Title: State, Department of Business & Industry v. TitleMax of Nevada, Inc.
Citation: 137 Nev. Adv. Op. No. 55
Docket Number: 
State: Nevada
Issuer: Nevada Supreme Court
Date: September 23, 2021

State, Department of Business & Industry v. TitleMax of Nevada, Inc. Annotate this Case Justia Opinion Summary The Supreme Court affirmed in part and reversed in part the judgment of the district court granting summary judgment in favor of TitleMax of Nevada, Inc. and declaring that TitleMax's practice of "refinancing" did not violate either Nev. Rev. Stat. 604A.5074 or Nev. Rev. Stat. 604A.065, holding that the court erred in part. In 2018, the Nevada Department of Business and Industry, Financial Institutions Division (FID) issued several Records of Examination stating that TitleMax's "refinances" were actually "extensions" that violated the extension provision in section 604A.5074(3)(c) and that TitleMax had underwritten loans that exceeded the fair market value of the securing vehicle. TitleMax sued, asking the district court to declare that refinancing a title loan does not amount to a prohibited extension. The district court granted summary judgment for TitleMax. The Supreme Court reversed in part, holding (1) the extension prohibition on 210-day title loans includes refinances as a species of extension based on the plain language of section 604A.065; and (2) section 604A.5076(1) refers only to the principal amount of the loan. Read more Want to stay in the know about new opinions from the Supreme Court of Nevada? Sign up for free summaries delivered directly to your inbox. Learn More › You already receive new opinion summaries from Supreme Court of Nevada. Did you know we offer summary newsletters for even more practice areas and jurisdictions? Explore them here . Opinion Annotation Download PDF Primary Holding The Supreme Court affirmed in part and reversed in part the judgment of the district court granting summary judgment in favor of TitleMax of Nevada, Inc. and declaring that TitleMax's practice of "refinancing" did not violate either Nev. Rev. Stat. 604A.5074 or Nev. Rev. Stat. 604A.065, holding that the court erred in part. Disclaimer: Justia Annotations is a forum for attorneys to summarize, comment on, and analyze case law published on our site. Justia makes no guarantees or warranties that the annotations are accurate or reflect the current state of law, and no annotation is intended to be, nor should it be construed as, legal advice. Contacting Justia or any attorney through this site, via web form, email, or otherwise, does not create an attorney-client relationship. State, Department of Business & Industry v. TitleMax of Nevada, Inc. Primary Holding The Supreme Court affirmed in part and reversed in part the judgment of the district court granting... Read the full annotations for this case. Webinars You Might Like: Please visit individual webinar pages for more information about CLE accreditation.