Following the district court figured NRS 604A.480(2) вЂњcontains no prohibition of any sort against a licensee, but they are just the conditions precedent that must definitely be satisfied for a licensee become exempt fromвЂќ NRS 604A.480(1)’s requirements, FID filed this appeal.
The events in this appeal disagree as to whether: (1) NRS 604A.480(2)(f) pubs a licensee providing you with that loan under NRS 604A.480(2) from bringing just about any enforcement action on that refinanced loan if the debtor defaults; or (2) the supply operates as an ailment precedent to creating a refinancing loan under that statute, and so, will not bar a subsequent action to enforce the refinanced loan. We have been presented with the narrow question of whether a licensee can sue to collect from the data http://title-max.com/installment-loans-ca/ data recovery of a loan under NRS 604A.480(2) designed for the goal of refinancing previous loans.
This court product reviews concerns of statutory construction de novo. Pub. Emps.’ Ret. Sys. of Nev. v. Reno Newspapers, Inc., 129 Nev. 833, 836, 313 P.3d 221, 223 (2013). вЂњ[S]tatutes having a purpose that is protective be liberally construed to be able to effectuate the huge benefits designed to be acquired.вЂќ Cote H. v. Eighth Judicial Dist. Court, 124 Nev. 36, 40, 175 P.3d 906, 908 (2008) (interior quote markings omitted). Moreover, statutory interpretation must вЂњnot render any an element of the statute meaningless,вЂќ or вЂњproduce ridiculous or unreasonable outcomes.вЂќ Orion Portfolio Servs. 2, LLC v. Cty. of Clark ex rel. Univ. Med. Ctr. of S. Nev., 126 Nev. 397, 403, 245 P.3d 527, 531 (2010).
The Legislature enacted regulations in 2005 governing deferred deposit and high-interest loans, codified as NRS Chapter 604A. See A.B. 384, 73d Leg. (Nev. 2005); 2005 Nev. Stat., ch. 414, at 1683. The insurance policy intent behind NRS Chapter 604A was to stop the вЂњdebt treadmillвЂќ where a borrower is not able to repay that loan and sometimes removes a bigger loan to cover the main, interest, and costs through the unpaid original loan. See, e.g., Hearing on A.B. 384 ahead of the Senate Comm. on Commerce & Labor, 73d Leg. (Nev., Might 6, 2005). We, consequently, view the refinancing conditions of NRS 604A.480 as having a protective purpose needing a liberal construction to effectuate its intended advantages. See Cote H., 124 Nev. at 40, 175 P.3d at 908.
NRS 604A.408(1) supplies a maximum term of 35 times for an authentic deferred deposit or perhaps a high-interest loan. When a borrower cannot pay the mortgage in complete within 35 days, вЂњthe repayment, renewal, refinancing or consolidationвЂќ of an loan that is outstanding never be extended beyond 90 days. NRS 604A.408(3). Thereafter, under NRS 604A.480, the borrower usually takes away a brand new deferred deposit or high-interest loan and make use of the profits of the loan to repay or refinance the total amount of an outstanding loan. NRS 604A.480 offers two loan choices for each time a licensee and debtor come right into an understanding to utilize a brand new loan to fulfill a loan that is existing. The initial choice, under subsection 1, limits the word associated with brand new loan to 60 times and forbids the licensee from вЂњadd[ing] any unpaid interest or other costs accrued throughout the initial term associated with outstanding loan into the principal level of this new deferred deposit loan or high-interest loan.вЂќ The 2nd choice, under subsection 2, exempts the newest loan from subsection 1’s limitations in which the licensee fulfills certain needs, such as the requirement highly relevant to this appealвЂ”that the licensee вЂњ[d]oes not commence any civil action or means of alternative dispute resolution for a defaulted loan or any expansion or payment plan thereof,вЂќ NRS 604A.480(2)(f).
We conclude that the ordinary language of NRS 604A.480(2) expressly allows a licensee to supply a unique deferred deposit or high-interest loan which is not at the mercy of the sixty-day limitation or principal-adjustment prohibition of subsection 1. But, once the licensee does so, the licensee is at the mercy of all the statute’s restrictions, including NRS 604A.480(2 f that is)(, which bars a licensee from pursuing вЂњany civil action or means of alternative dispute resolution for a defaulted loan or any expansion or payment plan thereof.вЂќ (Emphasis included.)
NRS 604A.065 defines вЂњ вЂ[e]xtensionвЂ™ вЂќ as вЂњany expansion or rollover of that loan beyond the date upon which the mortgage is needed to be compensated in complete beneath the initial regards to the mortgage agreement.вЂќ Centered on an ordinary reading, we conclude that this statutory meaning pertains to extensions of this initial loan. And, construing the statutes in general, we further conclude that, in cases where a licensee dilemmas a fresh deferred deposit loan or a brand new high-interest loan to a borrower so that you can spend the balance of a superb loan on terms established in NRS 604A.480(2)(a), 2 the licensee foregoes the ability to register a civil action or institute alternative dispute quality procedures on that brand new loan pursuant to NRS 604A.480(2)(f). See Banegas v. State Indus. Ins. Sys., 117 Nev. 222, 229, 19 P.3d 245, 250 (2001) (вЂњ[W]ords inside a statute ought not to be look over in isolation, and statutes should be construed to provide meaning to all or any of these components and language in the context for the function of the legislation.вЂќ).