licensee;
(2) If the licensee is a copartnership or association, the names of its members; and
(3) If the licensee is a corporation, the date and place of its incorporation.
5. A license is not transferable or assignable.
-
-
-
-
NRS 604A.640 Expiration, renewal and reinstatement of license; fees.
1. A license issued pursuant to the provisions of this chapter expires annually on the anniversary of the issuance of the
license. A licensee must renew his license on or before the date on which the license expires by paying:
(a) A renewal fee of not more than $500; and
8/20/2007
Page 15 of 19
(b) An additional fee of not more than $100 for each branch location at which the licensee is authorized to operate under
the license.
2. A licensee who fails to renew his license within the time required by this section is not licensed pursuant to the
3. The Commissioner may reinstate an expired license upon receipt of the renewal fee and a fee for reinstatement.
NRS 604A.645 Change of control of licensee: Notice; application to Commissioner.
1. A licensee shall immediately notify the Commissioner of any change of control of the licensee.
2. A person who acquires stock, partnership or member interests resulting in a change of control of the licensee shall
apply to the Commissioner for approval of the transfer. The application must contain information which shows that the
requirements for obtaining a license pursuant to the provisions of this chapter will be satisfied after the change of control. If
the Commissioner determines that those requirements will not be satisfied, he may deny the application and forbid the
applicant from participating in the business of the licensee.
3. As used in this section, “change of control” means:
(a) A transfer of voting stock, partnership or member interests which results in giving a person, directly or indirectly, the
power to direct the management and policy of a licensee; or
(b) A transfer of at least 25 percent of the outstanding voting stock, partnership or member interests of the licensee.
NRS 604A.650 Licensee must conduct business in accordance with license; approval of business name;
prohibition against using misleading or confusing business name or printed forms.
1. A licensee shall not conduct the business of making loans under any name, at any place or by any method, including,
without limitation, at a kiosk, through the Internet, through any telephone, facsimile machine or other telecommunication
device or through any other machine, network, system, device or means, except as permitted in the license or branch license
issued to the licensee.
2. A licensee must obtain the approval of the Commissioner before using or changing a business name.
(a) Use any business name which is identical or similar to a business name used by another licensee under this chapter or
which may mislead or confuse the public.
(b) Use any printed forms which may mislead or confuse the public.
NRS 604A.655 Restrictions on location where licensee may conduct business; requirements to conduct business at
same location as mortgage broker, mortgage banker or pawnbroker.
1. Except as otherwise provided in this section, a licensee may not conduct the business of making loans within any
office, suite, room or place of business in which any other lending business is solicited or engaged in, except an insurance
agency or notary public, or in association or conjunction with any other business, unless authority to do so is given by the
Commissioner.
2. A licensee may conduct the business of making loans in the same office or place of business as:
(a) A mortgage broker if:
(1) The licensee and the mortgage broker:
(I) Maintain separate accounts, books and records;
(II) Are subsidiaries of the same parent corporation; and
(III) Maintain separate licenses; and
(2) The mortgage broker is licensed by this State pursuant to chapter 645B of NRS and does not receive money to
acquire or repay loans or maintain trust accounts as provided by NRS 645B. 175.
(b) A mortgage banker if:
(1) The licensee and the mortgage banker:
(I) Maintain separate accounts, books and records;
(II) Are subsidiaries of the same parent corporation; and
(III) Maintain separate licenses; and
(2) The mortgage banker is licensed by this State pursuant to chapter 645E of NRS and, if themortgage banker is
also licensed as a mortgage broker pursuant to chapter 645B of NRS, does not receive money to acquir€or repay loans or
maintain trust accounts as provided by MRS 645B.175.
3. If a pawnbroker is licensed to operate a check-cashing service, deferred deposit loan service, shoft-te loaiervice or
title loan service, the pawnbroker may operate that service at the same office or place of businessom whichhe qnducts
business as a pawnbroker pursuant to chapter 646 of NRS.
