624.955 - Limitations on certain lending and financial practices.
624.955 Limitations on certain lending and financial practices.
1. A contract for work concerning a residential pool or spa is not enforceable against the owner if the obtaining of a loan for all or a portion of the contract price is a condition precedent to the contract unless all of the following requirements are satisfied:
(a) A third party agrees to make the loan or give the financing.
(b) The owner agrees to accept the loan or financing.
(c) The owner does not rescind the loan or financing transaction within the period prescribed for rescission pursuant to the Truth in Lending Act, 15 U.S.C. §§ 1601 et seq., or chapter 598 of NRS, if applicable.
2. Unless and until all applicable requirements of subsection 1 are satisfied, a contractor shall not:
(a) Perform or deliver any work, labor, material or services; or
(b) Represent in any manner that the contract is enforceable or that the owner has any obligation under the contract.
3. A contract for work concerning a residential pool or spa is not enforceable against the owner if the contractor provides a loan or gives financing for all or a portion of the contract price unless all of the following requirements are satisfied:
(a) The owner agrees to accept the loan or financing.
(b) The owner does not rescind the loan or financing transaction within the period prescribed for rescission pursuant to the Truth in Lending Act, 15 U.S.C. §§ 1601 et seq., or chapter 598 of NRS, if applicable.
4. Unless and until all applicable requirements of subsection 3 are satisfied, a contractor shall not:
(a) Perform or deliver any work, labor, material or services; or
(b) Represent in any manner that the contract is enforceable or that the owner has any obligation under the contract.
5. A contract for work concerning a residential pool or spa is not enforceable against the owner if the contractor receives from a third party, either directly or indirectly, remuneration or any other thing of value for a loan to finance the work and that fact is not disclosed in writing in the contract.
6. As used in this section, “third party” means a bonding company, finance company, or any other corporation or business entity who cosigns, underwrites, obtains a deed of trust for, issues, sells, purchases or acquires a loan to finance work concerning a residential pool or spa.
(Added to NRS by 2001, 2976; A 2005, 2381)—(Substituted in revision for NRS 597.7194)