18 Feb

Economic regulators take another step toward payday lending database use, months after due date

After almost per year in development, Nevada financial regulators are finally continue with a couple of regulations that may implement a database that is statewide high-interest, short-term pay day loans.

People in Nevada’s finance institutions Division — the body that is regulatory oversees tasks and certification of payday as well as other high-interest lenders — on Wednesday authorized draft regulations that fully flesh out details of the database and what type of information it’ll collect.

Use associated with the regulations — which nevertheless should be authorized by their state’s interim Legislative Commission that offers last stamps of approval to agency regulations — was applauded by backers of SB201, the balance through the 2019 Legislature that required the database’s creation. Read More