Nev. Rev. Stat. § 690D.010 Definitions.
As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 690D.020 to 690D.075, inclusive, have the meanings ascribed to them in those sections.
GUARANTEED ASSET PROTECTION WAIVERS
Nev. Rev. Stat. 690D
in effectNev. Rev. Stat. § 690D.020 Administrator defined.
Administrator means a person who is responsible for administering a guaranteed asset protection waiver that is sold or offered for sale by a creditor.
Nev. Rev. Stat. § 690D.025 Benefits defined.
Benefits means a waiver, pursuant to a guaranteed asset protection waiver, of part or all of the amount due on a finance agreement after a total physical damage loss or unrecovered theft of a vehicle covered by the finance agreement.
Nev. Rev. Stat. § 690D.030 Borrower defined.
Borrower means a person who owes money to a creditor pursuant to a finance agreement.
Nev. Rev. Stat. § 690D.035 Creditor defined.
Creditor means a person to whom money is owed pursuant to a finance agreement, including, without limitation, the assignee of such an agreement.
Nev. Rev. Stat. § 690D.040 Dealer defined.
Dealer means a seller of a vehicle who provides or arranges for the provision of credit to the buyer of the vehicle for the purpose of financing the purchase of the vehicle.
Nev. Rev. Stat. § 690D.045 Finance agreement defined.
Finance agreement means:
1. A loan made to the buyer of a vehicle for the purpose of financing the purchase of the vehicle and that is secured by the vehicle.
2. A lease between a long-term lessee and a long-term lessor.
3. A retail installment contract, as defined in NRS 97.105 , for the purchase of a vehicle.
Nev. Rev. Stat. § 690D.050 Free-look period defined.
Free-look period means a period beginning on or after the effective date of a guaranteed asset protection waiver in which the borrower may cancel the guaranteed asset protection waiver with no penalty, fee or other cost.
Nev. Rev. Stat. § 690D.055 Guaranteed asset protection waiver defined.
Guaranteed asset protection waiver means a contract pursuant to which a creditor, in exchange for separately stated consideration, agrees to waive part or all of the amount due to the creditor pursuant to a finance agreement in the event of a total physical damage loss or unrecovered theft of a vehicle covered by the finance agreement.
Nev. Rev. Stat. § 690D.060 Lease defined.
Lease has the meaning ascribed to it in NRS 482.053.
Nev. Rev. Stat. § 690D.065 Long-term lessee defined.
Long-term lessee has the meaning ascribed to it in NRS 482.053.
Nev. Rev. Stat. § 690D.070 Long-term lessor defined.
Long-term lessor has the meaning ascribed to it in NRS 482.053.
Nev. Rev. Stat. § 690D.075 Vehicle defined.
Vehicle has the meaning ascribed to it in NRS 482.135, and includes, without limitation, any boat, recreational vehicle, all-terrain vehicle, trailer, personal watercraft or snowmobile.
Nev. Rev. Stat. § 690D.095 Applicability of chapter and title 57 of NRS; certificate of authority not required to issue, sell, offer for sale or administer waiver.
1. Except as otherwise provided in this chapter, the marketing, issuance, sale, offering for sale, making, proposing to make and administration of guaranteed asset protection waivers are not subject to the provisions of title 57 of NRS, except, when applicable, the provisions of NRS 679B.020 to 679B.125 , inclusive, 679B.130 , 679B.136 , 679B.140 , 679B.159 to 679B.180 , inclusive, 679B.187 to 679B.220 , inclusive, and 679B.310 to 679B.370 , inclusive.
2. A creditor, an administrator or any other person is not required to obtain a certificate of authority from the Commissioner pursuant to chapter 680A of NRS to issue, sell, offer for sale or administer guaranteed asset protection waivers.
3. The provisions of this chapter do not apply to a debt cancellation contract or debt suspension agreement offered in accordance with 12 C.F.R. Part 37 or 721 or to a policy of insurance.
Nev. Rev. Stat. § 690D.100 Applicability of provisions to certain transactions involving vehicles for commercial use.
1. The provisions of subsection 2 of NRS 690D.170 , subsection 2 of NRS 690D.190 and NRS 690D.230 do not apply to a guaranteed asset protection waiver offered for sale or sold in connection with a lease or retail installment transaction to a buyer or lessor who purchases or leases the vehicle solely or primarily for commercial use or resale.
