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Nevada Revised Statutes Title 8. Commercial Instruments and Transactions § 97B.150. Award of interest; prohibition against compounding interest; limitation on prejudgment interest; limitation on postjudgment interest

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

If the plaintiff is the prevailing party in any action to collect a consumer debt:

1. And a rate of interest is stated in the consumer form contract, interest may be awarded by the court only as set forth in this section.

2. Interest under the consumer form contract, prejudgment interest and postjudgment interest awarded by the court must not be compounded.

3. Any prejudgment interest the court awards the plaintiff must be limited to the lesser of:

(a) The accrued interest at the rate stated in the consumer form contract to the day the action to collect the debt is filed; or

(b) One hundred eighty days of interest at the rate stated in the consumer form contract.

4. Any postjudgment interest the court awards the plaintiff must be limited to the lesser of:

(a) The rate of interest in the consumer form contract; or

(b) 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 remain fixed at that rate until the judgment is satisfied.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 8. Commercial Instruments and Transactions § 97B.150. Award of interest; prohibition against compounding interest; limitation on prejudgment interest; limitation on postjudgment interest - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-8-commercial-instruments-and-transactions/nv-rev-st-97b-150/

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