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Current as of January 01, 2025 | Updated by Findlaw Staff
When any loan is prepaid, the amount of interest earned must be computed by applying the agreed rate to the unpaid balance for each period. Any greater amount of interest which may have been precomputed and included in the balance due must be allowed as a credit on any amount due or refunded. This section does not preclude the imposition of any:
1. Penalty for prepayment; or
2. Single charge for making the loan,
to which the parties agree when the loan is made.
Cite this article: FindLaw.com - Nevada Revised Statutes Title 8. Commercial Instruments and Transactions § 99.055. Prepayment of loans - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-8-commercial-instruments-and-transactions/nv-rev-st-99-055/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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