Nevada Revised Statutes 604A.050 – ‘Deferred deposit loan’ defined
Current as of: 2022 | Check for updates
|
Other versions
‘Deferred deposit loan’ means a transaction in which, pursuant to a loan agreement:
Terms Used In Nevada Revised Statutes 604A.050
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
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.