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Is 15% interest too much to charge 1973 Mobile home by a private person. It was an

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Is 15% interest too much...
Is 15% interest too much to charge for an 1973 Mobile home by a private person. It was an Hispanic family that bought it, not quite understanding what they signed. Does this fall under the usury law in NV?
Submitted: 2 years ago.Category: Legal
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Answered in 15 minutes by:
7/3/2015
Lawyer: Maverick, Attorney replied 2 years ago
Maverick
Maverick, Attorney
Category: Legal
Satisfied Customers: 6,426
Experience: 20 years experience as a civil trial and appellate lawyer
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Welcome. My name is Maverick. I very much enjoy what I do and I hope that you will benefit from the information or assistance that I provide.
Question: Does this fall under the usury law in NV?
ANS: NV is unusual in that it sets very high markers before it considers a loan to be usurious. In NV a “High-interest loan” means a loan made to a customer pursuant to a loan agreement which, under its original terms, charges an annual percentage rate of more than 40 percent.
So, no the 15% interest is not usurious. You can read more about the law here:
http://www.albrightstoddard.com/blog/bid/256611/New-Nevada-High-Interest-Loan-Statutes
Please remember to assign a feedback rating so JA will compensate me for my time. You are free to ask follow-up questions thereafter at no charge. Please allow up to 24 hours for a follow-up response if I am signed off.
If, for some reason, you are not satisfied with the answer, I would appreciate knowing why so that I can try to clear up any misunderstanding that may have taken place and still earn a positive rating from you. If you would rather obtain a refund of your deposit, just let me know and I will inform JA on your behalf. Finally, you may request me in the future by beginning the question with "THIS IS FOR MAVERICK".
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Customer reply replied 2 years ago
I was hoping for a better outcome, I just feel bad for this family they are trying so hard to make it that someone would take advantage of them like that. Thank you anyway.
Lawyer: Maverick, Attorney replied 2 years ago
Sorry, I know that is not the answer you wanted to hear but we have a duty to be honest. Please remember to assign a feedback rating so JA will compensate me for my time. Thank you. Happy 4th of July.
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Maverick
Maverick
Maverick, Attorney
Category: Legal
Satisfied Customers: 6,426
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Experience: 20 years experience as a civil trial and appellate lawyer

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