Nev. Admin. Code § 690C.120 - Cancellation of contract: Refund of purchase price; cancellation fee
1. Except as otherwise provided in this
subsection, if a provider cancels a service contract pursuant to
NRS
690C.270, the provider shall refund to the
holder the portion of the purchase price that is unearned by the provider. The
provider may deduct any outstanding balance on the account of the holder from
the amount of the purchase price that is unearned by the provider when
calculating the amount of the refund. A provider who cancels a contract
pursuant to
NRS
690C.270 may not impose a cancellation
fee.
2. Except as otherwise
provided in this section, if a holder who is the original purchaser of a
service contract submits to the provider a request in writing to cancel the
service contract in accordance with the terms of the contract, the provider
shall refund to the holder the portion of the purchase price that is unearned
by the provider.
3. If a holder
requests the cancellation of a service contract pursuant to subsection 2, the
provider may impose a reasonable cancellation fee if such a fee is provided for
in the terms of the service contract.
4. If the provider transfers a service
contract at the request of the holder, the provider may impose a reasonable
transfer fee if such a fee is provided for in the terms of the service
contract.
5. When calculating the
amount of a refund pursuant to subsection 2, the provider may deduct from the
portion of the purchase price that is unearned by the provider:
(a) Any outstanding balance on the account of
the holder; and
(b) Any
cancellation fee imposed pursuant to this section.
6. Except as otherwise provided in this
subsection, if the purchase price of a service contract is financed and the
loan has not been paid in full by the holder, the provider may provide a refund
to the holder pursuant to this section or
NRS
690C.250 by sending the refund to the lender.
The amount of refund that may be sent to the lender must not exceed the
holder's outstanding balance on the loan.
Notes
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