Nevada Revised Statutes 675.3695 – Information required to be provided by licensee
1. Before making a loan under this chapter that constitutes consumer credit to a covered service member or a dependent of a covered service member, a licensee shall provide the following information to the covered service member or the dependent of a covered service member, as applicable, both orally and in writing:
Terms Used In Nevada Revised Statutes 675.3695
- 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
- 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) A statement of the annual percentage rate applicable to the loan;
(b) Any disclosures required by the provisions of the Truth in Lending Act and any regulations adopted pursuant thereto; and
(c) A clear description of the payment obligations of the covered service member or dependent, as applicable.
2. A licensee shall present the disclosures required by subsection 1 in accordance with the provisions of Regulation Z.
3. As used in this section:
(a) ’Regulation Z’ has the meaning ascribed to it in NRS 604A.090.
(b) ’Truth in Lending Act’ has the meaning ascribed to it in NRS 604A.120.