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Maverick
Maverick, Attorney
Category: Legal
Satisfied Customers: 6391
Experience:  20 years experience as a civil trial and appellate lawyer
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Is 15% interest too much to charge 1973 Mobile home by a private person. It was an

Customer Question

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
Expert:  Maverick replied 2 years ago.
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
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Customer: 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.
Expert:  Maverick 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.