604A.465 - Payment of loan in full.
604A.465 Payment of loan in full.
1. A customer may pay a loan, or any extension thereof, in full at any time, without an additional charge or fee, before the date the customer’s final payment on the loan, or any extension thereof, is due.
2. If a customer pays the loan in full, including all interest, charges and fees negotiated and agreed to by the licensee and customer as permitted under this chapter, the licensee shall:
(a) Give to the customer:
(1) If the customer gave to the licensee a check or a written authorization for an electronic transfer of money to initiate a deferred deposit loan, the check or the written authorization stamped “void”;
(2) If the customer gave to the licensee a promissory note to initiate a high-interest loan, the promissory note stamped “void” or a receipt stamped “paid in full”; or
(3) If the customer gave to the licensee a title to a vehicle to initiate a title loan, the title; and
(b) Give to the customer a receipt with the following information:
(1) The name and address of the licensee;
(2) The identification number assigned to the loan agreement or other information that identifies the loan;
(3) The date of the payment;
(4) The amount paid;
(5) An itemization of interest, charges and fees;
(6) A statement that the loan is paid in full; and
(7) If more than one loan made by the licensee to the customer was outstanding at the time the payment was made, a statement indicating to which loan the payment was applied.
(Added to NRS by 2005, 1693; A 2007, 938)