Nevada Revised Statutes 604A.105 – ‘Title loan’ defined
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1. ’Title loan’ means a loan made to a customer pursuant to a loan agreement which, under its original terms:
Terms Used In Nevada Revised Statutes 604A.105
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
(a) Charges an annual percentage rate of more than 35 percent; and
(b) Requires the customer to secure the loan by either:
(1) Giving possession of the title to a vehicle legally owned by the customer to the licensee or any agent, affiliate or subsidiary of the licensee; or
(2) Perfecting a security interest in the vehicle by having the name of the licensee or any agent, affiliate or subsidiary of the licensee noted on the title as a lienholder.
2. The term does not include a loan which creates a purchase-money security interest in a vehicle or the refinancing of any such loan.