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2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.100 - Applicability of chapter.

1. The provisions of this title do not apply to:
(a) A warranty;
(b) A maintenance agreement;
(c) A service contract provided by a public utility on its transmission device if the service contract is regulated by the Public Utilities Commission of Nevada;
(d) A service contract sold or offered for sale to a person who is not a consumer;
(e) A service contract for goods if the purchase price of the goods is less than $250; or
(f) A service contract issued, sold or offered for sale by a vehicle dealer on vehicles sold by the dealer, if the dealer is licensed pursuant to NRS 482.325 and the service contract obligates either the dealer or the manufacturer of the vehicle, or an affiliate of the dealer or manufacturer, to provide all services under the service contract.
2. The sale of a service contract pursuant to this chapter does not constitute the business of insurance for the purposes of 18 U.S.C. §§ 1033 and 1034.
3. As used in this section:
(a) "Maintenance agreement" means a contract for a limited period that provides only for scheduled maintenance.
(b) "Warranty" means a warranty provided solely by a manufacturer, importer or seller of goods for which the manufacturer, importer or seller did not receive separate consideration and that:
(1) Is not negotiated or separated from the sale of the goods;
(2) Is incidental to the sale of the goods; and
(3) Guarantees to indemnify the consumer for defective parts, mechanical or electrical failure, labor or other remedial measures required to repair or replace the goods.
(Added to NRS by 1999, 3336; A 2007, 1272; 2017, 2379)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.120 - Applicability of other provisions.

1. Except as otherwise provided in this chapter, the marketing, issuance, sale, offering for sale, making, proposing to make and administration of service contracts are not subject to the provisions of this title, except, when applicable, the provisions of:
(a) NRS 679B.020 to 679B.152, inclusive;
(b) NRS 679B.159 to 679B.300, inclusive;
(c) NRS 679B.310 to 679B.370, inclusive;
(d) NRS 679B.600 to 679B.690, inclusive;
(e) NRS 685B.090 to 685B.190, inclusive;
(f) NRS 686A.010 to 686A.095, inclusive;
(g) NRS 686A.160 to 686A.187, inclusive; and
(h) NRS 686A.260, 686A.270, 686A.280, 686A.300 and 686A.310.
2. A provider, person who sells service contracts, administrator or any other person is not required to obtain a certificate of authority from the Commissioner pursuant to chapter 680A of NRS to issue, sell, offer for sale or administer service contracts.
(Added to NRS by 1999, 3338)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.130 - Annual report by Commissioner concerning service contract industry.

1. On or before March 31, 2024, and on or before March 31 of each year thereafter, the Commissioner shall submit a report to the Joint Interim Standing Committee on Commerce and Labor concerning the service contract industry in this State.
2. The report must include, without limitation:
(a) For each report other than the initial report, the number of service contracts sold by providers, by county, during the calendar year for which the report is made;
(b) The number of providers doing business in this State;
(c) The number of providers, by the type of service contract provided;
(d) The number of complaints concerning providers received by the Division, by type of complaint and information concerning the resolution of such complaints; and
(e) Any other matter relating to the service contract industry in this State that the Commissioner deems appropriate.
3. To the extent reasonably practicable, the information specified in paragraph (a) of subsection 2 must be disaggregated in the report.
4. As used in this section:
(a) "Provider" has the meaning ascribed to it in NRS 690C.070.
(b) "Service contract" has the meaning ascribed to it in NRS 690C.080.
(Added to NRS by 2023, 1513)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.155 - Determination of controlling person of provider.

A person is a controlling person of a provider if the person:
1. Is an officer of the provider; or
2. Possesses the authority to set the policy and direct the management of the business entity in connection with its service contract business.
(Added to NRS by 2017, 2379)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.200 - Name of provider.

1. Except as otherwise provided in this section, a provider shall not include in the name of the business of the provider:
(a) The words "insurance," "casualty," "surety," "mutual" or any other word or term that implies that the provider is engaged in the business of transacting insurance or is a surety company; or
(b) A name that is deceptively similar to the name or description of an insurer or surety company or the name of another provider.
2. A provider may include the word "guaranty" or a similar word in the name of the business of the provider.
3. This section does not apply to a provider who, before January 1, 2000, includes in the name of the business of the provider a name that does not comply with the provisions of subsection 1. Such a provider shall include in each service contract the provider issues, sells or offers for sale a statement that the service contract is not a contract of insurance.
(Added to NRS by 1999, 3340)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.210 - Requirements of contractual liability insurance policy; holder authorized to apply to issuer of policy for performance in certain circumstances.

