Nevada Interest Rate Laws
There are as such no specific rules in the State of Nevada governing fixed interest rates under Nevada Statutes. According to Section 99.040 of Title 8, Chapter 99, when there is no express contract in writing; parties must charge interest rate equal to the prime rate at the largest bank in Nevada plus two percent (2 %) upon all money from the time it becomes due.
According to Section 17.130 of Title 2, Chapter 17, the Court may render judgment or decree for any debt, damages or costs according to the rate of interest specified in the contract. On the contrary if rates are not mentioned in a contract then the court through judgment may fix a rate equal to the prime rate at the largest bank in Nevada. Pursuant to Section 677.730 of Title 56, Chapter 677, a licensee can lend any amount of money and can fix any rate of interest for the same.
Nev. Rev. Stat. Ann. § 99.040
Interest rate when not fixed by express contract for certain types of transactions.
1. When there is no express contract in writing fixing a different rate of interest, interest must be allowed at a rate equal to the prime rate at the largest bank in Nevada, as ascertained by the commissioner of financial institutions, on January 1 or July 1, as the case may be, immediately preceding the date of the transaction, plus 2 percent, upon all money from the time it becomes due.
Nev. Rev. Stat. Ann. § 17.130
Computation of amount of judgment; interest.
1. In all judgments and decrees, rendered by any court of justice, for any debt, damages or costs, and in all executions issued thereon, the amount must be computed, as near as may be, in dollars and cents, rejecting smaller fractions, and no judgment, or other proceedings, may be considered erroneous for that omission.
2. When no rate of interest is provided by contract or otherwise by law, or specified in the judgment, the judgment draws interest from the time of service of the summons and complaint until satisfied, except for any amount representing future damages, which draws interest only from the time of the entry of the judgment until satisfied, at a rate equal to the prime rate at the largest bank in Nevada as ascertained by the commissioner of financial institutions on January 1 or July 1, as the case may be, immediately preceding the date of judgment, plus 2 percent. The rate must be adjusted accordingly on each January 1 and July 1 thereafter until the judgment is satisfied.
Nev. Rev. Stat. Ann. § 677.730
Interest, charges and repayment.
A licensee may lend any amount of money:
1. At any rate of interest;
2. Subject to the imposition of any charge in any amount; and
3. Upon any schedule of repayment,
to which the parties may agree.