PayDay Loan Companies Face Tougher Regulations - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

PayDay Loan Companies Face Tougher Regulations

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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.    

AP-WF-05-19-15 2115GMT
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