PRIME INTEREST RATE
NRS 99.040(1) requires:
"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, . . . "*
Following is the prime rate as ascertained by the Commissioner of Financial Institutions:
January 1, 2019
January 1, 2018
January 1, 2017
January 1, 2016
January 1, 2015
January 1, 2014
January 1, 2013
January 1, 2012
January 1, 2011
January 1, 2010
5.50%
4.50%
3.75%
3.50%
3.25%
3.25%
3.25%
3.25%
3.25%
3.25%
July 1, 2019
July 1, 2018
July 1, 2017
July 1, 2016
July 1, 2015
July 1, 2014
July 1, 2013
July 1, 2012
July 1, 2011
July 1, 2010
5.50%
5.00%
4.25%
3.50%
3.25%
3.25%
3.25%
3.25%
3.25%
3.25%
* Attorney General Opinion No. 98-20: If clearly authorized by the creditor, a collection agency may collect
whatever interest on a debt its creditor would be authorized to impose. A collection agency may not impose interest on
any account or debt where the creditor has agreed not to impose interest or has otherwise indicated an intent not to
collect interest. Simple interest may be imposed at the rate established in NRS 99.040 from the date the debt becomes
due on any debt where there is no written contract fixing a different rate of interest, unless the account is an open or
store accounts as discussed herein. In the case of open or store accounts, interest may be imposed or awarded only
by
a court of competent jurisdiction in an action over the debt.
Find the time period for the missed payment, and add 2% to get the interest rate.
For instance, the interest for January 2012 would be 3.25% + 2%, or a total of 5.25%