Nevada Revised Statutes 624.885 – Limitations on certain lending and financial practices
1. A contract for work concerning a residential photovoltaic system used to produce electricity is not enforceable against the owner of a single-family residence on which the work is being performed if the obtaining of a loan for all or a portion of the contract price is a condition precedent to the contract unless both of the following requirements are satisfied:
Terms Used In Nevada Revised Statutes 624.885
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- 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
(a) The owner of the single-family residence agrees to accept the loan or financing.
(b) The owner of the single-family residence does not rescind the loan or financing transaction within the period prescribed for rescission pursuant to the Truth in Lending Act, 15 U.S.C. § 1601 et seq., or chapter 598 of NRS, if applicable.
2. Unless and until all applicable requirements of subsection 1 are satisfied, a contractor shall not:
(a) Perform or deliver any work, labor, material or services; or
(b) Represent in any manner that the contract is enforceable or that the owner of the single-family residence has any obligation under the contract.