[Rev. 2/10/2015 4:11:06
CHAPTER 99 - MONEY OF ACCOUNT AND INTEREST;
MONEY OF ACCOUNT AND INTEREST
NRS 99.010 Dollar,
cent and mill to be money of account.
NRS 99.020 Suits
on accounts, notes or bonds expressed in other money of account: Reduction to
dollars or parts of dollars.
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 99.050 Agreed
interest rates; compounding; charges or fees.
NRS 99.055 Prepayment
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.
MONEY OF ACCOUNT AND INTEREST
NRS 99.010 Dollar, cent and mill to be money of account. The money of account of this state shall be
the dollar, cent and mill. All the accounts in the public offices, other public
accounts, and all proceedings in courts, shall be kept and had in conformity
with this section.
[1:34:1861; B § 29; BH § 4900; C § 2742; RL § 2497;
NCL § 4320]
NRS 99.020 Suits on accounts, notes or bonds expressed in other money of
account: Reduction to dollars or parts of dollars. Nothing
contained in NRS 99.010 shall vitiate or affect any
account, charge or entry originally made, or any note, bond or other
instrument, expressed in any other money of account, but the same shall be
reduced to dollars, or parts of dollars, as directed in NRS
99.010, in any suit thereupon.
[2:34:1861; B § 30; BH § 4901; C § 2743; RL § 2498;
NCL § 4321]
NRS 99.030 Obligations, judgments or executions payable in legal money. After February 15, 1893, all official bonds
and undertakings, and all obligations of debt, judgments or executions stated
in terms of dollars and to be paid in money shall be payable in legal money
authorized by the Congress of the United States.
[1:16:1893; A 1895, 13; C § 2738; RL § 2501; NCL §
NRS 99.040 Interest rate when not fixed by express contract for certain
types of transactions.
1. When there is no express contract in
writing fixing a different rate of interest, interest must be allowed at a rate
equal to the prime rate at the largest bank in Nevada, as ascertained by the
Commissioner of Financial Institutions, on January 1 or July 1, as the case may
be, immediately preceding the date of the transaction, plus 2 percent, upon all
money from the time it becomes due, in the following cases:
(a) Upon contracts, express or implied, other
than book accounts.
(b) Upon the settlement of book or store accounts
from the day on which the balance is ascertained.
(c) Upon money received to the use and benefit of
another and detained without his or her consent.
(d) Upon wages or salary, if it is unpaid when
due, after demand therefor has been made.
Ê The rate
must be adjusted accordingly on each January 1 and July 1 thereafter until the
judgment is satisfied.
2. The provisions of this section do not
apply to money owed pursuant to chapter 624
of NRS which is governed by the provisions of NRS 624.630.
3. As used in this section, “book account”
means a detailed statement which:
(a) Constitutes the principal record of one or
more transactions between a debtor and a creditor arising out of a contract or
some fiduciary relationship;
(b) Shows the debits and credits in connection with
that contract or fiduciary relationship and shows against whom and in favor of
whom entries are made;
(c) Is entered in the regular course of business
as conducted by such creditor or fiduciary; and
(d) Is kept in a reasonably permanent form and
(1) In a bound book;
(2) On a sheet or sheets fastened in a
book or to backing but detachable therefrom;
(3) On a card or cards of a permanent
(4) In any other reasonably permanent form
[4:34:1861; A 1887, 82; 1917, 351; 1919 RL § 2499;
NCL § 4322]—(NRS A 1979, 830; 1981, 1859; 1983, 426; 1987, 558, 940; 2001, 1625; 2005, 1735, 1856)
NRS 99.050 Agreed interest rates; compounding; charges or fees. Except as otherwise provided in section 670 of
the John Warner National Defense Authorization Act for Fiscal Year 2007, Public
Law 109-364, or any regulation adopted pursuant thereto, parties may agree for
the payment of any rate of interest on money due or to become due on any
contract, for the compounding of interest if they choose, and for any other
charges or fees. The parties shall specify in writing the rate upon which they
agree, that interest is to be compounded if so agreed, and any other charges or
fees to which they have agreed.
