Governor signs payday loan law
Gov. Jim Gibbons on Friday signed legislation slamming the door on what he and Speaker Barbara Buckley, D-Las Vegas, described as unscrupulous payday loan practices.
Lawmakers attempted to stop some of those practices two years ago, putting restrictions on short-term loans, which the legislation described as a year or less. Buckley said some lenders responded by rewriting all their loan contracts to one year and one day, escaping the controls.
There has been testimony that some of the loans being issued charge in excess of 2,000 percent interest a year and contain hidden fees and penalties which drive up costs even more. Read More
