NRS 675.367 Borrower must be given description of rate and computation of interest; notice of increase in rate of interest or change in terms.
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NRS 675.367 Borrower must be given description of rate and computation of interest; notice of increase in rate of interest or change in terms.
1. In addition to the information required in subsection 1 of NRS 675.360 , a borrower under an agreement for a loan for an indefinite term must be given a description of the agreed annual interest rate, stated as a percentage, the conditions under which interest will be charged and the method used to compute the interest for each billing cycle.
2. The licensee shall notify a borrower of any increase in the rate of interest to be charged or any other change in the terms of the agreement for a loan for an indefinite term:
(a)No later than the date of the first billing after the effective date of the change, if the change in the rate of interest is pursuant to an agreement for the loan which is signed by the borrower and specifies the formula for computation of the adjustment in the rate; or
(b)At least 30 days before the change is to take place for all other loans for an indefinite term.
Ê The change applies only to a debt incurred by the borrower after the effective date of the change, unless otherwise agreed by the borrower. In determining the balance to which an increase in the rate of interest applies, any payment received or other credit made to the borrower’s account applies to the balance existing before the date of that increase until that balance is paid in full.