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ND SB2136
Bill
Status
Passed
3/20/2013
Primary Sponsor
Karen Krebsbach
Click for details
AI Summary
- Default legal interest rate remains six percent per annum unless parties contract in writing for a different rate not exceeding the rate specified in section 47-14-09.
- Interest rates before and after maturity must be the same unless otherwise agreed in writing; any contract attempting to impose higher interest after maturity is void as to the increase.
- Late payment penalties may be charged in addition to interest, capped at the lesser of fifteen dollars or fifteen percent of the late payment, unless otherwise agreed in commercial, agricultural, or real estate loan documents.
- Late payment penalty charges may only be imposed if the amount or calculation method has been agreed to by parties in signed loan documents.
- Legal interest rates stipulated by contract remain chargeable after breach until the contract is superseded by a verdict or other new obligation.
Legislative Description
Interest rates and late fees.
Last Action
Signed by Governor 03/19
3/20/2013
Committee Referrals
Industry, Business, and Labor1/10/2013
Full Bill Text
No bill text available