1. A licensee who operates a high-interest loan service shall not make a high-interest loan which, under the terms of the loan agreement and in combination with any other outstanding loan of the customer, requires any monthly payment that exceeds 25 percent of the expected gross monthly income of the customer.
2. A licensee who operates a high-interest loan service is not in violation of the provisions of this section if:
(a) The customer presents evidence of his or her gross monthly income to the licensee and represents to the licensee in writing that the monthly payment required under the terms of the loan agreement for the high-interest loan does not exceed 25 percent of the customer’s expected gross monthly income; and
(b) The licensee has utilized the database established pursuant to NRS 604A.303 to ensure that the terms of the high-interest loan, in combination with any other outstanding loan of the customer, do not require any monthly payment that exceeds 25 percent of the customer’s expected gross monthly income when the loan is made.
(Added to NRS by 2005, 1690; A 2007, 936; 2019, 944, effective July 1, 2020)