Nevada officials have proposed a way to track the payday loan industry in the state.
Assembly Bill 515 would create a confidential database of payday, high-interest and title loans done in Nevada. The bill would create the data without the names of the people receiving the loans.
AB 515 was introduced by Assemblywoman Heidi Swank and Assembly Speaker Jason Frierson, and was heard Monday in the Assembly Government Affairs Committee, but took no action on the bill.
The payday loan industry is frequently criticized for high-interest lending practices. The Las Vegas Review-Journal reports Swank wanted to make clear the bill does not hinder the industry. Lobbyists for the lending industry and title loan industry testified against the bill, saying that title loans are already recorded with the Department of Motor Vehicles.