Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Nevada's payday loan law needs clarification

« Single family conforming mortgage limit will likely be raised to a $400,000 range | Main | Credit card debt increases »

October 04, 2005

Nevada's payday loan law needs clarification

Recently passed payday loan law is somewhat unclear. The law was designed to protect consumers from being overcharge in fees and interest. This Friday, Nevada officials will conduct workshop to clarify some confusion.

The new law requires Nevada payday loan companies to offer customers who default, three extra months to pay off their loans without being charged additional fees and interest.

Under this law, new license will be issued for businesses that offer check-cashing services, payday loans, vehicle title loans or other short-term loans that must be paid off in less than a year.

What is unclear for many payday loan companies and other lenders is how the law applies to consumers called up for military duty. The other question is exactly how much time consumers who default on loans and accept repayment plans have, before they can be taken in front of a judge.

From Las Vegas Sun

Posted in Payday Loans at October 4, 2005 11:23 AM

Email this entry to a friend

Welcome

Bad Credit Advisor online magazine provides daily news about credit, debt and mortgage. We aren't paid to mention specific deals or products. We cover what we think is interesting as industry professionals ourselves.

Information

About
Contact
Disclaimer

Syndicate

RSS 2.0 Feed