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Increased Limits on Fees Charged on Installment Contracts

[2001; R-2013 | Keywords: Nebraska Legislation, Fees, Contracts] In Nebraska, we achieved success with bill LB146, which changed sections 45-338 in regard to fee limits charged on installment contracts. Previously, the limit was ten dollars. This new legislation permits dealers and other agricultural equipment retailers to charge origination fees on installment contracts up to $100 on contracts under $25,000, and up to $250 on contracts over $25,000. While our original goal was to have industrial dealers treated the same as farm equipment dealers, the Banking Committee decided otherwise. LB146 will go into effect September 1, 2001.