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Nevada Enacts ‘Consumer Protection from the Accrual of Predatory Interest After Default Act’

Nevada Enacts ‘Consumer Protection from the Accrual of Predatory Interest After Default Act’

Nevada has enacted a brand new law entitled the “Consumer Protection through the Accrual of Predatory Interest After Default Act,” which relates to consumer form contracts found in experience of retail installment deals together with prejudgment and postjudgment interest and attorney charges that could be awarded by way of a court.

Finalized into legislation on June 3 and applicable simply to agreements entered into on or after Oct. 1, the Act adds a chapter that is new Title 8 of this Nevada Revised Statutes, “Commercial Instruments and deals.”

The Act doesn’t connect with amount of entities, including (although not restricted to):