Assembly Bill 515 would create a private database of payday, high-interest and title loans done in Nevada. The theory would be to produce information, minus the names of individuals getting loans, that may better assist the state get a feeling of the industryвЂ™s tasks.
CARSON CITY вЂ” Nevada officials want an easier way to trace and know the way the pay day loan industry works within the state.
Assembly Bill 515 would produce a private database of payday, high-interest and title loans done in Nevada. The theory is always to produce information, with no names of men and women receiving loans, which will better assist the state get a feeling of the industryвЂ™s activities.
The bill had been heard Monday within the Assembly Government Affairs Committee which took no action in the bill. It’s exempt from due dates and an urgent situation demand through the presenter.
вЂњItвЂ™s a great step that is firstвЂќ said Assemblywoman Heidi Swank, D-Las Las Las Vegas, who’s sponsoring the bill with Assembly Speaker Jason Frierson, D-Las Las Vegas.
SwankвЂ™s presentation outlined issues because of the pay day loan industry, that is often criticized for high-interest financing techniques that Swank said are вЂњdesigned to place borrowers for a financial obligation treadmill machine indefinitely.вЂќ