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Can you summarize NERS 8-822?
BANKS AND BANKING > Personal loans; method of computation; prepayment; rebates; delinquency charges.
Short Summary
This legal document, found in the Nebraska Revised Statutes under the section for Banks and Banking, governs various aspects related to personal loans. It covers the method of computation for charges, stating that charges shall be computed by applying the rate charged to the outstanding principal balance for the number of days elapsed. It also allows charges to be computed as a percentage per month of unpaid principal balances at the time the loan is made, which may be included in scheduled installments. The document further addresses prepayment of loans, stating that if a loan is prepaid in full, the borrower shall receive a rebate based on the actuarial method and the previously stated annual percentage rate. Delinquency charges are also mentioned, allowing banks to increase charges to the extent that delinquency charges are computed on earned charges. Overall, this document provides guidelines for the computation of charges, rebates for prepayment, and delinquency charges for personal loans in Nebraska.
Whom does it apply to?
Banks and banking institutions in Nebraska
What does it govern?
Personal loans; method of computation; prepayment; rebates; delinquency charges
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Nebraska