Nevada Statute | Act | Code |Title 52 - Trade Regulations And Practices| US Code - US Statute

As used in this chapter, unless the
context otherwise requires, the words and terms defined in NRS 598D.020
to 598D.050 , inclusive, have the meanings ascribed to
them in those sections.

      (Added to NRS by 2003, 2890 )
“Borrower” means a natural
person who is a mortgagor, grantor of a deed of trust or other debtor of
a home loan.

      (Added to NRS by 2003, 2890 )
“Home” means a dwelling or dwellings
for not more than four families, the principal use of which is for
residential purposes. The term includes, without limitation:

      1. A dwelling on a farm.

      2. A dwelling unit of a cooperative housing corporation.

      3. A mobile home, as defined in NRS 489.120 , with the wheels removed and skirting added,
when set on a foundation located on land that the owner of the mobile
home owns or occupies pursuant to a tenancy with a term of 40 years or
more.

      (Added to NRS by 2003, 2890 )
“Home loan” means a consumer
credit transaction that:

      1. Is secured by a mortgage loan which involves real property
located within this state; and

      2. Constitutes a mortgage under § 152 of the Home Ownership and
Equity Protection Act of 1994, 15 U.S.C. § 1602(aa), and the regulations
adopted by the Board of Governors of the Federal Reserve System pursuant
thereto, including, without limitation, 12 C.F.R. § 226.32.

      (Added to NRS by 2003, 2890 )
“Lender” means a mortgagee,
beneficiary of a deed of trust or other creditor who holds a mortgage,
deed of trust or other instrument that encumbers home property as
security for the repayment of a home loan.

      (Added to NRS by 2003, 2890 )

      1. It is an unfair lending practice for a lender to:

      (a) Require a borrower, as a condition of obtaining or maintaining
a home loan secured by home property, to provide property insurance on
improvements to home property in an amount that exceeds the reasonable
replacement value of the improvements.

      (b) Knowingly or intentionally make a home loan to a borrower based
solely upon the equity of the borrower in the home property and without
determining that the borrower has the ability to repay the home loan from
other assets, including, without limitation, income.

      (c) Finance a prepayment fee or penalty in connection with the
refinancing by the original borrower of a home loan owned by the lender
or an affiliate of the lender.

      (d) Finance, directly or indirectly in connection with a home loan,
any credit insurance.

      2. As used in this section:

      (a) “Credit insurance” has the meaning ascribed to it in NRS
690A.015 .

      (b) “Prepayment fee or penalty” means any fee or penalty imposed by
a lender if a borrower repays the balance of a loan or otherwise makes a
payment on a loan before the regularly scheduled time for repayment.

      (Added to NRS by 2003, 2890 )

      1. A lender who willfully engages in an unfair lending practice
described in this chapter is guilty of a misdemeanor.

      2. If a lender willfully engages in any unfair lending practice
described in this chapter in connection with a home loan, the lender is
liable to the borrower in an amount equal to the sum of:

      (a) Three times the amount of any actual damages sustained by the
borrower; and

      (b) If the borrower brings an action and is successful in enforcing
the liability imposed by paragraph (a) in the action, the costs of
bringing the action and reasonable attorney’s fees as determined by the
court.

      3. The borrower has a defense against the unpaid obligation of the
home loan to the extent of any amount awarded by a court pursuant to
paragraph (a) of subsection 2, and the court, in addition to any other
legal or equitable remedy, may cure any existing default of the home loan
and cancel any pending foreclosure sale, trustee’s sale or other sale to
enforce the home loan.

      (Added to NRS by 2003, 2891 )

      1. If an action has been filed in a court of competent
jurisdiction claiming an unfair lending practice in connection with a
home loan, the lender who holds the home loan may sell the home loan and
recover damages and costs as provided in this section if the lender did
not:

      (a) Originate the home loan; and

      (b) Willfully engage in any unfair lending practice described in
this chapter in connection with the home loan.

      2. The lender described in subsection 1 may require the person
from whom the lender purchased the home loan described in subsection 1 to:

      (a) Repurchase the home loan for the amount the lender paid for the
home loan; and

      (b) Pay to the lender all damages and reasonable costs incurred by
the lender that are related to:

             (1) The purchase of the home loan by the lender from the
person;

             (2) Any damages awarded in the action described in
subsection 1;

             (3) Any costs related to the action described in subsection
1;

             (4) The repurchase of the home loan by the lender if the
lender was required to repurchase the home loan from another lender
pursuant to this section; and

             (5) The repurchase of the home loan from the lender by the
person pursuant to this section.

      3. The person described in subsection 2:

      (a) Shall repurchase the home loan and pay the damages and costs as
described in subsection 2; and

      (b) After repurchasing the home loan, may sell the home loan and
recover damages and costs as provided in this section if he is a lender
described in subsection 1.

      (Added to NRS by 2003, 2891 )
A mortgage, deed of trust or other instrument that encumbers home
property as security for repayment of a home loan must expressly indicate
in writing in a size equal to at least 14-point bold type on the front
page of the mortgage, deed of trust or other instrument that the home
loan is a home loan as defined in NRS 598D.040 and is subject to the provisions of § 152 of
the Home Ownership and Equity Protection Act of 1994, 15 U.S.C. §
1602(aa), and the regulations adopted by the Board of Governors of the
Federal Reserve System pursuant thereto, including, without limitation,
12 C.F.R. § 226.32.

      (Added to NRS by 2003, 2892 ; A 2005, 1710 )

      1. The Attorney General has primary jurisdiction to investigate
and prosecute violations of this chapter.

      2. When acting pursuant to this section, the Attorney General may
commence his investigation and file a criminal action without leave of
court, and he has exclusive charge of the conduct of the prosecution.

      3. A local government shall not regulate any activity to which the
provisions of this chapter apply.

      (Added to NRS by 2003, 2892 )

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