1. A contractual liability insurance policy issued in this state must provide that the issuer of the policy shall:
(a) Reimburse or pay on behalf of the provider any money the provider has a duty to pay under a service contract; or
(b) Otherwise provide for the performance of the duties of the provider under a service contract.
2. If a provider fails to perform his or her duties under a service contract within 60 days after receiving notice from the holder that the goods described in the contract are defective, the holder may apply to the issuer of the contractual liability insurance policy for performance of the duties of the provider under the service contract.
(Added to NRS by 1999, 3338)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.215 - Transfer of liability without approval of Commissioner prohibited; exception.

1. Except as otherwise provided in this section, a provider shall not transfer any liability relating to a service contract to another provider or any other person, including, without limitation, another provider or other person with whom the original provider has merged or plans to merge.
2. A provider may transfer a liability relating to a service contract to another provider or any other person if, before the liability is transferred:
(a) The original provider submits a proposal to the Commissioner to transfer the liability; and
(b) The Commissioner approves the proposal pursuant to subsection 3.
3. The Commissioner may approve a proposal made by a provider pursuant to subsection 2 if the Commissioner determines, after reviewing the financial condition of the provider or other person to whom the liability is proposed to be transferred, that the proposed recipient of the transfer has adequate financial resources to enable the proposed recipient to pay in full and in a timely manner all liabilities proposed to be transferred to the proposed recipient.
4. The provisions of this section do not apply to any transaction relating to a contractual liability insurance policy into which the provider enters to satisfy the requirements of NRS 690C.170.
(Added to NRS by 2017, 2379)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.230 - Receipt or written evidence of purchase of service contract required from provider; copy of service contract required to be furnished to holder within reasonable time.

1. A provider shall provide a receipt for, or other written evidence of, the purchase of a service contract.
2. The provider shall furnish a copy of the service contract to the holder within a reasonable time after the contract is purchased.
(Added to NRS by 1999, 3340)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.240 - Provider ceasing to do business: Notification; effect.

1. A provider shall, within 30 days after ceasing doing business in this State, notify the Commissioner and each holder of an unexpired service contract in writing of the fact that the provider has ceased doing business in this State.
2. The provisions of this section do not:
(a) Render a service contract void pursuant to NRS 690C.250;
(b) Cancel a service contract pursuant to NRS 690C.270; or
(c) Release the provider from any liability imposed by a violation of any provision of this chapter.
(Added to NRS by 2007, 1271; A 2017, 2382)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.250 - Conditions under which service contract void and refund required; right of original purchaser; provision stating right required; requirements for refund; penalty.

1. A service contract is void and a provider shall refund to the holder the purchase price of the service contract if the holder has not made a claim under the service contract and the holder returns the service contract to the provider:
(a) Within 20 days after the date the provider mails a copy of the service contract to the holder;
(b) Within 10 days after the purchaser receives a copy of the service contract if the provider furnishes the holder with the copy at the time the contract is purchased; or
(c) Within a longer period specified in the service contract.
2. The right of a holder to return a service contract pursuant to this section applies only to the original purchaser of the service contract.
3. A service contract must include a provision that clearly states the right of a holder to return a service contract pursuant to this section.
4. The provider shall refund to the holder the purchase price of the service contract within 45 days after a service contract is returned pursuant to subsection 1. If the provider fails to refund the purchase price within that time, the provider shall pay the holder a penalty of 10 percent of the purchase price for each 30-day period or portion thereof that the refund and any accrued penalties remain unpaid.
(Added to NRS by 1999, 3338)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.260 - Contents; false or misleading statement prohibited; authority of Commissioner to require amendment of false or misleading statement.

1. A service contract must:
(a) Be written in language that is understandable and printed in a typeface that is easy to read.
(b) Indicate that it is insured by a contractual liability insurance policy if it is so insured, and include the name and address of the issuer of the policy or that it is backed by the full faith and credit of the provider if the service contract is not insured by a contractual liability insurance policy.
(c) Include the amount of any deductible that the holder is required to pay.
(d) Include the name and address of the provider and, if applicable:
(1) The name and address of the administrator; and
(2) The name of the holder, if provided by the holder.
The names and addresses of such persons are not required to be preprinted on the service contract and may be added to the service contract at the time of the sale.
(e) Include the purchase price of the service contract. The purchase price must be determined pursuant to a schedule of fees established by the provider. The purchase price is not required to be preprinted on the service contract and may be negotiated with the holder and added to the service contract at the time of sale.
(f) Include a description of the goods covered by the service contract.
(g) Specify the duties of the provider and any limitations, exceptions or exclusions.
(h) If the service contract covers a motor vehicle, indicate whether replacement parts that are not made for or by the original manufacturer of the motor vehicle may be used to comply with the terms of the service contract.
(i) Include any restrictions on transferring or renewing the service contract.
(j) Include the terms, restrictions or conditions for cancelling the service contract before it expires and the procedure for cancelling the service contract. The conditions for cancelling the service contract must include, without limitation, the provisions of NRS 690C.270.
(k) Include the duties of the holder under the contract, including, without limitation, the duty to protect against damage to the goods covered by the service contract or to comply with any instructions included in the owner’s manual for the goods.
(l) Indicate whether the service contract authorizes the holder to recover consequential damages.
(m) Indicate whether any defect in the goods covered by the service contract existing on the date the contract is purchased is not covered under the service contract.
2. A provider shall not allow, make or cause to be made a false or misleading statement in any of the service contracts of the provider or intentionally omit a material statement that causes a service contract to be misleading. The Commissioner may require the provider to amend any service contract that the Commissioner determines is false or misleading.
(Added to NRS by 1999, 3339)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.270 - Cancellation: Grounds; effective date.

