Nevada Revised Statutes 397.064 – Required terms of stipends converted to loans; regulations
1. If a stipend received from the Nevada Office of the Western Interstate Commission for Higher Education’s Loan and Stipend Fund is converted into a loan pursuant to NRS 397.0645, the loan must be made upon the following terms:
Terms Used In Nevada Revised Statutes 397.064
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(a) All loans must bear a competitive interest rate, which must be established by the three Nevada State Commissioners, acting jointly.
(b) A delinquency charge may be assessed on any installment delinquent 10 days or more in an amount that must be established by the three Nevada State Commissioners, acting jointly.
(c) The reasonable costs of collection and attorney’s fees may be recovered in the event of delinquency.
2. The three Nevada State Commissioners, acting jointly, shall adopt regulations governing the repayment of loans, including, without limitation, the period allowed for the repayment and the minimum amount of money that may be repaid in an installment.