45-1042. Loans made outside of state; enforcement in this state.
No loan, made outside this state, in the amount or of the value of three thousand dollars or less, for which a greater rate of interest, consideration, or charges than is permitted by section 45-1025 has been charged, contracted for, or received, shall be enforced in this state. Every person participating in such loan in this state is subject to the Nebraska Installment Loan Act, except that the act shall not apply to loans legally made in any state under and in accordance with a regulatory small loan law similar in principle to such act.
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Annotations
Interest rates under a contract which was valid in the forum where executed will not be construed usurious in this state. Grady v. Denbeck, 198 Neb. 31, 251 N.W.2d 864 (1977).
Loans lawfully made and to be performed outside of state are valid in this state. Kinney Loan & Finance Co. v. Sumner, 159 Neb. 57, 65 N.W.2d 240 (1954).
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