V
I
NRS 604A.660 Change of address by licensee: Notice; approval by Commissioner; penaltifor failuri provide/i’
required notice.
\-,
1. A licensee who wishes to change the address of an office or other place of business for which hehas a license pursujh
to the provisions of this chapter must, at least 10 days before changing the address, give written notice of(,thepro15bsed
change to the Commissioner.
2. Upon receipt of the proposed change of address pursuant to subsection 1, the Commissioner shall provide written
approval of the change and the date of the approval.
3. If a licensee fails to provide notice as required pursuant to subsection 1, the Commissioner may impose a fme in an
amount not to exceed $500.
4. This section applies, without limitation, to any office or other place of business at which the licensee intends to operate
a kiosk, through the Intemet, through any telephone, facsimile machine or other telecommunication device or through any
other machine, network, system, device or means, except that the licensee shall not operate any automated loan machine
prohibited by MRS 604A.400.
8 20 2007
Page 16 of 19
RECORDS, REPORTS AND EXAMINATIONS
NRS 604A.700 Required books and records.
1. Each licensee shall keep and use in his business such books and accounting records as are in accord with generally
accepted accounting practices.
2. Each licensee shall maintain a separate written or electronic record or ledger card for the account of each customer and
shall set forth separately the amount of cash advance and the total amount of interest and charges, but such a record may set
forth precomputed declining balances based on the scheduled payments, without a separation of principal and charges.
3. Each licensee shall preserve all such books and accounting records for at least 2 years after making the fmal entry
therein.
4. Each licensee who operates outside this State an office or other place of business that is licensed pursuant to
provisions of this chapter shall:
State.
The licensee must be allowed to choose between the provisions of paragraph (a) or (b) in complying with this subsection.
5. As used in this section, “amount of cash advance” means the amount of cash or its equivalent actually received by a
customer or paid out at his direction or in his behalf.
NRS 604A.710 Investigation of businesses; examination of books and records by Commissioner.
1. For the purpose of discovering violations of this chapter or of securing information lawfully required under this
chapter, the Commissioner or his duly authorized representatives may at any time investigate the business and examine the
books, accounts, papers and records used therein of:
(a) Any licensee;
(b) Any other person engaged in the business of making loans or participating in such business as principal, agent, broker
or otherwise; and
(c) Any person who the Commissioner has reasonable cause to believe is violating or is about to violate any provision of
this chapter, whether or not the person claims to be within the authority or beyond the scope of this chapter.
2. For the purpose of examination, the Commissioner or his authorized representatives shall have and be given free
access to the offices and places of business, and the files, safes and vaults of such persons.
3. For the purposes of this section, any person who advertises for, solicits or holds himself out as willing to make any
deferred deposit loan, short-term loan or title loan is presumed to be engaged in the business of making loans.
NRS 604A.720 Authority of Commissioner to require attendance of witnesses and production of books and
records.
1. The Commissioner may require the attendance of any person and examine him under oath regarding:
(a) Any check-cashing service or loan service regulated pursuant to the provisions of this chapter; or
(b) The subject matter of any audit, examination, investigation or hearing.
2. The Commissioner may require the production of books, accounts, papers and records for any audit, examination,
investigation or hearing.
NRS 604A.730 Annual examinations by Commissioner; exceptions.
1. At least once each year, the Commissioner or his authorized representatives shall make an examination of the place of
business of each licensee and of the loans, transactions, books, accounts, papers and records of the licensee so far as they
pertain to the business for which he is licensed pursuant to the provisions of this chapter.
2. If, after auditing one or more branch locations of the licensee, the Commissioner or his authorized representatives
conclude that the loans, disclosures, loan practices, computer processes, filing systems and records are identical at each
branch location, the Commissioner may make an examination of only those branch locations he deems necessary.
