Nev. Rev. Stat. § 97A.200
This is the official text of Nev. Rev. Stat. § 97A.200, 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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Prohibited acts by issuer: Increase of interest rate based upon late payment to another creditor; universal default clauses; exception
Official statutory text
1. An issuer shall not: (a) Increase the interest rate it charges a cardholder for the use of the card based upon the late payment by the cardholder to another issuer or a creditor of the cardholder that is not an affiliate or subsidiary of the issuer; or (b) Include a universal default clause in a contract or other agreement relating to a credit card account.
2. Notwithstanding the provisions of subsection 1, an issuer may increase the interest rate it charges a cardholder for the use of the card based on a change in the credit rating of the cardholder.
3. As used in this section: (a) “ Affiliate or subsidiary of the issuer ” means an affiliate or subsidiary that conducts business under a name that is: (1) The same as the name of the issuer; or (2) Sufficiently similar to the name of the issuer that a cardholder could reasonably believe that the cardholder is conducting business with the issuer. (b) “ Universal default clause ” means a clause or provision that allows an issuer to increase the interest rate it charges a cardholder for the use of the card based upon the late payment by the cardholder to another issuer or a creditor of the cardholder that is not an affiliate or subsidiary of the issuer.
2. Notwithstanding the provisions of subsection 1, an issuer may increase the interest rate it charges a cardholder for the use of the card based on a change in the credit rating of the cardholder.
3. As used in this section: (a) “ Affiliate or subsidiary of the issuer ” means an affiliate or subsidiary that conducts business under a name that is: (1) The same as the name of the issuer; or (2) Sufficiently similar to the name of the issuer that a cardholder could reasonably believe that the cardholder is conducting business with the issuer. (b) “ Universal default clause ” means a clause or provision that allows an issuer to increase the interest rate it charges a cardholder for the use of the card based upon the late payment by the cardholder to another issuer or a creditor of the cardholder that is not an affiliate or subsidiary of the issuer.
Status: in_force · Read it on the official government site
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