Nevada Revised Statutes > Chapter 675 > Consumer Credit to Covered Service Members
Current as of: 2022 | Check for updates
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Other versions
§ 675.3693 | Limitation on annual percentage rate |
§ 675.3695 | Information required to be provided by licensee |
§ 675.3697 | Prohibited practices by licensee |
Terms Used In Nevada Revised Statutes > Chapter 675 > Consumer Credit to Covered Service Members
- 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
- 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.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. 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