NRS 604A.740 Fees for regulatory activities; penalties for failure to pay fees4
1. The Commissioner shall charge and collect from each licensee a fee ,ofnot ire thanb $80 per hour for any
supervision, audit, examination, investigation or hearing conducted pursuant tothis chapter,oT’any regulations adopted
pursuant thereto.
2. The Commissioner shall bill each licensee upon the completion of theactit75fqr tlfee.equiçd pursuant to
provided in
subsection 1. The licensee shall pay the fee within 30 days after the date the bill
this subsection, any payment received after the date due must include a penalty of:i0 percent qfthe fee plus, an additional 1
percent of the fee for each month, or portion of a month, that the fee is not paid. The, Corjiisioner may .‘aive the penalty
\i
for good cause.
3. The failure of a licensee to pay the fee required pursuant to subsection 1 as provided in this sectionôonstitutes grounds
for revocation of the license of the licensee.
4. The Commissioner shall adopt regulations establishing the amount of the fee required pursuant to this section.
/
,e
NRS 604A.750 Annual report by licensee; composite reports.
1. Annually, on or before April 15, each licensee shall file with the Commissioner a report of operations of the licensed
business for the preceding calendar year.
8 20 2007
Page 17 of 19
2. The licensee shall make the report under oath and on a form prescribed by the Commissioner.
3. If any person or affiliated group holds more than one license in this State, it may file a composite annual report.
NRS 604A.760 Fees for failure to submit reports.
1. If a licensee fails to submit any report required pursuant to this chapter or any regulation adopted pursuant thereto
within the prescribed period, the Commissioner may impose and collect a fee of not more than $10 for each day the report is
overdue.
2. The Commissioner shall adopt regulations establishing the amount of the fee that may be imposed pursuant to this
section.
(Added to NRS by 2005 22nd S ecial Session 101)
DISCIPLINARY ACTION
NRS 604A.800 Temporary suspension of license: Conditions; notice; hearing; terms of suspension. If the
Commissioner finds that probable cause for revocation of any license exists and that enforcement of the provisions of this
chapter requires immediate suspension of a license pending investigation, he may, upon 5 days’ written notice and a hearing,
enter an order suspending a license for a period not exceeding 20 days, pending a hearing upon the revocation.
NRS 604A.810 Order to desist and refrain; action to enjoin violation; appointment of receiver.
1. Whenever the Commissioner has reasonable cause to believe that any person is violating or is threatening to or intends
to violate any provision of this chapter, he may, in addition to all actions provided for in this chapter and without prejudice
thereto, enter an order requiring the person to desist or to refrain from such violation.
2. The Attorney General or the Commissioner may bring an action to enjoin a person from engaging in or continuing a
violation or from doing any act or acts in furtherance thereof. In any such action, an order or judgment may be entered
awarding a preliminary or final injunction as may be deemed proper.
3. In addition to all other means provided by law for the enforcement of a restraining order or injunction, the court in
which an action is brought may impound, and appoint a receiver for, the property and business of the defendant, including
books, papers, documents and records pertaining thereto, or so much thereof as the court may deem reasonably necessary to
prevent violations of this chapter through or by means of the use of property and business. A receiver, when appointed and
qualified, has such powers and duties as to custody, collection, administration, winding up and liquidation of such property
and business as may from time to time be conferred upon him by the court.
NRS 604A.820 Procedure for taking disciplinary action; authorized disciplinary action; grounds.
1. If the Commissioner has reason to believe that grounds for revocation or suspension of a license exist, he shall give 20
days’ written notice to the licensee stating the contemplated action and, in general, the grounds therefor and set a date for a
hearing.
2. At the conclusion of a hearing, the Commissioner shall:
(a) Enter a written order either dismissing the charges, revoking the license or suspending the license for a period of not
more than 60 days, which period must include any prior temporary suspension. The Commissioner shall send a copy of the
order to the licensee by registered or certified mail.