[5:34:1861; A 1913, 31; 1919 RL § 2500; NCL §
4323]—(NRS A 1975, 1794; 1979, 583, 963; 1981, 1593; 1983, 976;
1984, 6; 2007,
NRS 99.055 Prepayment of loans. 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,
Ê to which the
parties agree when the loan is made.
(Added to NRS by 1983, 976)
NRS 99.060 Definitions relating to public securities.
1. As applied to bonds or other securities
issued by this state or any political subdivision or municipal or public
corporation of this state, “effective interest rate” means the interest rate
based on the actual price paid to the public entity, calculated to maturity of
the obligation according to standard tables of bond values.
2. When used in a limitation of the rate
of interest upon such bonds or other securities, the “Index of Twenty Bonds”
and the “Index of Revenue Bonds” refer to these indexes for municipal bonds as
most recently published in the daily or weekly version of The Bond Buyer, at
One State Street Plaza in New York City.
(Added to NRS by 1969, 1285; A 1983, 570; 1985, 1077; 1989, 587)
NRS 99.065 Public securities: Compound interest authorized; repayment.
1. Bonds or other securities issued by
this state or any of its political subdivisions may provide for the payment of
compound interest. The amount of the compound interest must be treated as
interest and not as an addition to the principal of the bond or other security.
2. If interest is compounded on some or
all of an issue of securities, repayment of the securities:
(a) Must commence no later than the 15th year
after issue; and
(b) If in installments, must be made no less
often than annually.
(Added to NRS by 1985, 1076; A 1989, 147; 2011, 3327)
NRS 99.067 Public securities: Interest rate for securities issued on or
before June 30, 2011. Notwithstanding
any provision of law to the contrary, in calculating the rate of interest on
any bonds or other securities that are issued by this State or any political
subdivision or municipal or public corporation of this State on or before June
30, 2011, for the purposes of any limitations on the rate of interest provided
by specific statute, and for the purposes of all other statutory requirements
or calculations based on the rate or amount of interest on such bonds or
securities, any credit expected to be paid to or for the benefit of the issuer
of the bonds or other securities under 26 U.S.C. § 6431, as amended, must be
treated as a reduction in the amount of interest paid, as of the date or dates
on which the credit is expected to be received. Such amount must be used to pay
the interest on the bonds or other securities for which it is received or to
reimburse the issuer of the bonds or other securities for that payment. If a
credit that is expected to be paid under 26 U.S.C. § 6431, as amended, is not
paid, the issuer of the bonds or other securities may pay the interest that is
expected to be paid from the sources pledged or otherwise available to pay the
principal of and interest on the bonds or other securities.
(Added to NRS by 2009, 2656)
NRS 99.070 Obligations of United States Postal Service and Federal National
Mortgage Association. Notwithstanding
any other provision of law, obligations issued by the United States Postal
Service or the Federal National Mortgage Association, whether or not the
payment of principal and interest thereon is guaranteed by the Government of
the United States, may be purchased by:
1. Insurance companies, insurance
associations and all other persons carrying on an insurance business;
2. Executors, administrators, guardians,
committees, conservators, liquidators, rehabilitators, receivers, trust
companies and trustees, and all other persons occupying a similar fiduciary
3. Banks, bankers and savings banks;
4. Savings and loan associations,
investment companies and other financial institutions;
5. Credit unions, cemetery associations,
mutual benevolent and benefit associations;
6. The State and any municipality, county,
school district or other local government unit or political subdivision;
7. All other public officers, boards,
commissions, bodies and agencies of the State and its political subdivisions
and agencies; and
8. Any other natural person, firm, group,
corporation, association, institution and fund.
(Added to NRS by 1971, 267; A 1985, 355)