Home » Services » Nevada Credit Laws

Nevada Credit Laws

INTEREST RATE (Legal:12%) There is no usery limit
STATUTE OF LIMITATIONS (In Years)

Open Acct: 4 - Written Contract 6 - Lease 4 - Domestic Judgment 6 - Foreign Judgment 6

BAD CHECK LAWS (Civil Penalty)

Amount due, protest fees three times check amount not more than $500, or less than $100.

GENERAL GARNISHMENT EXEMPTIONS  

Wages no more than 25% of Disposable earnings for each week or 30 times federal minimum hourly wage (Whichever is less) except for support orders.

HOMESTEAD EXEMPTION   The homestead exemption limit is $550,000 in Nevada. Debtors must record the homestead declaration prior to filing for bankruptcy

ADDING FEES TO DEBT

 

A collection agency, or its manager, agents or employees shall not collect or attempt to collect  any interest, charge, fee, or expense incidental to the principal obligation unless:

(1) Any such interest, charge, fee or expense as authorized by law or as agreed to by the parties has been added to the principal of the debt by the creditor before receipt of the item of collection;

(2) Any such interest, charge, fee or expense as authorized by law or as agreed to by the parties has been added to the principal of the debt by the collection agency and described as such in the first written communication with the debtor; or

(3) The interest, charge, fee or expense has been judicially determined as proper and legally due from and chargeable against the debtor