(b) Impose upon the licensee an administrative fine of not more than $10,000 for each violation by the licensee of any
provision of this chapter or any regulation adopted pursuant thereto.
(c) If a fine is imposed pursuant to this section, enter such order as is necessary to recover the costs of the proceeding,
including his investigative costs and attorney’s fees.
3. The grounds for revocation or suspension of a license are that:
(a) The licensee has failed to pay the annual license fee;
(b) The licensee, either knowingly or without any exercise of due care to prevent it, has violated any provision of this
chapter or any lawful regulation adopted pursuant thereto;
(c) The licensee has failed to pay a tax as required pursuant to the provisions of chapter 363A of NRS;
(d) Any fact or condition exists which would have justified the Commissioner in denying the licensee’s original
application for a license pursuant to the provisions of this chapter; or
(e) The licensee:
(1) Failed to open an office for the conduct of the business authorized by his license within 180 days after the date his
license was issued; or
(2) Has failed to remain open for the conduct of the business for a period of 180 dayyiithout good cause therefor.
4. Any revocation or suspension applies only to the license granted to a person for the’pa4icülar office for which grounds
for revocation or suspension exist.
5. An order suspending or revoking a license becomes effective 5 days after bging entered unless the order specifies
otherwise or a stay is granted.
(Added to NRS by 2005, 1707; A 2005. 22nd Special Session, 100)
/
7.
-
-
O\çr
NRS 604A.830 Additional grounds for disciplinary action. In addition to any.oth3 ul res, the Cqmmissioner
may suspend or revoke a license if the licensee has engaged in any act that would b? grounc& fo1enying a linse pursuant
this chapter.
,,,‘
(I,_
NRS 604A.840 Surrender of license by licensee; effect of surrender. A licensee.may urndçr-any license issued
pursuant to the provisions of this chapter by delivering it to the Commissioner with wriuiènnoticef its surrender, but a
surrender does not affect his civil or criminal liability for acts committed prior thereto.
/
.
http ://www.leg.state.nv.us/NRSINRS-604A.html
8/20/2007
Page 18 of 19
NRS 604A.850 Preexisting contracts unaffected by revocation, suspension, expiration or surrender of license. A
revocation, suspension, expiration or surrender of any license does not impair or affect the obligation of any preexisting
lawful loan agreement between the licensee and any customer. Such a loan agreement and all lawful charges thereon may be
collected by the licensee, its successors or assigns.
REMEDIES AND PENALTIES
NRS 604A.900 Remedies for certain willful violations.
1. Except as otherwise provided in this section, if a licensee willfully:
(a) Enters into a loan agreement for an amount of interest or any other charge or fee that violates the provisions of this
chapter or any regulation adopted pursuant thereto;
(b) Demands, collects or receives an amount of interest or any other charge or fee that violates the provisions of this
chapter or any regulation adopted pursuant thereto; or
(c) Commits any other act or omission that violates the provisions of this chapter or any regulation adopted pursuant
thereto,
the loan is void and the licensee is not entitled to collect, receive or retain any principal, interest or other charges or fees
with respect to the loan.
2. The provisions of this section do not apply if:
(a) A licensee shows by a preponderance of the evidence that the violation was not intentional and resulted from a bona
fide error of computation, notwithstanding the maintenance of procedures reasonably adapted to avoid that error; and
(b) Within 60 days after discovering the error, the licensee notifies the customer of the error and makes whatever
adjustments in the account are necessary to correct the error.
NRS 604A.910 Administrative fines for unlicensed activity. In addition to any other remedy or penalty, the
Commissioner may impose an administrative fme of not more than $50,000 upon a person who, without a license, conducts
any business or activity for which a license is required pursuant to the provisions of this chapter.
