NRS 624.885 Limitations on certain lending and financial practices.

208 words·~1 min read·/nv/chapter-624-contractors/624-885·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. A contract for work concerning a residential photovoltaic system used to produce electricity is not enforceable against the owner of a single-family residence or qualified multifamily affordable housing property, as applicable, on which the work is being performed if the obtaining of a loan for all or a portion of the contract price is a condition precedent to the contract unless both of the following requirements are satisfied:

(a)The owner of the single-family residence or qualified multifamily affordable housing property, as applicable, agrees to accept the loan or financing.

(b)The owner of the single-family residence or qualified multifamily affordable housing property, as applicable, 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 of the single-family residence or qualified multifamily affordable housing property, as applicable, has any obligation under the contract.