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Legislators effort, just as before, to control pay day loan industry

Legislators effort, just as before, to control pay day loan industry

Nevada l awmakers introduced legislation Wednesday to cap interest for payday advances at a percentage that is annual of 36 per cent, an interest rate limit that national advocates contend has all but eliminated excessive and abusive financing methods in many other states.

Assemblywomen Heidi Swank and Lesley Cohen will be the main sponsors of Assembly Bill 118, the latest attempt to rein when you look at the lending industry.

Yearly portion interest levels for loans in Nevada are among the list of highest that is nation’s and may be up to 600 %. Continue reading Legislators effort, just as before, to control pay day loan industry