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Can you summarize NVRS 97A?
COMMERCIAL INSTRUMENTS AND TRANSACTIONS > Debt Evidenced by Credit Card
Short Summary
The legal document covers various aspects related to credit cards and their use. It defines key terms such as ‘authorized user,’ ‘beneficial use,’ ‘cardholder,’ ‘credit card,’ ‘credit card account,’ ‘false or fraudulent application,’ ‘financial institution,’ ‘interest,’ ‘issuer,’ ‘joint account,’ ‘secondary cardholder,’ and ‘service provider.’ The document outlines the requirements for the issuance of credit cards, including the need for written notice and the provision of terms and conditions. It also allows issuers to unilaterally change terms and conditions, with certain requirements for notice and an opportunity to avoid the change. The document establishes the liability of cardholders, authorized users, and other persons for charges incurred on a credit card account. It also addresses the liability of persons who cause an issuer to open a credit card account based on a false or fraudulent application. The document provides guidelines for the verification of the identity of a person accepting a firm offer of credit for a credit card. It specifies the methods by which solicitors can verify the address of the person accepting the offer. The document governs the actions taken to collect debts owed to an issuer, including the establishment of contractual liability and the retention of records. It also governs actions brought to collect credit card debt owed to a purchaser of credit card debt, specifying the information required in the complaint. The document addresses the rights of issuers or service providers in relation to payments made on a credit card account by a check or other negotiable instrument. It establishes the liability of issuers or service providers as payees and provides guidelines for determining good faith receipt of payments. The document allows for the transfer of information related to credit card accounts between subsidiaries owned by the same parent company. It prohibits issuers from increasing interest rates based on late payments to non-affiliated creditors and from including universal default clauses in credit card agreements. The document also prohibits issuers from prohibiting merchants from offering discounts for cash or check payments instead of credit card payments.
Whom does it apply to?
The legal document applies to issuers located in Nevada and cardholders. It also applies to solicitors who make firm offers of credit for a credit card through mail solicitation. The document also applies to purchasers of credit card debt. The document applies to issuers and service providers in relation to payments made on a credit card account by a check or other negotiable instrument. It applies to issuers of credit cards and cardholders. It also applies to merchants who offer discounts for cash or check payments.
What does it govern?
The legal document governs the requirements for the issuance of credit cards and the provision and change of terms and conditions for their use. It also governs the verification of the identity of a person accepting a firm offer of credit for a credit card. Additionally, it governs the actions taken to collect debts owed to an issuer, the actions brought to collect credit card debt owed to a purchaser of credit card debt, the rights of issuers or service providers in relation to payments made on a credit card account by a check or other negotiable instrument, the transfer of information related to credit card accounts if the issuer is a subsidiary owned by a bank holding company, a savings and loan holding company, or a holding company of any other financial institution, the actions of issuers of credit cards and cardholders, and the prohibition of issuers from prohibiting merchants from offering discounts for cash or check payments instead of credit card payments.
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
Nevada