Statute 604a 050

'Deferred deposit loan' means a transaction in which, pursuant to a loan agreement: 1. A customer tenders to another person: (a) A personal check drawn upon the account of the customer; or (b) Written authorization for an electronic transfer of money for a specified amount from the account of the customer; and 2. The other person: (a) Provides to the customer an amount of money that is equal to the face value of the check or the amount specified in the written authorization for an electronic transfer of money, less any fee charged for the transaction; and (b) Agrees, for a specified period, not to cash the check or execute an electronic transfer of money for the amount specified in the written authorization. (Added to NRS by 2005, 1684)