Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
CARSON CITY, Nev. (AP) — Nevada lawmakers have approved a measure adopting tougher regulations for companies that extend high-interest short term loans.
Assembly members voted to approve SB 242 on a unanimous vote on Tuesday. The measure already passed the Senate and now heads to Gov. Brian Sandoval for approval.
The bill is sponsored by Republican Sen. Michael Roberson and aims to curb predatory lending for companies that extend payday loans or high interest short-term loans.
It prohibits companies from making false advertisements and requires lenders to clearly disclose any fees and interest on loans.
The measure was amended to exempt companies that provide check-cashing services from the provisions in the bill.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.