CARSON CITY, Nev. (AP) — Nevada senators have passed a bill that aims to curb predatory short-term lending.
The Nevada Senate voted unanimously Thursday to approve SB242, which would enact the Payday Lender Best Practices Act.
The bill sponsored by Republican Senate Majority Leader Michael Roberson would require lenders to disclose fees and interest on a loan in both dollars and annual percentage rate before a borrower signs it.
The measure also requires payday loan advertisements in print or on TV to tell consumers that their products should only be used as a short-term financial solution.
Critics say payday lenders exploit the poor with exorbitant interest rates. Industry representatives testified that they hope the bill will address those abuses.