Legislation Establishes Nevada Cash Advance Database. The bill, SB201, ended up being sponsored by Democrat Yvanna Cancela.
By Grace Austin
Nevada is securing its cash advance laws with a brand new database that could better track information linked to loans when you look at the state and close present loopholes.
With votes after celebration lines, the Nevada Senate passed a bill to generate a statewide payday and high-interest loan database in April.
It might permit the state’s banking institutions Division to contract having a vendor that is private create that database.
SB201 would check cash advance company conformity with state rules and gather data like loan quantities, loan interest, just exactly how often a debtor removes a particular loan, charges leveled on loans, and people borrowers with outstanding loans. (more…)
