Nevada Amends Provisions Related to the Military Lending Act

Nevada recently signed into law Senate Bill No. 201, which amends provisions related to, among other things, the federal Military Lending Act.

Specifically, Chapter 99, Chapter 604A, and Chapter 675 of the Nevada Revised Statutes were amended.  These chapters pertain to Money of Account and Interest, Deferred Deposit Loans, High-Interest Loans, Title Loans, and Check-Cashing Services, and Installment Loans, respectively.  The chapters now include new defined terms, including, but not limited to, “consumer credit,” “covered service member,” and “dependent.”  The Bill also limits the amount of interest a creditor can charge on certain loans, requires certain disclosures be given to consumers, and restricts certain types of loans made to service members and their families.

The effective date for the amendments ranges from May 28, 2019 through July 1, 2020.