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Payday lending industry could see rate caps, database under legislative proposals

Monday, February 25, 2019
Riley Snyder | The Nevada Independent

In the coming weeks, Nevada lawmakers will see thousands of bright-yellow postcards dropped into their mailboxes.

The postcards, sent by members of the inter-faith group Nevadans for the Common Good, will include handwritten notes and requests for legislators to support more funding for K-12 education, affordable housing tax credits and additional restrictions on payday lending.

It’s part of a renewed effort by progressive groups and community activists to enshrine new restrictions on Nevada’s payday loan industry, two years after similar efforts to rein in the industry went down in flames. Although the concepts and battle lines are similar to those seen in the 2017 Legislature, a new wrinkle is present — whispers of a future ballot question and campaign to cap interest rates in the state if sufficient progress isn’t achieved through the 120-day legislative session.