The Legislature should deal with exploitative methods in Nevada’s payday and short-term financing market. Happily, it offers two possibilities with legislation currently introduced.
Sen. Cancela proposed a calculated, incremental bill to invest in the creation of the database to trace payday financing task in Nevada. The measure would make state regulators more beneficial in overseeing the state’s lenders that are payday. The Legislature just needs to drop it on his desk as Gov. Sisolak already has announced his support for a database. Assemblywoman Heidi Swank additionally now brings another choice — just capping prices at 36 per cent, the exact same limit as found in the Military Lending Act.
The 2 bills carry on a wider debate over payday financing. As one scholar explained, the debate focuses on whether payday borrowers act rationally “because borrowers need usage of credit and lack superior alternatives” and/or whether loan providers merely exploit “consumers’ systematically poor choice making.