1. No service contract that has been in effect for at least 70 days may be cancelled by the provider before the expiration of the agreed term or 1 year after the effective date of the service contract, whichever occurs first, except on any of the following grounds:
(a) Failure by the holder to pay an amount when due;
(b) Conviction of the holder of a crime which results in an increase in the service required under the service contract;
(c) Discovery of fraud or material misrepresentation by the holder in obtaining the service contract, or in presenting a claim for service thereunder;
(d) Discovery of:
(1) An act or omission by the holder; or
(2) A violation by the holder of any condition of the service contract,
which occurred after the effective date of the service contract and which substantially and materially increases the service required under the service contract; or
(e) A material change in the nature or extent of the required service or repair which occurs after the effective date of the service contract and which causes the required service or repair to be substantially and materially increased beyond that contemplated at the time that the service contract was issued or sold.
2. No cancellation of a service contract may become effective until at least 15 days after the notice of cancellation is mailed to the holder.
(Added to NRS by 1999, 3340)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.310 - Retention of records by provider.

1. A provider shall maintain records of the transactions governed by this chapter. The records of a provider must include:
(a) A copy of each type of service contract that the provider issues, sells or offers for sale;
(b) The name and address of each holder who possesses a service contract under which the provider has a duty to perform, to the extent that the provider knows the name and address of each holder;
(c) A list that includes each location where the provider issues, sells or offers for sale service contracts; and
(d) The date and a description of each claim made by a holder under a service contract.
2. Except as otherwise provided in this subsection, a provider shall retain all records relating to a service contract for at least 1 year after the contract has expired. A provider who intends to discontinue doing business in this state shall provide the Commissioner with satisfactory proof that the provider has discharged his or her duties to the holders in this state and shall not destroy his or her records without the prior approval of the Commissioner.
3. The records required to be maintained pursuant to this section may be stored on a computer disc or other storage device for a computer from which the records can be readily printed.
(Added to NRS by 1999, 3341)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.320 - Examinations by Commissioner.

1. Except as otherwise provided in this subsection, the Commissioner may conduct examinations to enforce the provisions of this chapter pursuant to the provisions of NRS 679B.230 to 679B.300, inclusive, at such times as the Commissioner deems necessary. The Commissioner is not required to comply with the requirement in NRS 679B.230 that insurers be examined not less frequently than every 5 years in the enforcement of this chapter.
2. A provider shall, upon the request of the Commissioner, make available to the Commissioner for inspection any accounts, books and records concerning any service contract issued, sold or offered for sale by the provider which are reasonably necessary to enable the Commissioner to determine whether the provider is in compliance with the provisions of this chapter.
(Added to NRS by 1999, 3341)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.325 - Suspension, limitation, revocation or refusal to renew certificate of registration: Grounds; administrative fine; immediate suspension.

1. The Commissioner may refuse to renew or may suspend, limit or revoke a provider’s certificate of registration if the Commissioner finds after a hearing thereon, or upon waiver of hearing by the provider, that the provider has:
(a) Violated or failed to comply with any lawful order of the Commissioner;
(b) Conducted business in an unsuitable manner;
(c) Willfully violated or willfully failed to comply with any lawful regulation of the Commissioner; or
(d) Violated any provision of this chapter.
In lieu of such a suspension or revocation, the Commissioner may levy upon the provider, and the provider shall pay forthwith, an administrative fine of not more than $1,000 for each act or violation.
2. The Commissioner shall suspend or revoke a provider’s certificate of registration on any of the following grounds if the Commissioner finds after a hearing thereon that the provider:
(a) Is in unsound condition, is being fraudulently conducted, or is in such a condition or is using such methods and practices in the conduct of its business as to render its further transaction of service contracts in this State currently or prospectively injurious to service contract holders or to the public.
(b) Refuses to be examined, or its directors, officers, employees or representatives refuse to submit to examination relative to its affairs, or to produce its books, papers, records, contracts, correspondence or other documents for examination by the Commissioner when required, or refuse to perform any legal obligation relative to the examination.
(c) Has failed to pay any final judgment rendered against it in this State upon any policy, bond, recognizance or undertaking as issued or guaranteed by it, within 30 days after the judgment became final or within 30 days after dismissal of an appeal before final determination, whichever date is the later.
3. The Commissioner may, without advance notice or a hearing thereon, immediately suspend the certificate of registration of any provider that has filed for bankruptcy or otherwise been deemed insolvent.
(Added to NRS by 2011, 3385)
2023 Nevada Revised Statutes › Chapter 690C - Service Contracts › NRS 690C.330 - Civil penalty for violation of chapter or order or regulation of Commissioner.

