676.250 - Fees. [Effective through June 30, 2010.]
676.250 Fees. [Effective through June 30, 2010.]
1. Licensees are allowed such fees as are clearly stated in the contract.
2. Such fees may include:
(a) An initial retainer fee of $50, which need not be amortized.
(b) A service fee, which must be amortized equally, each month, over the length of the contract, but no more than one monthly amortization may be applied to the debtor’s account as charges for any particular month, unless prepayment is being made.
(c) A fee of $3 per check issued in payment of all nonterminal indebtedness.
3. The total amount of fees received by a licensee under any particular contract, exclusive of the retainer fee, may not exceed 15 percent of the listed terminal indebtedness. Terminal indebtedness does not mean indebtedness on a residence or other expenses normally incurred in maintaining a residence.
4. If the debtor chooses at any time to satisfy the total indebtedness listed in the contract before the expiration of the contract, the licensee may charge and is limited to a fee of not more than 7 percent of the then remaining balance of indebtedness listed in the contract.
5. No fee other than the initial retainer fee may be charged until the licensee has secured the consent of creditors:
(a) Constituting more than 50 percent of the total number of creditors enumerated in the contract; and
(b) Holding more than 50 percent of the total amount of indebtedness listed in the contract.
Ê The acceptance by a creditor of three consecutive payments made by the licensee in accordance with the terms of the contract constitutes the consent of that creditor, if notice is included with each such payment that acceptance of three consecutive payments constitutes consent for the purposes of this subsection.
(Added to NRS by 1973, 1494; A 1985, 378; 1989, 1208; R 2009, 2001, effective July 1, 2010)