Home В» State & Local Regulation В» Nevada Enacts вЂConsumer Protection from the Accrual of Predatory Interest After Default Act‘
Nevada has enacted a law that is new the “Consumer Protection through the Accrual of Predatory Interest After Default Act,” which relates to consumer form contracts found in reference to retail installment deals plus the prejudgment and postjudgment interest and lawyer charges that could be granted by way of a court.
Finalized into legislation on June 3 and relevant simply to contracts entered into on or after Oct. 1, the Act adds a brand new chapter to Title 8 associated with Nevada Revised Statutes, “Commercial Instruments and deals.”
The Act will not connect with a true amount of entities, including (although not restricted to):
- banking institutions;
- mortgage brokers, agents, and bankers;
- those acting pursuant to Rev. Stat. Ann. Title 52, Ch. 604A, relating to deferred deposit loans, high-interest (payday) loans, title loans and check-cashing services;
- car manufacturers or suppliers or their affiliates or captive entities that are financial. (mehr …)