A person who violates any provision of this chapter or an order or regulation of the Commissioner issued or adopted pursuant thereto may be assessed a civil penalty by the Commissioner of not more than $500 for each act or violation, not to exceed an aggregate amount of $10,000 for violations of a similar nature. For the purposes of this section, violations shall be deemed to be of a similar nature if the violations consist of the same or similar conduct, regardless of the number of times the conduct occurred.
(Added to NRS by 1999, 3341)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.025 - "Benefits" defined.

"Benefits" means a waiver, pursuant to a guaranteed asset protection waiver, of part or all of the amount due on a finance agreement after a total physical damage loss or unrecovered theft of a vehicle covered by the finance agreement.
(Added to NRS by 2015, 2636)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.045 - "Finance agreement" defined.

"Finance agreement" means:
1. A loan made to the buyer of a vehicle for the purpose of financing the purchase of the vehicle and that is secured by the vehicle.
2. A lease between a long-term lessee and a long-term lessor.
3. A retail installment contract, as defined in NRS 97.105, for the purchase of a vehicle.
(Added to NRS by 2015, 2636)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.050 - "Free-look period" defined.

"Free-look period" means a period beginning on or after the effective date of a guaranteed asset protection waiver in which the borrower may cancel the guaranteed asset protection waiver with no penalty, fee or other cost.
(Added to NRS by 2015, 2636)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.055 - "Guaranteed asset protection waiver" defined.

"Guaranteed asset protection waiver" means a contract pursuant to which a creditor, in exchange for separately stated consideration, agrees to waive part or all of the amount due to the creditor pursuant to a finance agreement in the event of a total physical damage loss or unrecovered theft of a vehicle covered by the finance agreement.
(Added to NRS by 2015, 2636)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.095 - Applicability of chapter and title 57 of NRS; certificate of authority not required to issue, sell, offer for sale or administer waiver.

1. Except as otherwise provided in this chapter, the marketing, issuance, sale, offering for sale, making, proposing to make and administration of guaranteed asset protection waivers are not subject to the provisions of title 57 of NRS, except, when applicable, the provisions of NRS 679B.020 to 679B.125, inclusive, 679B.130, 679B.136, 679B.140, 679B.159 to 679B.180, inclusive, 679B.187 to 679B.220, inclusive, and 679B.310 to 679B.370, inclusive.
2. A creditor, an administrator or any other person is not required to obtain a certificate of authority from the Commissioner pursuant to chapter 680A of NRS to issue, sell, offer for sale or administer guaranteed asset protection waivers.
3. The provisions of this chapter do not apply to a debt cancellation contract or debt suspension agreement offered in accordance with 12 C.F.R. Part 37 or 721 or to a policy of insurance.
(Added to NRS by 2015, 2636)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.100 - Applicability of provisions to certain transactions involving vehicles for commercial use.

1. The provisions of subsection 2 of NRS 690D.170, subsection 2 of NRS 690D.190 and NRS 690D.230 do not apply to a guaranteed asset protection waiver offered for sale or sold in connection with a lease or retail installment transaction to a buyer or lessor who purchases or leases the vehicle solely or primarily for commercial use or resale.
2. As used in this section, "retail installment transaction" has the meaning ascribed to it in NRS 97.115.
(Added to NRS by 2015, 2636)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.150 - Restrictions on business name of creditor; exception.

1. Except as otherwise provided in this section, a creditor who sells or offers for sale guaranteed asset protection waivers shall not include in the name of the business of the creditor:
(a) The words "insurance," "casualty," "surety," "mutual" or any other word or term that implies that the creditor is engaged in the business of transacting insurance or is a surety company; or
(b) A name that is deceptively similar to the name or description of an insurer or surety company.
2. A creditor may include the word "guaranty" or a similar word in the name of the business of the creditor.
3. This section does not apply to a creditor who, before January 1, 2016, includes in the name of the business of the creditor a name that does not comply with the provisions of subsection 1. Such a creditor shall include in each guaranteed asset protection waiver the creditor sells or offers for sale a statement that the guaranteed asset protection waiver is not a contract of insurance.
(Added to NRS by 2015, 2637)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.160 - Dealer required to carry policy of contractual liability insurance; other creditors authorized to purchase such policy; requirements of policy; cancellation or termination.

