Section 604A.Sec. 14 - NEW1. During any period in which the database is unavailable due to technical issues on the service provider's side of the system, a licensee may rely upon the written representation of a customer applying for a loan and assess the ability of the customer to repay the loan by obtaining the documentation required by this chapter and chapter 604A of NRS to verify that making the loan for which the customer applied is permissible pursuant to this chapter and chapter 604A of NRS.2. The written representation of a customer applying for a loan, which a licensee may rely on pursuant to subsection 1, must include, without limitation: (a) An affirmation that the customer does not have any loan outstanding at the time the customer applies for the loan;(b) If, at the time the customer applies for a deferred deposit loan or high-interest loan, the customer has another outstanding loan, an affirmation that: (1) The amount of the additional deferred deposit loan or high-interest loan, as applicable, for which the customer is applying would not, when combined with the amount of the outstanding loan of the customer, exceed 25 percent of the expected gross monthly income of the customer; and(2) The customer has the ability to repay the loan and the additional deferred deposit loan or high-interest loan for which the customer is applying; or(c) If, at the time the customer applies for a title loan, the customer has outstanding another title loan, an affirmation that:(1) The customer has the ability to repay the outstanding title loan and the additional title loan for which the customer is applying; and(2) The title to the vehicle is not perfected with another lender or licensee.3. If a licensee makes a loan to a customer during a period when the database is unavailable, whether due to a scheduled outage or other technical issues, a licensee must:(a) Enter the loan into the database not later than 24 hours after the database becomes operational;(b) Notate on the loan file that the loan was originated during a period the database was unavailable; and(c) Retain all records of the loan transaction as required for any loan which is made by a licensee pursuant to the provisions of this chapter and chapter 604A of NRS.Nev. Admin. Code § 604A.Sec. 14
Added to NAC by Comm'r of Financial Institutions by R037-20A, eff. 12/29/2020