Legal Question in Credit and Debt Law in Nevada

maximum interest rate

What is the maximum amount of interest that can be charge on an unsecured personal loan and what statutes does it relate to?. We signed a ''contract'' with a family member in Dec 2002 for $5000.00 with a $100.00 per month interest. When we failed to meet a June payment in full date and asked for a couple of month extention she became abusive and filed suit in las Vegas Nevada (we live in florida). We are fully willig and now able to pay this loan off. However now that shes is demanding legal fees etc we are wondering if her original interest is even legal?


Asked on 11/04/03, 2:33 pm

1 Answer from Attorneys
Paul Malikowski Malikowski Law Offices, Ltd.

Re: maximum interest rate

Good afternoon, Sir or Madam:

The Nevada Legislature has developed a great basic research site covering all of the statutes and administrative regulations, including references to Nevada Supreme Court decisions related thereto, available at:

http://www.leg.state.nv.us/law1.cfm

You may want to look into the chapters on MONEY OF ACCOUNT AND INTEREST

on this site. In this regard, I invite your attention to NRS Chapter 99, which is found at:

http://www.leg.state.nv.us/NRS/NRS-099.html

There may be other laws affecting your ability to resolve a debt problem, which is necessarily beyond the scope of this reply.

I charge $200.00 per hour for consultation, document review, case analysis, advice, suggesting and recommending alternatives, legal drafting, telephone calls, legal research and assisting in prosecuting or defending debt cases when a client hires me.

The Nevada State Bar provides this general information online regarding lawyer fees:

http://www.nvbar.org/Publications/Publications_Pamphlets/How_Lawyers_Charge.htm

I hope this is of assistance to you.

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Answered on 11/04/03, 3:53 pm


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