1. A dealer who sells or offers to sell guaranteed asset protection waivers shall purchase a policy of contractual liability insurance that insures the obligations of each guaranteed asset protection waiver the dealer sells or offers for sale other than a guaranteed asset protection waiver concerning a leased vehicle. Any other type of creditor who sells or offers to sell guaranteed asset protection waivers may purchase such a policy.
2. A policy of contractual liability insurance purchased pursuant to this section must:
(a) Be issued by an insurer who is authorized to transact insurance in this State or pursuant to the provisions of chapter 685A of NRS.
(b) State the obligation of the insurer to reimburse or pay to the creditor any amount that the creditor is obligated to waive pursuant to the guaranteed asset protection waivers insured by the policy.
(c) Provide coverage for any person to whom a guaranteed asset protection waiver is assigned, including, without limitation, as part of a finance agreement.
(d) Remain in effect until the policy is cancelled or terminated.
3. The cancellation or termination of a policy of contractual liability insurance purchased pursuant to this section must not reduce the responsibility of the insurer to provide coverage for guaranteed asset protection waivers:
(a) That were issued by the insured creditor before the date of the cancellation or termination; and
(b) For which the creditor has paid for coverage.
(Added to NRS by 2015, 2639)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.170 - Creditor authorized to offer waiver to certain borrowers; manner of payment; cost of waiver required to be listed separately; waiver becomes part of finance agreement and remains such if assigned, sold or transferred.

1. Any creditor may offer to sell or sell a guaranteed asset protection waiver to a borrower who owes or expects to owe money to the creditor pursuant to a finance agreement. A borrower may pay for a guaranteed asset protection waiver using a one-time payment or periodic payments.
2. Except as otherwise provided in NRS 690D.100, any cost to a borrower for the purchase of a guaranteed asset protection waiver which is entered into in compliance with the Truth in Lending Act, 15 U.S.C. §§ 1601 et seq., and any regulations adopted pursuant thereto, must be separately stated as part of the amount financed and must not be considered a finance charge or interest.
3. Upon the sale of a guaranteed asset protection waiver, the guaranteed asset protection waiver becomes a part of the finance agreement. A guaranteed asset protection waiver remains a part of a finance agreement if the finance agreement is assigned, sold or transferred by the creditor.
(Added to NRS by 2015, 2637)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.180 - Requiring purchase of waiver as condition of sale, lease or terms or approval of credit prohibited.

A creditor shall not require the purchase of a guaranteed asset protection waiver as a condition for the approval of credit, the terms of the credit or the terms of the sale or lease of a vehicle covered by the finance agreement.
(Added to NRS by 2015, 2637)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.190 - Required written disclosures.

1. A guaranteed asset protection waiver must contain a conspicuous statement, printed in at least 12-point type that is larger than the surrounding text and with a heading that is printed in all capital letters, stating that:
(a) A guaranteed asset protection waiver is not a policy of liability or casualty insurance and does not satisfy the requirement to maintain liability insurance pursuant to NRS 485.185; and
(b) Failure to make a timely payment under the terms of the finance agreement may void the guaranteed asset protection waiver.
2. Except as otherwise provided in NRS 690D.100, a guaranteed asset protection waiver must disclose, if applicable, in writing and in a clear and conspicuous manner:
(a) The name and address of the creditor who sells the guaranteed asset protection waiver and the borrower who purchases the guaranteed asset protection waiver;
(b) The identity of any administrator, if different from the creditor;
(c) The purchase price and the terms of the guaranteed asset protection waiver, including, without limitation, the requirements for and conditions of coverage and any exclusions associated with the guaranteed asset protection waiver;
(d) That the borrower will be provided a full refund of the purchase price of the guaranteed asset protection waiver if the waiver is cancelled within the free-look period and benefits have not been provided;
(e) The manner in which the borrower may obtain benefits under a guaranteed asset protection waiver, including, without limitation, a telephone number and address that the borrower may use to apply for benefits; and
(f) Notice of the provisions of NRS 690D.180 and 690D.200, the manner in which a borrower may request cancellation of a guaranteed asset protection waiver after the free-look period and the method that will be used to calculate any refund due to the borrower pursuant to NRS 690D.200.
(Added to NRS by 2015, 2637)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.200 - Free-look period required; cancellation and refund during or after free-look period; manner and limitations on time for request of refund; creditor authorized to apply refund to balance owed on finance agreement.