2. As used in this section, retail installment transaction has the meaning ascribed to it in NRS 97.115 .
Nev. Rev. Stat. § 690D.150 Restrictions on business name of creditor; exception.
1. Except as otherwise provided in this section, a creditor who sells or offers for sale guaranteed asset protection waivers shall not include in the name of the business of the creditor:
(a) The words insurance, casualty, surety, mutual or any other word or term that implies that the creditor is engaged in the business of transacting insurance or is a surety company; or
(b) A name that is deceptively similar to the name or description of an insurer or surety company.
2. A creditor may include the word guaranty or a similar word in the name of the business of the creditor.
3. This section does not apply to a creditor who, before January 1, 2016, includes in the name of the business of the creditor a name that does not comply with the provisions of subsection 1. Such a creditor shall include in each guaranteed asset protection waiver the creditor sells or offers for sale a statement that the guaranteed asset protection waiver is not a contract of insurance.
Nev. Rev. Stat. § 690D.160 Dealer required to carry policy of contractual liability insurance; other creditors authorized to purchase such policy; requirements of policy; cancellation or termination.
1. A dealer who sells or offers to sell guaranteed asset protection waivers shall purchase a policy of contractual liability insurance that insures the obligations of each guaranteed asset protection waiver the dealer sells or offers for sale other than a guaranteed asset protection waiver concerning a leased vehicle. Any other type of creditor who sells or offers to sell guaranteed asset protection waivers may purchase such a policy.
2. A policy of contractual liability insurance purchased pursuant to this section must:
(a) Be issued by an insurer who is authorized to transact insurance in this State or pursuant to the provisions of chapter 685A of NRS.
(b) State the obligation of the insurer to reimburse or pay to the creditor any amount that the creditor is obligated to waive pursuant to the guaranteed asset protection waivers insured by the policy.
(c) Provide coverage for any person to whom a guaranteed asset protection waiver is assigned, including, without limitation, as part of a finance agreement.
(d) Remain in effect until the policy is cancelled or terminated.
3. The cancellation or termination of a policy of contractual liability insurance purchased pursuant to this section must not reduce the responsibility of the insurer to provide coverage for guaranteed asset protection waivers:
(a) That were issued by the insured creditor before the date of the cancellation or termination; and
(b) For which the creditor has paid for coverage.
Nev. Rev. Stat. § 690D.170 Creditor authorized to offer waiver to certain borrowers; manner of payment; cost of waiver required to be listed separately; waiver becomes part of finance agreement and remains such if assigned, sold or transferred.
1. Any creditor may offer to sell or sell a guaranteed asset protection waiver to a borrower who owes or expects to owe money to the creditor pursuant to a finance agreement. A borrower may pay for a guaranteed asset protection waiver using a one-time payment or periodic payments.
2. Except as otherwise provided in NRS 690D.100 , any cost to a borrower for the purchase of a guaranteed asset protection waiver which is entered into in compliance with the Truth in Lending Act, 15 U.S.C. §§ 1601 et seq., and any regulations adopted pursuant thereto, must be separately stated as part of the amount financed and must not be considered a finance charge or interest.
3. Upon the sale of a guaranteed asset protection waiver, the guaranteed asset protection waiver becomes a part of the finance agreement. A guaranteed asset protection waiver remains a part of a finance agreement if the finance agreement is assigned, sold or transferred by the creditor.
Nev. Rev. Stat. § 690D.180 Requiring purchase of waiver as condition of sale, lease or terms or approval of credit prohibited.
A creditor shall not require the purchase of a guaranteed asset protection waiver as a condition for the approval of credit, the terms of the credit or the terms of the sale or lease of a vehicle covered by the finance agreement.
Nev. Rev. Stat. § 690D.190 Required written disclosures.
1. A guaranteed asset protection waiver must contain a conspicuous statement, printed in at least 12-point type that is larger than the surrounding text and with a heading that is printed in all capital letters, stating that:
(a) A guaranteed asset protection waiver is not a policy of liability or casualty insurance and does not satisfy the requirement to maintain liability insurance pursuant to NRS 485.185 ; and
(b) Failure to make a timely payment under the terms of the finance agreement may void the guaranteed asset protection waiver.
