Nevada Revised Statutes 604B.080 – ‘Refund anticipation loan fee schedule’ defined
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1. ’Refund anticipation loan fee schedule’ means a listing or table of refund anticipation loan fees charged by a lender or a facilitator for three or more representative refund anticipation loan amounts.
Terms Used In Nevada Revised Statutes 604B.080
- 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
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
2. A refund anticipation loan fee schedule must:
(a) List separately each fee or charge imposed and a total of all fees and charges imposed which are related to the making of refund anticipation loans; and
(b) Include, for each representative loan amount, the estimated annual percentage rate calculated under the guidelines established by the Truth in Lending Act and Regulation Z.