Nevada Revised Statutes 675.3693 – Limitation on annual percentage rate
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A licensee who makes a loan under this chapter that constitutes consumer credit to a covered service member or his or her dependent shall not charge the covered service member or dependent an annual percentage rate with respect to the loan except as:
Terms Used In Nevada Revised Statutes 675.3693
- 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
- Consumer credit: has the meaning ascribed to it in NRS 604A. See Nevada Revised Statutes 675.020
- Covered service member: has the meaning ascribed to it in NRS 604A. See Nevada Revised Statutes 675.020
- Dependent: has the meaning ascribed to it in NRS 604A. See Nevada Revised Statutes 675.020
- Dependent: A person dependent for support upon another.
- Licensee: means a person to whom one or more licenses have been issued. See Nevada Revised Statutes 675.020
1. Agreed to under the terms of the loan agreement;
2. Authorized by applicable state and federal law; and
3. Not specifically prohibited by NRS 99.050, 675.3695 and 675.3697.