Payday lending industry could see price caps, database under legislative proposals

Into the weeks that are coming Nevada lawmakers will dsicover tens and thousands of bright yellowish postcards dropped within their mailboxes.

The postcards, delivered by users of the inter faith group Nevadans for the Common Good, should include handwritten records and demands for legislators to guide more financing for K 12 training, affordable housing income tax credits and additional limitations on payday financing.

It’s section of a renewed work by modern teams and community activists to enshrine brand new limitations on Nevada’s payday loan industry, 2 yrs after comparable efforts to rein the industry in took place in flames. Even though principles and battle lines act like those observed in the 2017 Legislature, a fresh wrinkle exists whispers of the next ballot concern and campaign to cap rates of interest in the state if enough progress isn’t accomplished through the 120 time legislative session.

Democratic lawmakers have actually introduced a couple of bills that will have major results from the payday financing industry, including a proposed database on high interest, short term installment loans along with a proposed 36 % rate of interest limit in the loans. Plus »