Nevada sets clear rules for businesses that lend money to consumers. These laws are designed to make sure borrowers get honest information, fair treatment and a way to raise concerns. Here is a plain-English overview.
This article is general information, not legal advice.
Lenders must be licensed
In Nevada, it is illegal to make consumer loans without the proper state license. The Division of Financial Institutions (FID) issues licenses, examines lenders and can suspend or revoke a license for violations. Licensed lenders also register with the Nationwide Multistate Licensing System (NMLS), which gives each one a unique ID number you can look up.
Two main sets of rules
NRS Chapter 675, the Nevada Installment Loan and Finance Act, covers licensed installment lenders. NRS Chapter 604A covers deferred deposit (payday) loans, high-interest loans, title loans and check-cashing services, and includes some of the state’s most detailed borrower protections.
Key protections under NRS 604A
- Right to cancel: a customer can rescind a high-interest loan by the close of business on the next business day without paying a fee.
- Written agreement: lenders must provide a written loan agreement.
- Repayment plans: lenders must offer a repayment plan to borrowers in certain situations.
- Limits after default: the law limits the amounts and fees a lender can collect after a borrower defaults.
Protections for service members
Nevada law limits the APR licensed lenders may charge covered service members and their dependents. The federal Military Lending Act also caps the cost of most consumer credit for active-duty members and their families at a 36% military annual percentage rate.
Federal laws that apply too
- Truth in Lending Act: requires clear disclosure of the APR, finance charge and total cost before you sign.
- Equal Credit Opportunity Act: prohibits discrimination in lending.
- Fair Debt Collection Practices Act: limits how third-party debt collectors can contact you.
- Fair Credit Reporting Act: gives you the right to see and dispute information on your credit report.
How to file a complaint
If you believe a lender has broken the rules, you can file a complaint with the Nevada Division of Financial Institutions, which investigates complaints against licensees. You can also submit a complaint about a consumer financial product to the federal Consumer Financial Protection Bureau.
Our commitment
Private Access Loans is licensed by the Nevada Financial Institutions Division, and our license number appears on every page of our website. If you have questions about your rights or your loan, call our Las Vegas office at 702-330-0458. For practical tips, read Borrowing in Nevada: What You Should Know.
