Nev. Rev. Stat. § 97.225
This is the official text of Nev. Rev. Stat. § 97.225, part of Nevada’s Rev. Stat — part of the compiled statutory law of Nevada, published by the state as "Rev. Stat." Browse the sections below, each linked to its official government source.
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Prepayment of unpaid total of payments; refund
Official statutory text
1. Notwithstanding the provisions of any retail installment contract to the contrary, if the rights of the buyer have not been terminated or forfeited under the terms of the contract, the buyer may prepay in full the unpaid total of payments thereof at any time before its final due date and, if the buyer does so, and if the contract is not in default under any term or condition of the contract more than 2 months, the buyer is entitled to a refund of the unearned portion of the finance charge for the prepayment. The amount of the refund must be computed by applying the agreed rate of the finance charge to the unpaid total of payments. Any greater amount of the finance charge which may have been precomputed and included in the balance due must be refunded.
2. This section does not preclude the imposition of any penalty for prepayment to which the parties may agree when the contract is executed.
2. This section does not preclude the imposition of any penalty for prepayment to which the parties may agree when the contract is executed.
Status: in_force · Read it on the official government site
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