NRS 690A.0247 “Open-end credit” defined.
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/nv/chapter-690a-credit-insurance/690a-0247·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 690A.0247 “Open-end credit” defined. “Open-end credit” means credit extended by a creditor under an agreement in which:
1. The creditor reasonably contemplates repeated transactions;
2. The creditor periodically imposes a finance charge on any outstanding unpaid balance; and
3. The amount of credit that may be extended to the debtor during the term of the agreement up to any limit set by the creditor is generally made available to the extent that any outstanding balance is repaid.