When any loan is prepaid, the amount of interest earned must be computed by applying the agreed rate to the unpaid balance for each period. Any greater amount of interest which may have been precomputed and included in the balance due must be allowed as a credit on any amount due or refunded. This section does not preclude the imposition of any:
1. Penalty for prepayment; or
2. Single charge for making the loan,
to which the parties agree when the loan is made.
(Added to NRS by 1983, 976)
Structure Nevada Revised Statutes
Chapter 99 - Money of Account and Interest; Legal Investments
NRS 99.010 - Dollar, cent and mill to be money of account.
NRS 99.030 - Obligations, judgments or executions payable in legal money.
NRS 99.040 - Interest rate when not fixed by express contract for certain types of transactions.
NRS 99.055 - Prepayment of loans.
NRS 99.060 - Definitions relating to public securities.
NRS 99.065 - Public securities: Compound interest authorized; repayment.
NRS 99.067 - Public securities: Interest rate for securities issued on or before June 30, 2011.
NRS 99.070 - Obligations of United States Postal Service and Federal National Mortgage Association.