1. A guaranteed asset protection waiver must provide a free-look period of not less than 30 days. If the guaranteed asset protection waiver is cancelled within this period and no benefits have been provided, the creditor must refund the full purchase price of the guaranteed asset protection waiver.
2. A borrower must be able to cancel a guaranteed asset protection waiver after the free-look period. If a guaranteed asset protection waiver is cancelled after the free-look period and no benefits have been provided, the creditor must refund any unearned portion of the purchase price of the guaranteed asset protection waiver in the manner specified in the guaranteed asset protection waiver.
3. To request a full or partial refund of the purchase price of a guaranteed asset protection waiver that is cancelled after the free-look period, the borrower must provide a written request for a refund to the person specified in the terms of the guaranteed asset protection waiver. If the guaranteed asset protection waiver is cancelled because the finance agreement is terminated, the borrower must provide the request within 90 days after the termination of the finance agreement.
4. The creditor may apply any refund owed to the borrower because of the cancellation of a guaranteed asset protection waiver, including, without limitation, cancellation during the free-look period or cancellation caused by a default on the finance agreement or the repossession of the vehicle associated with the finance agreement, to any amount still owed to the creditor under the finance agreement.
(Added to NRS by 2015, 2638)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.210 - Required records; length of retention; manner of storage.

1. A creditor or the designee of a creditor shall maintain records of the transactions governed by this chapter. The records must include, without limitation:
(a) A copy of each type of guaranteed asset protection waiver that the creditor sells or offers for sale;
(b) The name and address of each borrower who possesses a guaranteed asset protection waiver under which the creditor has a duty to perform, to the extent that the creditor knows the name and address of each borrower; and
(c) The date and a description of each claim made by a borrower under a guaranteed asset protection waiver.
2. A creditor or the designee of a creditor shall retain all records relating to a guaranteed asset protection waiver for at least 1 year after the contract has expired.
3. The records required to be maintained pursuant to this section may be stored on a computer disc or other storage device for a computer from which the records may be readily printed.
(Added to NRS by 2015, 2639)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.220 - Inspection of records by Commissioner.

A creditor shall, within 14 business days after a request by the Commissioner, make available to the Commissioner for inspection any accounts, books and records concerning any guaranteed asset protection waiver sold or offered for sale by the creditor which are reasonably necessary to enable the Commissioner to determine whether the creditor is in compliance with the provisions of this chapter.
(Added to NRS by 2015, 2639)
2023 Nevada Revised Statutes › Chapter 690D - Guaranteed Asset Protection Waivers › NRS 690D.230 - Authority of Commissioner to issue cease and desist order; notice and hearing; fines.

Except as otherwise provided in NRS 690D.100:
1. The Commissioner may order any person, including, without limitation, a creditor or administrator, to cease and desist any conduct that violates any provision of this chapter.
2. A person who violates any provision of this chapter may, after a hearing conducted pursuant to NRS 679B.310 to 679B.370, inclusive, be assessed a civil penalty by the Commissioner of not more than $500 for each act or violation, not to exceed an aggregate amount of $10,000 for violations of a similar nature. For the purposes of this section, violations shall be deemed to be of a similar nature if the violations consist of the same or similar conduct, regardless of the number of times the conduct occurred.
(Added to NRS by 2015, 2639)
2023 Nevada Revised Statutes › Chapter 691A - Property Insurance › NRS 691A.020 - Insurer of certain manufactured homes or mobile homes required to offer coverage which pays replacement value in event of total loss of manufactured home or mobile home; exception.

1. Except as otherwise provided in subsection 3, each insurer which provides a policy for a personal line of property insurance covering a manufactured home or mobile home in Nevada that was manufactured within the immediately preceding 15 years shall offer to an insured, on a form approved by the Commissioner and in addition to any other insurance, the option of purchasing insurance to pay the replacement value of the manufactured home or mobile home in the event of a total loss of the manufactured home or mobile home, including the reasonable costs for:
(a) Transporting and installing the replacement manufactured home or mobile home; and
(b) Debris removal.
2. Nothing in this section requires any insurer to offer any insurance on manufactured homes or mobile homes at a premium which is not fair and adequate.
3. The provisions of this section do not apply to a policy of insurance placed on a manufactured home or a mobile home by a creditor or lender.
4. As used in this section:
(a) "Manufactured home" has the meaning ascribed to it in NRS 489.113.
(b) "Replacement value" means the amount needed to repair, replace or rebuild a damaged or destroyed manufactured home or mobile home using new materials of similar kind and quality with no deduction for depreciation. The term does not include the value of land.
(Added to NRS by 1981, 475; A 2011, 3387)
2023 Nevada Revised Statutes › Chapter 691A - Property Insurance › NRS 691A.030 - Loans secured by real property: Lender prohibited from requiring borrower to insure improvements to property for more than their replacement value.

