The state of Nevada enacts a usury statute. With respect to different types of transactions, including ordinary loans, the purpose of the statute is to
A)set a maximum rate of interest.
B)regulate certain forms of gambling.
C)specify clauses that must be included in certain contracts.
D)prohibit certain contracts based on their subject matter.

Question

Quizplus · Accepted Answer

Usury statutes are laws that set the maximum rate of interest that can be charged on loans, to prevent lenders from charging excessively high interest rates.

The State of Nevada Enacts a Usury Statute