Law Commons^™

State, Dep’T Of Bus. & Indus. V. Titlemax, 135 Nev. Adv. Op. 44 (Sept. 26, 2019), Alexis Taitel

Nevada Supreme Court Summaries

In an en banc opinion, the Nevada Supreme Court answered whether title lender TitleMax’s Grace Period Deferment Agreement (“GPPDA”), which applied to short-term, high-interest loans offered to Nevada consumers in 2014 and 2015, qualified as a true grace period under NRS 604A.210. The Court concluded that the GPPDA was not a true grace period, but was instead an impermissible extension of the 210-day loans. The Court reasoned that the GPPDA was an extension because TitleMax charged borrowers additional interest during the extended period and thus violated NRS 604A.445, a statute enacted by the Nevada Legislature in part to protect consumers …