1. A lender shall not require a borrower, as a condition of obtaining or maintaining a loan secured by real property, to provide property insurance on improvements to real property in an amount that exceeds the reasonable replacement value of the improvements.
2. As used in this section:
(a) "Borrower" means a mortgagor, grantor of a deed of trust or other debtor.
(b) "Improvement to real property" means a fixture, building or other structure attached to real property and intended as a permanent addition to the property.
(c) "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 real property as security for the repayment of a debt.
(Added to NRS by 2001, 1465)
2023 Nevada Revised Statutes › Chapter 691B - Sureties › NRS 691B.020 - Power of certain insurers to execute instrument; limitation of liability if two or more such insurers execute instrument; execution satisfies legal requirements.

1. Whenever a bond, undertaking, recognizance, guaranty or other obligation is required, permitted, authorized or allowed, or whenever the performance of any act, duty or obligation, or forbearance is required, permitted, authorized or allowed to be secured or guaranteed, such bond, undertaking, recognizance or other obligation, or such security or guaranty, may be executed by an insurer authorized in this state to transact surety insurance, and such insurers are authorized and empowered to execute all such instruments.
2. In case two or more of such insurers execute any such instrument, each of such insurers is hereby authorized and empowered to limit its liability therein to an amount less than the aggregate penalty of such instrument and also to limit its liability to a pro rata part of any and all losses under such instrument.
3. The execution by any such insurer of such bond, undertaking, recognizance, guaranty or other obligation by an officer, attorney-in-fact or other authorized representative shall be sufficient and be accepted as and be a full compliance with every law or other requirement now in force or that may hereafter be enacted or made that such bond, undertaking, recognizance, guaranty or like obligation be required or permitted or be executed by a surety or sureties, or that such surety or sureties be residents, householders or freeholders, or possess any other qualifications.
(Added to NRS by 1971, 1779)
2023 Nevada Revised Statutes › Chapter 691B - Sureties › NRS 691B.030 - Estoppel of insurer which executes surety contract to deny power to execute contract in proceeding to enforce liability.

Any insurer which executes any surety contract as surety shall be estopped, in any proceeding to enforce the liability which it has assumed to incur, to deny its power to execute such contract or assume such liability.
(Added to NRS by 1971, 1780)
2023 Nevada Revised Statutes › Chapter 691C - Credit Personal Property Insurance › NRS 691C.040 - "Compensation" defined.

"Compensation" means any valuable consideration, direct or indirect, paid by or on behalf of the insurer, or by any subsidiary or parent, or subsidiary of the parent of the insurer, or by any other person to or on behalf of any group policyholder or producer or withheld from an insurer by any group policyholder or producer, and includes:
1. Paid or credited commissions or contingent commissions.
2. Fees for services, consulting fees or any other fee paid or credited within or outside this State in direct relation to the volume of premiums produced or written in this State.
3. The use of electronic data processing equipment or services, except for devices provided in lieu of books and charts of rates and refunds usable only for that purpose.
4. The furnishing of supplies, except forms approved by the Commissioner, the usual forms for claims and reports, envelopes for transmitting claims and brochures, and books and charts of rates and refunds.
5. Providing rental equipment of any type.
6. Advertising.
7. Providing telephone service without charge or at a charge less than the usual cost.
8. Participation in a profit-sharing plan.
9. Dividends and refunds or credits based on experience ratings.
10. An allowance for expenses.
11. Participation in stock plans or bonuses.
12. Any form of credit, including the use of money.
13. Commissions for reinsurance, ceded or assumed.
14. Reinsurance with a nonauthorized insurer owned or controlled by a creditor or producer or with a nonauthorized insurer in which a creditor or producer is a stockholder.
15. Any commission or fee, inducement or intention to induce, or any other consideration arising from the sale of insurance or other product or service, except credit personal property insurance as part of the transaction in which the indebtedness is arranged or the application for the credit personal property insurance is made.
(Added to NRS by 2005, 2105)
2023 Nevada Revised Statutes › Chapter 691C - Credit Personal Property Insurance › NRS 691C.060 - "Credit personal property insurance" defined.

"Credit personal property insurance" means a policy, endorsement, rider, binder, certificate or other instrument or evidence of insurance written in connection with a credit transaction that:
1. Covers perils to the goods purchased through a credit transaction or used as collateral for a credit transaction and that concerns the interest of a creditor in the purchased goods or pledged collateral either in whole or in part; or
2. Covers perils to goods purchased in connection with an open-end credit transaction.
(Added to NRS by 2005, 2106)
2023 Nevada Revised Statutes › Chapter 691C - Credit Personal Property Insurance › NRS 691C.080 - "Creditor" defined.

