Nebraska Statutes 45-1038. Licensees; loan provisions; violations; effect
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If, in the making of, or collection on, any loan contract, any act is done which constitutes a Class II misdemeanor under section 45-1037, that loan shall not be void, but the licensee shall have no right to collect or receive any interest or charges whatsoever. If any interest or other charges have been collected, the licensee shall forfeit and refund to the borrower all interest and other charges collected on the loan involved.
Attorney's Note
Under the Nebraska Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class II misdemeanor | up to 6 months | up to $1,000 |
Terms Used In Nebraska Statutes 45-1038
- Contract: A legal written agreement that becomes binding when signed.