STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 10% a year
• Contract Rate: No more than 12% a year for home business loan or consumer credit transaction, no more than 24% for a financial institution regulated under chapter 412 in the Truth and Lending Act
• Judgment Rate: 10% a year
• Corporate Rate: No set rate
• Age of Majority: 18
• Emancipation: 18 or upon marriage
• Contracts: 15 years or more may contract life, health or accident insurance for himself or for his immediate family and holds responsibility for those contracts as if he were an adult.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• A married person may make contracts as if they were their own. All contracts between spouses are held valid. A married person is not liable for the debts of the other spouse. All married people have an obligation to provide for each other and the family.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: 6 years
•Judgments: Within 10 years and not past 20 years
This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice please contact an attorney.