NRS 624.630 Accrual of interest on money due; rate of interest.

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NRS 624.630 Accrual of interest on money due; rate of interest. Any money which is payable to a prime contractor, higher-tiered contractor or lower-tiered subcontractor pursuant to NRS 624.609 , 624.610 , 624.620 , 624.624 , 624.626 or 624.628 accrues interest from the time it becomes due at a rate equal to the higher of:

1. The rate agreed upon in the agreement between the parties; or

2. The rate equal to the prime rate at the largest bank in this State, as determined by the Commissioner of Financial Institutions on January 1 or July 1, as the case may be, immediately preceding:

(a)The time at which the agreement was signed; or

(b)If the agreement was oral, the time at which the terms of the agreement were agreed to by the parties,

Ê plus 4 percent until the date of payment.

PROHIBITED ACTS; PENALTIES; ENFORCEMENT