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Can you summarize NERS 8-820?
BANKS AND BANKING > Personal loans; credit cards; interest; service fee; fee in lieu of interest.
Short Summary
This legal document, governed by the Nebraska Revised Statutes, pertains to banks and banking. It allows banks to contract for and receive charges at a rate not exceeding nineteen percent simple interest per year on personal loans. For loans initiated by credit card or other transaction cards, the interest rate can be any amount agreed upon by the parties. Banks acquired pursuant to specific sections may also charge commercially reasonable fees for service and use of credit cards or other transaction cards. In the case of loans not initiated by credit card or other transaction card, a bank may charge a minimum fee of up to seven dollars and fifty cents in lieu of interest on personal loans. Additionally, reasonable loan service costs are allowed, which are not construed as interest. The document does not mention any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Banks
What does it govern?
Personal loans, credit cards, interest, service fee, fee in lieu of interest
What are exemptions?
Loans initiated by credit card or other type of transaction card
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Nebraska