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STATE, DEPT. OF BUS. & INDUS. v. CHECK CITY

No. 62888.

337 P.3d 755 (2014)

STATE of Nevada DEPARTMENT OF BUSINESS AND INDUSTRY, FINANCIAL INSTITUTIONS DIVISION, Appellant, v. CHECK CITY PARTNERSHIP, LLC, d/b/a Check City, A Nevada Limited Liability COMPANY, Respondent.

Supreme Court of Nevada.

November 13, 2014.

Attorney(s) appearing for the Case

Catherine Cortez Masto , Attorney General, and Christopher Eccles , Daniel D. Ebihara , and David J. Pope , Deputy Attorneys General, Carson City, for Appellant.

Holland & Hart LLP and Patrick J. Reilly and Nicole E. Lovelock , Las Vegas, for Respondent.

BEFORE THE COURT EN BANC.

OPINION

By the Court, PARRAGUIRRE, J.:

NRS 604A.425 limits the amount of a deferred deposit loan to 25 percent of a borrower's expected gross monthly income. In this appeal, we are asked to determine whether that cap includes only the principal borrowed or the principal amount plus any interest or fees charged. We conclude that NRS 604A.425 unambiguously provides that the 25-percent cap includes both principal and any interest or fees charged. Accordingly...

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