(Added to NRS by 2005. 1709; A 2005. 22nd Special Session, 101)
NRS 604A.920 Other remedies for unlicensed activity. If a person operates a check-cashing service, deferred deposit
loan service, short-term loan service or title loan service without obtaining a license pursuant to this chapter:
1. Any contracts entered into by that person for the cashing of a check or for a deferred deposit loan, short-term loan or
title loan are voidable by the other party to the contract; and
2. In addition to an other remedy or penalty, the other party to the contract may bring a civil action against the person
pursuant to NRS 604A. • 30.
(Added to NRS by 2005 22nd S .ecial Session 101)
NRS 604A.930 Civil action.
1. Subject to the affirmative defense set forth in subsection 3, in addition to any other remedy or penalty, if a person
violates any provision of NRS 604A.400. 604A.410 to 604A.500, inclusive, 604A.610, 604A.615, 604A.650 or 604A.655 or
any regulation adopted pursuant thereto, the customer may bring a civil action against the person for any or all of the
following relief:
(a) Actual and consequential damages;
(b) Punitive damages, which are subject to the provisions of NRS 42.005;
(c) Reasonable attorney’s fees and costs; and
(d) Any other legal or equitable relief that the court deems appropriate.
2. Subject to the affirmative defense set forth in subsection 3, in addition to any other remedy or penalty, the customer
may bring a civil action against a person pursuant to subsection 1 to recover an additional amount, as statutory damages,
which is equal to $1,000 for each violation if the person knowingly:
(a) Operates a check-cashing service, deferred deposit loan service, short-term loan service or title loan service without a
license, in violation of NRS 604A.400;
(b) Fails to include in a loan agreement a disclosure of the right of the customer to rescind the loan, in violation of NRS
604A.4l0;
222.
(c) Violates any provision of NRS 604A.420;
(d) Accepts collateral or security for a deferred deposit loan, in violation of NRS 604A!435,xcept that à’hek or written
authorization for an electronic transfer of money shall not be deemed to be collateral os&urityor a rred deposit loan;
(e) Uses or threatens to use the criminal process in this State or any other state to collect on a 1on’inade to the customer,
in violation of NRS 604A.440;
c’. esoñ ofjftdgment by
(f) Includes in any written agreement a promise by the customer to hold the perso;h. 1
the customer or an assignment or order for the payment of wages or other compensation duthe cusi6mer, inyiolation of
NRS6O4A.440;
/
(g) Violates any provision of NRS 604A.485; or
(h) Violates any provision of NRS 604A.490.
3. A person may not be held liable in any civil action brought pursuant to this section if the peron proves, by a
preponderance of evidence, that the violation:
(a) Was not intentional;
(b) Was technical in nature; and
(c) Resulted from a bona fide error, notwithstanding the maintenance of procedures reasonably adapted to avoid any such
error.
4. For the purposes of subsection 3, a bona fide error includes, without limitation, clerical errors, calculation errors,
computer malfunction and programming errors and printing errors, except that an error of legal judgment with respect to the
person’s obligations under this chapter is not a bona fide error.
,
8 20 2007
Page 19 of 19
NRS 604A.940 Exercise of jurisdiction over party to civil action; service of summons to confer jurisdiction.
1. A court of titis State may exercise jurisdiction over a party to a civil action arising under the provisions of this chapter
on any basis not inconsistent with the Constitution of the State of Nevada or the Constitution of the United States.
2. Personal service of summons upon a party outside this State is sufficient to confer upon a court of this State
jurisdiction over the party so served if the service is made by delivering a copy of the summons, together with a copy of the
complaint, to the party served in the manner provided by statute or rule of court for service upon a person of like kind within
this State.
3. In all cases of such service, the defendant has 40 days, exclusive of the day of service, within which to answer or
plead.
4. This section provides an additional manner of serving process and does not invalidate any other service.
2. 23 24
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/
http: www.leg.state.nv.us/NRS/NRS-604A.html
8/20/2007
EXHIBIT 5
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_______)(the
SV Holdings, LLC, a Nevada limited liability company (the “Applicant”) recently
purchased the office building located at 321 S. Frontage Road in Pahrump, Nevada (APN
“Property”). The Property had been vacant for several months and,
unfortunately, had fallen into disrepair. As described below, the Applicant intends to
engage in extensive improvements to the Property, which will increase surrounding
property values and establish an attractive and professional standard for other business
along the Frontage corridor.
