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.
(Added to NRS by 2019, 2310)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.