Statute 604a 105

1. 'Title loan' means a loan made to a customer pursuant to a loan agreement which, under its original terms: (a) Charges an annual percentage rate of more than 35 percent; and (b) Requires the customer to secure the loan by either: (1) Giving possession of the title to a vehicle legally owned by the customer to the licensee or any agent, affiliate or subsidiary of the licensee; or (2) Perfecting a security interest in the vehicle by having the name of the licensee or any agent, affiliate or subsidiary of the licensee noted on the title as a lienholder. 2. The term does not include a loan which creates a purchase-money security interest in a vehicle or the refinancing of any such loan. (Added to NRS by 2005, 1685; A 2007, 932)