Nevada and federal agencies consider payday and name loan limitations

Nevada and federal agencies consider payday and name loan limitations

Federal regulators are using actions to rein in high-cost payday lenders, and state officials are learning techniques to perform some exact exact exact same.

The customer Financial Protection Bureau, meeting in Kansas City on Thursday, proposed limits that are new interest levels and rules that will make it harder for loan providers to seize automobiles utilized as protection for alleged name loans. One proposed guideline would need the lending company to evaluate the borrower’s ability to settle the mortgage before making it.

Nevada state Treasurer Dan Schwartz, meanwhile, has called a June 8 summit conference to discuss payday that is state-level regulation and precautionary measures. […]