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Nevada Revised Statutes Title 54. Professions, Occupations and Businesses § 624.630. Accrual of interest on money due; rate of interest

Current as of January 01, 2025 | Updated by Findlaw Staff

Any money which is payable to a prime contractor, higher-tiered contractor or lower-tiered subcontractor pursuant to NRS 624.609, 624.610, 624.620, 624.624, 624.626 or 624.628 accrues interest from the time it becomes due at a rate equal to the higher of:

1. The rate agreed upon in the agreement between the parties; or

2. The rate equal to the prime rate at the largest bank in this State, as determined by the Commissioner of Financial Institutions on January 1 or July 1, as the case may be, immediately preceding:

(a) The time at which the agreement was signed; or

(b) If the agreement was oral, the time at which the terms of the agreement were agreed to by the parties,

plus 4 percent until the date of payment.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 54. Professions, Occupations and Businesses § 624.630. Accrual of interest on money due; rate of interest - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-54-professions-occupations-and-businesses/nv-rev-st-624-630/

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