Applicant is an affiliate of Dollar Loan Center, LLC, a Nevada limited liability
(“DLC”). DLC is an installment loan finance company licensed and regulated by the
State of Nevada under Nevada Revised Statutes Chapter 675. DLC maintains “Dollar
Loan Center” offices throughout Nevada, including Clark County, Washoe County,
Douglas County, the City of Henderson and the City of Las Vegas. The Applicant and
DLC intend to establish and operate a Dollar Loan Center financing company at the
Property. DLC is not a Payday Loan Company or Check Cashing Company
(collectively, “Payday Lenders”), who are regulated under NRS Chapter 604A.
Accordingly, in most local jurisdictions, Dollar Loan Center operate as “Finance
Companies” under applicable County ordinances, separate and apart from the Payday
Lender/Check Cashing definition.
Dollar Loan Centers provide financial services for a specific clientele to whom
traditional banks or credit unions will not extend credit. These individuals also are those
who are either do not qualif’ or are not interested in going to a Check Cashing/Payday
Loan Company (the “Payday Lenders”). Typically, DLC’s clients are blue-collar,
working class people whose credit history does not meet a bank/credit union’s rigid credit
requirements or are not able to provide a car title or other collateral required by the
Payday Lenders.
Dollar Loan Center offers unique credit and financing products, including an unsecured
“signature” loan. Dollar Loan Center will also offer an installment loan finance company
to persons who would otherwise not qualif’ for a traditional credit line. Dollar Loan
Center also is able to provide emergency cash loans to individuals without checking
accounts or car titles required by the Payday Lenders. Unlike conventional banks, a
decision on a small credit line often be made within 15-30 minutes. Dollar Loan Center
‘ s in
reports credit information to the National credit bureau’s, thereby
to strengthen their credit score.
Pabrump offers a desirable location for a Dollar Loan
opportunity for Pahrump. Applicant believes that many:
welcome the opportunity to become clients/customers. Initially,
DLC is not a Payday Loan Company or Check Cashing
(collectively, “Payday Lenders”), who are regulated under NRS Chapter
jurisdictions, Dollar DLC’s business model
.
time professionals, each of whom will be provided with extensive training, and will enjoy
full medical, dental, vision and 401K plan benefits.
The Property is located along Highway 160 frontage, which is presently subject to
considerable commercial activity. Many of the commercial properties along Frontage
Road are in need of renovation. Applicant’s Property, due to its age and lack of recent
business, also is vacant and in disrepair. Applicant intends to completely refurbish the
Property, both inside and out. Although the structure will remain, an new, attractive
façade will be constructed, making the building look almost brand new. The interiors
also will be completely redone. As commercial activity increases, the Property will serve
as a model for other property owners seeking to improve their properties along Frontage
Road.
It is expected that this project will help to revitalize the Frontage Road area, and
provide a valuable financial services to a growing and diverse population. The
appearance of the refurbished Property and new business will aid in improving local
buyers and investors’ confidence in Pahrump. In addition, this project will promote the
momentum for additional commercial development in the area, and will attract residents
to other businesses in the vicinity. Additionally, because of its location along Highway
160, it is easily accessible. Development of this site under Applicant’s proposed
amendment will enhance the perception of this area and promote further economic
redevelopment. Applicant therefore contends that the desired site amendment will allow
it to construct a project that meets and supports Pahrumpt’ s existing policies, promotes
long term attractiveness, improves the economic vitality of the area, and endorses
Pahrump’s revitalization goals by improving he general health and welfare of the
population in the area surrounding the project.
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MP-07-0035 - Nye County

Transcription

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