"Creditor" means the lender of money or vendor or lessor of goods, services, property, rights or privileges for which payment is arranged through a credit transaction, and includes:
1. The successor to the right, title or interest of;
2. An affiliate, associate or subsidiary of;
3. Any director, officer or employee of; or
4. Any other person in any way associated with,
any such lender, vendor or lessor.
(Added to NRS by 2005, 2106)
2023 Nevada Revised Statutes › Chapter 691C - Credit Personal Property Insurance › NRS 691C.090 - "Creditor-placed insurance" defined.

"Creditor-placed insurance" means single-interest insurance or dual-interest insurance that is purchased by the creditor, as the named insured, after a credit transaction:
1. According to the terms of the credit agreement as a result of the debtor’s failing to provide required insurance, the cost for which is charged to the debtor; and
2. For coverage against loss, expense or damage to personal property used as collateral as a result of fire, theft, collision or other risk of loss that would impair the interest of the creditor or adversely affect the value of the collateral.
(Added to NRS by 2005, 2106)
2023 Nevada Revised Statutes › Chapter 691C - Credit Personal Property Insurance › NRS 691C.110 - "Dual-interest insurance" defined.

"Dual-interest insurance" means credit personal property insurance covering the interest of the creditor or seller and any portion of the interest of the borrower in goods purchased through the credit transaction or pledged as collateral for the credit transaction.
(Added to NRS by 2005, 2106)
2023 Nevada Revised Statutes › Chapter 691C - Credit Personal Property Insurance › NRS 691C.140 - "Finance charge" defined.

"Finance charge" means any charge payable directly or indirectly as an incident to or condition of an extension of credit, including, without limitation, interest, time-price differentials, amounts payable under a discount system of additional charges, service, transaction or carrying charges, loan fees, points or similar charges, appraisal fees or charges incurred for investigating the creditworthiness of the consumer. The term does not include charges as a result of default, taxes, license fees, delinquency charges or filing fees.
(Added to NRS by 2005, 2106)
2023 Nevada Revised Statutes › Chapter 691C - Credit Personal Property Insurance › NRS 691C.160 - "Identifiable charge" defined.

"Identifiable charge" means a charge for credit personal property insurance that is made to debtors who have that insurance and not made to debtors who do not have that insurance. The term includes a charge for insurance that is disclosed in the credit agreement or other instrument furnished to the debtor which sets forth the financial elements of the credit transaction and any difference in the finance, interest, service or other similar charge made to debtors who are in similar circumstances except for the insured or noninsured status of the debtor.
(Added to NRS by 2005, 2107)
2023 Nevada Revised Statutes › Chapter 691C - Credit Personal Property Insurance › NRS 691C.210 - "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.
(Added to NRS by 2005, 2107)
2023 Nevada Revised Statutes › Chapter 691C - Credit Personal Property Insurance › NRS 691C.220 - "Reverse competition" defined.

"Reverse competition" means competition among insurers that regularly takes the form of insurers competing for the favor of a person who controls or may control the placement of insurance with insurers that tends to increase insurance premiums or prevents a decrease in insurance premiums in order to give greater compensation to a person who controls or may control the placement of insurance with insurers.
(Added to NRS by 2005, 2107)
2023 Nevada Revised Statutes › Chapter 691C - Credit Personal Property Insurance › NRS 691C.240 - Scope.

All credit personal property insurance, including guaranteed asset protection insurance, written in connection with credit transactions for personal, family or household purposes is subject to the provisions of this chapter, except:
1. Credit transactions involving extensions of credit primarily for business or commercial purposes;
2. Insurance written in connection with a credit transaction that is secured by a real estate mortgage or deed of trust;
3. Creditor-placed insurance;
4. Title insurance;
5. Nonfiling insurance;
6. Insurance purchased by a creditor after repossession or a similar event in which the creditor acquired possession of the property; and
7. Insurance for which an identifiable charge is not made to or collected from the debtor.
(Added to NRS by 2005, 2107)
2023 Nevada Revised Statutes › Chapter 691C - Credit Personal Property Insurance › NRS 691C.250 - Credit personal property insurance sold in conjunction with closed-end credit transaction: Insurer prohibited from issuing or selling certain insurance.

For credit personal property insurance sold in conjunction with a closed-end credit transaction, an insurer shall not:
1. Issue credit personal property insurance unless the amount financed exceeds $300;
2. Issue credit personal property insurance in an amount that exceeds the amount of the underlying credit transaction; and
3. Sell credit personal property insurance with a term that exceeds the scheduled term of the underlying credit transaction.
(Added to NRS by 2005, 2108)