NRS
598D.100 Unfair lending practices.
1. It is an unfair lending practice for a
lender to:
(a) Require a borrower, as a condition of
obtaining or maintaining a home loan secured by home property, to provide
property insurance on improvements to home property in an amount that exceeds
the reasonable replacement value of the improvements.
(b) Knowingly or intentionally make a home loan,
other than a reverse mortgage, to a borrower, including, without limitation, a
low-document home loan, no-document home loan or stated-document home loan,
without determining, using any commercially reasonable means or mechanism, that
the borrower has the ability to repay the home loan.
(c) Finance a prepayment fee or penalty in
connection with the refinancing by the original borrower of a home loan owned
by the lender or an affiliate of the lender.
(d) Finance, directly or indirectly in connection
with a home loan, any credit insurance.
2. As used in this section:
(a) “Credit insurance” has the meaning ascribed
to it in NRS 690A.015.
(b) “Low-document home loan” means a home loan:
(1) Whose terms allow a borrower to
establish his or her ability to repay the home loan by providing only limited
verification of his or her income and other assets; or
(2) Which is evidenced only by a deed
transferring some or all of the interest of the borrower in the home property
to the creditor.
(c) “No-document home loan” means a home loan
whose terms allow a borrower to establish his or her ability to repay the home
loan without providing any verification of his or her income and other assets.
(d) “Prepayment fee or penalty” means any fee or
penalty imposed by a lender if a borrower repays the balance of a loan or
otherwise makes a payment on a loan before the regularly scheduled time for
repayment.
(e) “Stated-document home loan” means a home loan
whose terms allow a borrower to establish his or her ability to repay the home
loan by providing only his or her own statement of verification of his or her income
and other assets.
(Added to NRS by 2003,
2890; A 2007,
2846)
Notes of Decisions
Larson v. Homecomings Fin., LLC, 680 F. Supp. 2d 1230 (D. Nev. 2009).
· cites it 14× “2846 (amending NRS § 598D.100 (2003)). Plaintiffs claim Defendants violated NRS section 598D.”
Goodwin v. Exec. Tr. Servs., LLC, 680 F. Supp. 2d 1244 (D. Nev. 2010).
· cites it 14× “Unfair Lending Practices Plaintiffs allege that all Defendants violated Nev.Rev.Stat. § 598D.100 by continuing “to enforce mortgages secured by Plaintiffs’ homes that included no evaluation of any commercially reasonable means or mechanisms that would demonstrate the Plaintiffs’…”
Karl v. Quality Loan Serv. Corp., 759 F. Supp. 2d 1240 (D. Nev. 2010).
· cites it 8× “” Nev.Rev.Stat. § 598D.100 (2006). The current statute broadens the protection given to consumers by making it actionable when a lender knowingly or intentionally makes “a home loan .”
Urbina v. Homeview Lending Inc., 681 F. Supp. 2d 1254 (D. Nev. 2009).
· cites it 3× “Unfair Lending Practices (NRS 598D.100) Plaintiffs allege Defendants violated Nevada’s Unfair Lending Practices Statute, NRS 598D.”
Smith v. Cmty. Lending, Inc., 773 F. Supp. 2d 941 (D. Nev. 2011).
· cites it 4× “110(3), which provides a defense against unpaid obligations, permits a debt- or equitably to remain in a property without making payments before the cause is adjudicated is without merit. That statute provides that the defense comes into existence after judicial determination of…”
Davenport v. Gmac Mortg. (Nev. 2013).
· cites it 3× “Unfair lending practices Davenport's unfair lending practices claim was premised on GMAC's alleged violation of NRS 598D.100. The version of NRS 598D in effect at the time of the origination of the loans for the Sierra Property made it an unfair lending practice to "[k]nowingly…”
Alphonso Mason v. Wells Fargo Bank, Na, 672 F. App'x 707 (9th Cir. 2016).
“The district court properly dismissed the Masons’ claims of predatory lending practices under Nev. Rev. Stat. §§ 598D.100 and 598D.110, and their claims of fraud and deceit, misrepresentation, and unconscionability, because the Masons failed to file their action within the…”
Brunson v. Aurora Loan Servs., Llc (Nev. 2013).
“Second, although appellant asserted that respondent engaged in unfair lending practices, as the successor holder of the note, respondent did not make a loan to appellant, and could not be held liable for unfair lending practices under NRS 598D.100(1)(b). Thus, the district court…”
— Nev. Rev. Stat. § 598D.100(1)(b) — 1 case
Brunson v. Aurora Loan Servs., Llc (Nev. 2013).
“Second, although appellant asserted that respondent engaged in unfair lending practices, as the successor holder of the note, respondent did not make a loan to appellant, and could not be held liable for unfair lending practices under NRS 598D.100(1)(b). Thus, the district court…”
— Nev. Rev. Stat. § 598D.100(1)(b)(2007) — 1 case
Larson v. Homecomings Fin., LLC, 680 F. Supp. 2d 1230 (D. Nev. 2009).
“2846 (amending NRS § 598D.100 (2003)). Plaintiffs claim Defendants violated NRS section 598D.”
— Nev. Rev. Stat. § 598D.100(l)(b) — 2 cases
Goodwin v. Exec. Tr. Servs., LLC, 680 F. Supp. 2d 1244 (D. Nev. 2010).
“Unfair Lending Practices Plaintiffs allege that all Defendants violated Nev.Rev.Stat. § 598D.100 by continuing “to enforce mortgages secured by Plaintiffs’ homes that included no evaluation of any commercially reasonable means or mechanisms that would demonstrate the Plaintiffs’…”
Urbina v. Homeview Lending Inc., 681 F. Supp. 2d 1254 (D. Nev. 2009).
“Unfair Lending Practices (NRS 598D.100) Plaintiffs allege Defendants violated Nevada’s Unfair Lending Practices Statute, NRS 598D.”
— Nev. Rev. Stat. § 598D.100(l)(b)(2006) — 1 case
Goodwin v. Exec. Tr. Servs., LLC, 680 F. Supp. 2d 1244 (D. Nev. 2010).
“Unfair Lending Practices Plaintiffs allege that all Defendants violated Nev.Rev.Stat. § 598D.100 by continuing “to enforce mortgages secured by Plaintiffs’ homes that included no evaluation of any commercially reasonable means or mechanisms that would demonstrate the Plaintiffs’…”
— Nev. Rev. Stat. § 598D.100(l)(b)(2008) — 1 case
Goodwin v. Exec. Tr. Servs., LLC, 680 F. Supp. 2d 1244 (D. Nev. 2010).
“Unfair Lending Practices Plaintiffs allege that all Defendants violated Nev.Rev.Stat. § 598D.100 by continuing “to enforce mortgages secured by Plaintiffs’ homes that included no evaluation of any commercially reasonable means or mechanisms that would demonstrate the Plaintiffs’…”
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