The law that applies
Deferred deposit (payday) loans and high-interest loans in Nevada are governed by NRS Chapter 604A and supervised by the Nevada Financial Institutions Division. Under Nevada law, a high-interest loan is a loan with an annual percentage rate above 40 percent.
Protections under Nevada law
| Topic | Section |
|---|---|
| Limits on a payday loan's original term | NRS 604A.501 |
| Lender must assess your ability to repay before making the loan | NRS 604A.5011 |
| Written loan agreement setting out the loan terms | NRS 604A.5012 |
| Rules for collecting a defaulted loan | NRS 604A.5014 |
| Your right to rescind (cancel) a payday loan | NRS 604A.5023 |
| Paying a loan in full | NRS 604A.5024 |
| Partial payments | NRS 604A.5025 |
| Extended payment plans | NRS 604A.5026 |
| Repayment plans | NRS 604A.5027 |
| Lender's duty to safeguard customer information | NRS 604A.409 |
| State database of payday, title and high-interest loans | NRS 604A.303 |
If you default, Nevada law requires the lender to offer a repayment plan before starting a civil action to collect. Your loan agreement explains how each of these rules applies to your loan.
For a plain-English walkthrough of these rules, read Online Payday Loans in Las Vegas: A Plain-English Guide.
Contact the state regulator
For questions or complaints about a Nevada licensed lender, contact the Nevada Financial Institutions Division.