Opinion ID: 2612211
Heading Depth: 3
Heading Rank: 1

Heading: Applicable Rate.

Text: The trial court's ruling implicitly adopted a rate of 12% per annum as the applicable rate of interest for appellant's usury claim. Respondents, however, urge that for the purposes of this appeal the correct rate of interest is 18% per annum. In 1973, when the loan agreement was executed, NRS 99.050 provided for a maximum interest rate of 12% per annum. NRS 99.050 was amended in 1979. See 1979 Nev. Stats. Ch. 498. Although that amendment increased the maximum rate to 18% per annum, it also included a provision making the increased rate inapplicable to any loan contract made before the amendment's effective date. Id. at § 4. Thus, the lower court did not err in utilizing 12% per annum as the maximum rate of interest.