Current as of: 2010 If a greater rate of interest than is allowed in section 45-101.03 shall be contracted for or received or reserved, the contract shall not on that account be void, but if in any action on such contract, proof be made that illegal interest has been directly or indirectly contracted for, or taken, or reserved, the plaintiff shall recover only the principal, without interest, and the defendant shall recover costs; and if interest shall have been paid thereon, judgment shall be for the principal, deducting interest paid; Provided, the acts and dealings of an agent in loaning money shall bind the principal, and in all cases where there is illegal interest by the transaction of the agent, the principal will be held thereby as if he had done the same in person. Where the same person acts as agent for the borrower who obtains the money from the lender, he shall be deemed to be the agent of the lender also.
Laws 1879, § 5, p. 114; R.S.1913, § 3350; C.S.1922, § 2838; C.S.1929, § 45-105; R.S.1943, § 45-105; Laws 1975, LB 349, § 5. ________________________________________________________________________
Questions & Answers: LendingSee also: U.S. Code Provisions: LendingFederal Regulations: Lending
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