2. Except as otherwise provided in NRS 690D.100 , a guaranteed asset protection waiver must disclose, if applicable, in writing and in a clear and conspicuous manner:
(a) The name and address of the creditor who sells the guaranteed asset protection waiver and the borrower who purchases the guaranteed asset protection waiver;
(b) The identity of any administrator, if different from the creditor;
(c) The purchase price and the terms of the guaranteed asset protection waiver, including, without limitation, the requirements for and conditions of coverage and any exclusions associated with the guaranteed asset protection waiver;
(d) That the borrower will be provided a full refund of the purchase price of the guaranteed asset protection waiver if the waiver is cancelled within the free-look period and benefits have not been provided;
(e) The manner in which the borrower may obtain benefits under a guaranteed asset protection waiver, including, without limitation, a telephone number and address that the borrower may use to apply for benefits; and
(f) Notice of the provisions of NRS 690D.180 and 690D.200 , the manner in which a borrower may request cancellation of a guaranteed asset protection waiver after the free-look period and the method that will be used to calculate any refund due to the borrower pursuant to NRS 690D.200 .
Nev. Rev. Stat. § 690D.200 Free-look period required; cancellation and refund during or after free-look period; manner and limitations on time for request of refund; creditor authorized to apply refund to balance owed on finance agreement.
1. A guaranteed asset protection waiver must provide a free-look period of not less than 30 days. If the guaranteed asset protection waiver is cancelled within this period and no benefits have been provided, the creditor must refund the full purchase price of the guaranteed asset protection waiver.
2. A borrower must be able to cancel a guaranteed asset protection waiver after the free-look period. If a guaranteed asset protection waiver is cancelled after the free-look period and no benefits have been provided, the creditor must refund any unearned portion of the purchase price of the guaranteed asset protection waiver in the manner specified in the guaranteed asset protection waiver.
3. To request a full or partial refund of the purchase price of a guaranteed asset protection waiver that is cancelled after the free-look period, the borrower must provide a written request for a refund to the person specified in the terms of the guaranteed asset protection waiver. If the guaranteed asset protection waiver is cancelled because the finance agreement is terminated, the borrower must provide the request within 90 days after the termination of the finance agreement.
4. The creditor may apply any refund owed to the borrower because of the cancellation of a guaranteed asset protection waiver, including, without limitation, cancellation during the free-look period or cancellation caused by a default on the finance agreement or the repossession of the vehicle associated with the finance agreement, to any amount still owed to the creditor under the finance agreement.
Nev. Rev. Stat. § 690D.210 Required records; length of retention; manner of storage.
1. A creditor or the designee of a creditor shall maintain records of the transactions governed by this chapter. The records must include, without limitation:
(a) A copy of each type of guaranteed asset protection waiver that the creditor sells or offers for sale;
(b) The name and address of each borrower who possesses a guaranteed asset protection waiver under which the creditor has a duty to perform, to the extent that the creditor knows the name and address of each borrower; and
(c) The date and a description of each claim made by a borrower under a guaranteed asset protection waiver.
2. A creditor or the designee of a creditor shall retain all records relating to a guaranteed asset protection waiver for at least 1 year after the contract has expired.
3. The records required to be maintained pursuant to this section may be stored on a computer disc or other storage device for a computer from which the records may be readily printed.
Nev. Rev. Stat. § 690D.220 Inspection of records by Commissioner.
A creditor shall, within 14 business days after a request by the Commissioner, make available to the Commissioner for inspection any accounts, books and records concerning any guaranteed asset protection waiver sold or offered for sale by the creditor which are reasonably necessary to enable the Commissioner to determine whether the creditor is in compliance with the provisions of this chapter.
Nev. Rev. Stat. § 690D.230 Authority of Commissioner to issue cease and desist order; notice and hearing; fines.
Except as otherwise provided in NRS 690D.100:
1. The Commissioner may order any person, including, without limitation, a creditor or administrator, to cease and desist any conduct that violates any provision of this chapter.
2. A person who violates any provision of this chapter may, after a hearing conducted pursuant to NRS 679B.310 to 679B.370 , inclusive, be assessed a civil penalty by the Commissioner of not more than $500 for each act or violation, not to exceed an aggregate amount of $10,000 for violations of a similar nature. For the purposes of this section, violations shall be deemed to be of a similar nature if the violations consist of the same or similar conduct, regardless of the number of times the conduct occurred.
Source: NV Statutes (Official Site)URL: https://www.leg.state.nv.us/nrs/NRS-690D.htmlFetched: 10/4/2026