Nevada Revised Statutes 675.360 – Duties of licensee
Every licensee shall:
Terms Used In Nevada Revised Statutes 675.360
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Licensee: means a person to whom one or more licenses have been issued. See Nevada Revised Statutes 675.020
- 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.
- 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. Deliver to the borrower, or if more than one, to one of them, at the time of making a loan under this chapter a copy of the loan obligation or, in lieu thereof, a statement showing in clear and distinct terms the date of the loan, the amount of the obligation, the date of its maturity, if there is one, the nature of the security, if any, for the loan, the name and address of the borrower and of the licensee, and the description or schedule of payments on that loan.
2. Except as otherwise provided for loans for an indefinite term in NRS 675.369, give to the person making any cash payment on account of any loan a receipt at the time that payment is made, showing the balance due, if any, after application of that payment. A receipt showing the amount of the payment only may be given temporarily and must be replaced within a reasonable time with a receipt as prescribed in this subsection.
3. Permit payment in advance in an amount equal to one or more full installments at any time during the regular business hours of the licensee.
4. Upon repayment of a loan in full, mark plainly every note or other evidence of the indebtedness or assignment signed by any obligor, or a copy thereof, with the word ‘paid’ or ‘cancelled,’ and release or provide the borrower evidence to release any mortgage or security instrument no longer securing any indebtedness to the licensee.