State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-101_04

45-101.04. General interest rate; maximum;when not applicable.The limitation on the rate of interestprovided in section 45-101.03 shall not apply to:(1) Other rates of interest authorized for loans made by any licenseeor permittee operating under a license or permit duly issued by the Departmentof Banking and Finance pursuant to the Credit Union Act, the Nebraska InstallmentLoan Act, subsection (4) of section 8-319, or sections 8-815 to 8-829;(2) Loans made to any corporation, partnership, limited liability company,or trust;(3) The guarantor or surety of any loan to a corporation, partnership,limited liability company, or trust;(4) Loans made when the aggregate principal amount of the indebtednessis twenty-five thousand dollars or more of the borrower to any one financialinstitution, licensee, or permittee;(5) Loans insured, guaranteed, sponsored, or participated in, eitherin whole or part, by any agency, department, or program of the United Statesor state government;(6) Loans or advances of money, repayable on demand, which are madesolely upon securities, as defined in subdivision (15) of section 8-1101,pledged as collateral for such repayment and in which such loans or advancesare used by the borrower only for the purchase of securities as so defined.It shall be lawful to contract for and receive any rate of interest on suchtransaction as the parties thereto may expressly agree;(7) Interest charges made on open credit accounts by a person who sellsgoods or services on credit when the interest charges do not exceed one andone-third percent per month for any charges which remain unpaid for more thanthirty days following rendition of the statement of account;(8) A minimum charge of ten dollars per loan which may be charged bythe lender in lieu of all interest charges;(9) Loans described in subsection (4) of section 8-319 made by a stateor federal savings and loan association at a rate not to exceed nineteen percentper annum;(10) Loans made primarily for business or agricultural purposes or securedby real property when such loans are made (a) by a licensee, registrant, orpermittee operating under a license, registration, or permit duly issued bythe Department of Banking and Finance except for licensees operating underthe Nebraska Installment Loan Act, (b) by any financial institution insuredby the Federal Deposit Insurance Corporation or the National Credit UnionAdministration, or (c) by any insurance company organized under the laws ofthis state and subject to regulation by the Department of Insurance;(11) Loans secured solely by real property when such loans are (a) madeby licensees operating under the Nebraska Installment Loan Act and (b) madeto finance or refinance the purchase of the property or construction on orimprovements to the property, if the Department of Banking and Finance hasthe authority to examine such loans for compliance with sections 45-101.02and 45-101.03. A licensee making a loan pursuant to this subdivision may obtainan interest in any fixtures attached to such real property and any insuranceproceeds payable in connection with such real property or the loan;(12) Loans secured by a reverse mortgage pursuant to section 45-702.01;(13) Interest charges made on any goods or services sold under an installmentcontract pursuant to the Nebraska Installment Sales Act. Subject to section 45-338, it shall be lawful to contract for and receive any rate of intereston such contract as the parties may expressly agree to in writing; or(14) Fees which may be charged by a licensee for services pursuant tothe Delayed Deposit Services Licensing Act. SourceLaws 1975, LB 349, § 3; Laws 1976, LB 616, § 1; Laws 1979, LB 390, § 2; Laws 1980, LB 276, § 7; Laws 1980, LB 279, § 4; Laws 1982, LB 623, § 1; Laws 1986, LB 143, § 1; Laws 1988, LB 795, § 5; Laws 1989, LB 272, § 2; Laws 1993, LB 121, § 263; Laws 1993, LB 216, § 11; Laws 1994, LB 967, § 30; Laws 1994, LB 979, § 7; Laws 1995, LB 397, § 1; Laws 1996, LB 948, § 124; Laws 1997, LB 335, § 12; Laws 1999, LB 396, § 24; Laws 2001, LB 53, § 28; Laws 2003, LB 131, § 25; Laws 2004, LB 999, § 31; Laws 2010, LB892, § 2. Cross ReferencesCredit Union Act, see section 21-1701.Delayed Deposit Services Licensing Act, see section 45-901.Nebraska Installment Loan Act, see section 45-1001.Nebraska Installment Sales Act, see section 45-334. AnnotationsA corporation may agree to pay any rate of interest by an agreement in writing which sets out the amount or rate charged. Such interest is not usurious. Classen v. Becton, Dickinson & Co., 214 Neb. 543, 334 N.W.2d 644 (1983).The exemptions specified in subdivisions (2), (3), and (4) of this section exempt the specified transactions from the installment loan act, sections 8-435 et seq., as well as from the interest rate limitations of section 45-101.03. McCaul v. American Savings Co., 213 Neb. 841, 331 N.W.2d 795 (1983).